Turn Around Management - Explained
What is Turn Around Management?
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What is Turnaround Management?
Turnaround Management involves the formulation and implementation of a strategic plan and a set of actions for corporate renewal and restructuring, typically during times of severe corporate financial distress.
What are the Steps in a Turnaround Process?
Following the determination of what has caused the poor performance or situation, the first step in a turnaround process is often to change the top management or leadership of the business and to appoint an experienced turnaround manager.
The turnaround process typically consists out of the following key steps (in approximate chronological order):
- Assess the situation and future business viability
- Implement emergency steps ("stop the bleeding")
- Develop strategic survival plan
- Implement the plan, restructuring the business. Survive the crisis
- Return to normal operations, profitability and growth
- Prepare for departure of turnaround management