Developing a Turnaround Plan
• Devise a payment plan. If you are in need of a turnaround plan, it is probably because you are receiving many phone calls from irate vendors demanding payment.
It will help to categorize your accounts payable (AP) by using what I call a simple 80/20 rule. Most likely, 80 percent (or more) of your outstanding AP balance is owed to only 20 percent (or fewer) of your total vendors. Put another way, 20 percent of your total AP balance is owed to 80 percent of your vendors. These are the vendors that take up the majority of your time and cause the most headaches.
- 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.
