By Douglas D. Watson
The majority of people in the fascinating world of mail order first came into it chasing big bucks. They probably saw an ad in an opportunity magazine, promising untold riches. They sent in their money and every waking hour had visions of dollar signs dancing in their minds.
They fantasized of the things they were going to buy when the money started rolling in. Most had honorable dreams, thinking of buying big ticket items for their loved ones.
But like gamblers, some of these new business owners neglect to keep good daily records.
Betting on a horse that pays $50 doesn't mean the gambler is a $50 winner. He/she must take into account how much money was gambled away before finally getting some back. Good record keeping will probably show the $50 winner is instead, a $300 loser.
One great day, week or month for a mail-order dealer will prompt her/him to mentally erase all those numbers in the red. The only way to know if we are winning the mail order grind is to keep accurate daily records. If we strive to be honest with other people, we must also be honest with ourselves. Failure to do any number crunching is to make mail order a hobby or a pastime instead of a business venture.
We have to always know the bottom line, so we can pull the plug before we sink. Failure to keep any records is to live in a fantasy world. Unfortunately, merchants on earth don't accept fantasy money.
Good accurate daily records are the mainstay of the successful business person. Weekly, monthly or yearly record keeping will reveal spending problems only after they have infested themselves into your business.
Accurate daily record keeping will be the biography of your business for generations to come.
Douglas D. Watson is the editor and publisher of the MAIL ORDER TRUTH newsletter. The MOT is dedicated to helping honest dealers resolve problems and exposing dishonest business practices. Subscription rates are $5 for six months or $10 per year. Send a check or money order to:
- Douglas D. Watson
- P.O. Box 4784
- Evansville, IN 47724
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