Developing a Turnaround Plan
A lack of information and financial control can also lead to cash problems. Most entrepreneurs are marketing-oriented and/or merchandising-oriented and are less attuned to the accounting aspects of a business.
Successful catalogers usually have a competent financial or accounting person on staff. Entrepreneurs’ biggest mistake is waiting too long before they plan for cash flow shortages or recognize the need for an in-house accountant. I cannot stress enough the need for good internal financial controls. An in-house CPA, or an accountant with equivalent work experience, will know and understand your business much more than an outside accounting firm that conducts an annual audit and prepares your company’s tax return.
- Companies:
- Lett Direct Inc.
Steve Lett graduated from Indiana University in 1970 and immediately began his 50-year career in Direct Marketing; mainly catalogs.
Steve spent the first 25 years of his career in executive level positions at both consumer and business-to-business companies. The next 25 years have been with Lett Direct, Inc., the company Steve founded in early 1995. Lett Direct, Inc., is a catalog and internet consulting firm specializing in circulation planning, plan execution, analysis and digital marketing (Google Premier Partner).
Steve has served on the Ethics Committee of the Direct Marketing Association (DMA) and on a number of company boards, both public and private. He served on the Board of the ACMA.  He has been the subject of two Harvard Business School case studies. He is the author of a book, Strategic Catalog Marketing. Steve is a past Chairman of both the Catalog Council and Business Mail Council of the DMA. He spent a few years teaching Direct Marketing at Indiana University in Bloomington, Indiana.
You can contact Steve at stevelett@lettdirect.com.
