MI Retailers Working with Nonprofits & Government: A Win-Win

  MI Retailers working with Nonprofits & Government: A Win- Win. “If you want to go fast, go alone. If you want to go further, go together.” African Proverb Community brick and mortar MI Retailers understand all too well, the need to dig into their community relationships to fight off the impact of big-box stores who continue to invade their turfs. As a result, more and more music retailers and MI manufacturers, are relying on partnerships with nonprofits, government and educational organizations. This business model is called cross- sector partnerships. To read the rest, check out my September MMR Column. -MI Retailers Working with Nonprofits & Government: A Win-Win    

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What keeps you up at night?

  When asking an MI owners where the pain points are, here's what they tell me. Cash Flow:  "Not having the right balance of cash flow is not allowing us take advantage of additional discounting opportunities. I estimate there is a  $75,000 impact to my business each year." Expansion Projects: "Because I suffer from the tyranny of the urgent, I'm not able to launch the expansion projects we have been committed to. We estimate this impacts our bottom line by $100,000 a year. Life / Work Balance: "All work and no play is no fun. My wife tells me I'm not spending enough time with my family. I'm often stressed. It's hard to put a price tag on being unhappy. For this exercise I'll say $50,000 a year I'm loosing because as my passion diminishes, so does my earning potential." To help "heal" the pain, request a link to our Pain Points…

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Are you ready for a LARGER Store?

Considering a new building or buying out your partner? Explore SBA Loans. Often MI owners don’t have a barrel of spare cash hanging around. Their wealth is locked up in the business. So, when there is a need to write a large check, owners need to get creative and ought to consider the U.S. Small Business Administration (SBA), as a resource. Let’s look at two examples. Scenario #1:  Manchester Music Mill. Let’s say you’re ready to expand your music store by purchasing a new building. Consider an SBA 504 loan which provides fixed rate financing for major fixed assets, such as land and buildings. SBA 504 loans are made available through Certified Development Companies (CDCs), SBA’s community-based partners for providing 504 loans. In 2013 Joe Lacerda, owner of Manchester Music Mill, had an urgent need to purchase a building to meet the ever-expanding needs of his customers. Check out my August…

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First MI Retailer Financial Outlook Survey.

While reading the headlines in my Bloomberg feed I quickly read the letters NAM regarding a survey. After my double take thinking this was a NAMM sponsored survey, I discovered the article was actually referring to NAM, an organization I never heard of. “The National Association of Manufacturers* (NAM) poll for the second quarter of 2018 covered 560+ executives of varying sized firms. NAM reports that its survey reveals an “astounding 95.1 percent of manufacturers registered a positive outlook for their company, the highest level recorded in the survey’s 20-year history. Additionally, expected growth for investments, hiring and wages is reaching historic highs.” After reading the piece I was inspired to get a sense for  how MI retailers were feeling about the balance of 2018. So I created a survey with only one question. ( I do hate long surveys). "Please tell me on a scale of 0 to 10, if…

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KPIs. The Secret Sauce to More Value & Profit.

Excerpt from my July column in MMR. Peter Drucker, a leader in the development of management education, promoted business value as the primary goal of a firm. Business value expands the concept of value beyond economic value (like profit) to include non-financial aspects of value like owner aspirations, employee talent, customer/supplier relationships, and process & data. Key Performance Indicators (KPIs) are the instruments business owners use to understand the organization’s overall financial health, a prerequisite for making better financial decisions. To read my July column in MMR, CLICK  here.

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