- Contact someone you met at NAMM and ask them how they handled a situation you are struggling with. This will give you a new perspective, while also building your network of industry friends.
- Look at your scheduled travel for the year and arrange some extra time to visit good music stores during your trip. Reach out beforehand and make the arrangements a month in advance.
- Pick one or two people that you would like to have as a mentor and reach out to them by phone or email and ask for their guidance.
- Create your monthly focus - your plan of attack for each month of the new year.
First thing, if you are serious about being in the music business, you’ve GOT to have a quality POS (a point of sale, not the other POS - you probably have too much of that - which is why you’re reading this article!). You can do everything I’m going to share with you without a POS, but the amount of time you’d spend compiling data would EASILY pay for a POS! I recommend Tri Technical System’s AIMsi. In fact, I have no idea why you’d use anything else - almost everything I’m going to show you is just a click away in AIMsi...
We are going to look at a few stats to determine our inventory position: GMROI, Average Inventory, and Inventory Turns.
GMROI: An i…