Turnaround management is a process dedicated to corporate renewal.
It uses analysis and planning to save troubled companies, return them to solvency, identify the reasons for failing performance in the market, and rectify them.
Turnaround management involves management review, root failure causes analysis, and SWOT analysis to determine why the company is failing. Once analysis is completed, a long term strategic plan and restructuring plan are created. These plans may or may not involve a bankruptcy filing. Once approved, turnaround professionals begin to implement the plan, continually reviewing its progress and make changes to the plan as needed to ensure the company returns to solvency. Assignments can take anything from 3 to 24 months depending on the size of the organization and the complexity of the job. Turnaround management does not only apply to distressed companies, it in fact can help in any situation where direction, strategy or a general change of the ways of working needs to be implemented.