Dell shifted its focus from exclusively growth to liquidity, profitability, and growth. It adopted company-wide metrics around the new focus, requiring each business unit to provide detailed profit and loss statements. In July 1994, less than a year after shifting the company’s focus. Dell exited the low margin indirect retail channel where, CFO Tom Meredith noted, “We were losing our shirts.” Late in 1995, Dell instituted goals on ROIC (Return on Invested Capital) and CCC (Cash Conversion Cycle). Exhibit 2 presents Dell’s CCC performance. The company took measures to improve its internal systems for forecasting, reporting, and inventory control. A new vendor certification program was put in place, reducing the number of suppliers, ensuring component quality, and improving delivery performance. Dell also brought in seasoned managers to lead the company during its next stage.