Describe the process of turnaround management and how it can help transforming the organisation in bringing change. Give examples.

Turnaround Management is about business restructure and renewal.  Often, a turnaround management strategy is employed when the business is under financial stress.  However, it is not necessary to wait until the situation becomes too dire to commence a turnaround strategy.  In fact it is preferable to commence the process before it could be too late.

Step 1 – Define & Analyse

During this stage the definition of performance problems within the business are clearly outlined.  It is particularly important during this step that any areas of financial stress within the business are identified and a thorough analysis undertaken.

The objective of this is to arrest any further decline in the business while continuing to trade and avoid insolvency.

Step 2 – Scope & Strategy

Once the business has been stabilised, it is now time to commence a strategic planning process.  The first part of this is to scope the strengths, weaknesses, opportunities and threats (SWOT analysis) of the business.

It is important during this stage to not only look internally (strengths and weaknesses) but to strategically analyse the external environment (opportunities and threats) as well.

From the SWOT analysis, the long term vision, mission and objectives for the business can be defined.  Knowing where the business is heading then allows the development of a strategic plan.

Step 3 – Link & Action

Now it is time to take the strategic plan and develop an action plan.  This is a list of actions and tasks complete with time frames that must be undertaken to ultimately achieve the business objectives.

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