Developing a Turnaround Plan
• Communicate with creditors. Always communicate honestly with your unsecured creditors. More than likely, they will be understanding of your cash flow problems and will acknowledge that it will take some time for you to turn around your financial situation.
You also will want to communicate regularly with your top creditors—those that represent 20 percent of your total AP. For example, if you know that you will miss a scheduled payment, warn your creditor in advance. Similarly, if you will be making a late payment, let them know when they can expect it. It is important that the unsecured creditors gain trust in you. Don’t ever jeopardize your creditability with them. Remember, you need them and they need you.
- 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.
