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Managing The Various Business Departments Within a Music Business

April 26, 2012 | Comments: 0 | Views: 165

This article will help you outline the key areas to keep an eye on and how working them correctly can fast track your music business.

So let us list them: a.Sales and marketing b.Human resources c.Money d.Board of directors

Sales and Marketing. We can say this any way we like, the fact is that as much as the internet has created opportunities it has also created stiff completion for every product not only locally but globally. In fact the need for marketing your products to the consumer has been a necessity and any business that fails to take this serious would limit the sales that will be made for that enterprise. Marking will help bring the product top all others within the same genre or sector.

The sales figure will be affected by the quality and effectiveness of the marketing campaign, so we need to spend quality time and resources to ensure our marketing works. The last time I looked at the financial statement of a large independent music business,I discovered that 1/3 of their revenue was spent on marketing. How much are you spending on marketing?

Human Resources. Whether you are a DIY business or a music business with 2 or more employees, the quality of your staff will inevitably affect your sales and marketing process. As a matter of fact the people within an organisation will determine it's success.

When people are well trained and motivated they will increase their level of productivity. If they feel de-motivated they can easily pass this on to their customers. Even a DIY business has to work with people, whether on a small scale or large scale. Are the people working with you happy to do so or do they simply feel obligated?

Money. The amount of money you have in a business will determine how far a business will grow. The stress related to lacking adequate finance is so immense that it can destroy a business and even personal relationships. Cash is king and it is important that we manage it well.

A strong cashflow can be in place if you choose to negotiate terms with suppliers. A 6 month payment term can be just as valuable as having your money sitting in your bank account for the next 6 months!

Board of Directors. For those who do not have a limited company you can think of this as the individuals that make decisions for the company. This could be your advisers or friends who frequently give input to your business.

The quality and dynamism of the board will determine business progress hence it is essential to have a men/women that are conversant with the industry and possess that advice that will enable your business to progress. The board will direct the other 3 sectors of the business so they need to be a calibre of people that know how to get the best out of their resources.

By the way, do you want to learn more about making money with your music? If so, download my brand new free course, "How to Make Money With Your Music" here:


Source: EzineArticles
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