Finance and Business Principles

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<p>Welcome to NAMM&rsquo;s Financial Management web resource.&nbsp; This site is intended to provide you with an online educational resource for &ldquo;best practices&rdquo; in the fiscal management of a retail music&nbsp;store.&nbsp;</p> <p>A variety of key financial topics will be addressed, with more to be added over time.&nbsp;These topics will&nbsp;be categorized&nbsp;under the following major financial areas of store operations:&nbsp;</p> <ul type="disc" style="margin-top: 0in"> <li style="text-align: justify; margin: 0in 0in 0pt">Inventory Management</li> <li style="text-align: justify; margin: 0in 0in 0pt">Financial Accounting&nbsp;and Reporting</li> <li style="text-align: justify; margin: 0in 0in 0pt">Banking&nbsp;and Financing</li> <li style="text-align: justify; margin: 0in 0in 0pt">Store Operations</li> </ul> <div style="margin: 0in 0in 0pt"> <div><strong>Target Audience</strong></div> <div>&nbsp;</div> <div>These resources are designed for owners, managers and employees of&nbsp;retail music stores. The materials&nbsp;focus on the basic financial principles you need to understand in order to operate a retail music store successfully.&nbsp;&nbsp;&nbsp;</div> <p>By reading and applying these principles, you should be able to:</p> <ul> <li>Understand&nbsp;how to manage&nbsp;inventory effectively</li> <li>Correctly report different types of revenue</li> <li>Calculate how much to spend on sales salaries, rent and advertising</li> <li>Create&nbsp;a budget for your store</li> <li>Approach your bank for financing</li> <li>Recognize the signs of internal fraud&nbsp;</li> </ul> </div> <p>Again, we welcome you to these financial resources&nbsp;and encourage you to check back often as new topics are added. &nbsp;</p>