Music Retail Consulting

It’s frequently said that multiple locations mean more work for less money. It’s said so often that, hell, it might even be true! So, in real “confessions” style, I’ll share with you some of the things I’ve learned and dealt with as Springfield Music has grown from a single location to a company with five locations (and growing?). It’s scary! The first thing I will tell you is that expanding is scary. Are your systems good enough to handle more locations? Are you good enough? Obviously, you’ve had success up to this point, which is why you got the knucklehead idea to expand. But, once you do it, you’re in this new market and reality has set in (along with the onslaught of bills, which always seem to outpace the income), it’s easy to wonder if you are up to the challenge. Chip Averwater, in his excellent book, “Retail Truths,” writes, “Multiple stores are a separate skill set.” That is absolutely true. In our case, our rapid expansion showed that not only were our systems not up t...

In a tough business climate, Springfield Music keeps growing. This past year alone, the company opened a new location in Lawrence, KS and also took over operations for Band Instrument Service Company (BISCO) in St. Charles, MO. Donovan Bankhead, Springfield Music’s president, reveals five key strategies that have kept the company healthy. 1. Know who you are, what you stand for, and what makes you different. Then figure out with this info, who is your target customer, and are there enough of them in your market area. 2. Make a plan - marketing, business, and budget (incl. OTB for inventory) Those who fail to plan, plan to fail. If it’s written it’s real. Therefor, if it’s not written, it’s not real.  Now that you know who you are, align your plans to fit.  Create a business plan that incorporates any new or redefined strategies. What inventory do you need?  What’s an appropriate budget for your plans?  How will you effectively market your business?...