Developing a Turnaround Plan
• Conserve cash. Cash is king. It is very important that you try and conserve your cash as much as possible.
You should build your reserves during the peak season when the cash is flowing in. Although you may be tempted to pay off vendors when business is good, it is much wiser to save your cash for those rainy days during the slow season. You should only pay what is absolutely necessary, i.e., payroll, utilities, taxes, bank interest, etc. Pay unsecured creditors only when you must.
- 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.
