Definition: Turnaround Management is a process of formulating and implementing a strategic plan and a set of actions for corporate renewal and restructuring, typically during times of severe corporate financial distress.
Often outside interim managers, turnaround consultants or strategy consultants devise a turnaround plan and execute it, assuming that the firm still offers the potential to return to financial solvency, profitability and strategic viability.
Typical tools being used during TM are Root Cause Analysis, SWOT Analysis and PEST Analysis.
More on business strategy: 3C's Model of Ohmae, Ansoff Matrix, Business Continuity Planning, Business Model, Business Model Canvas, more...
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