Turnaround Strategy
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What is a turnaround strategy and what makes it necessary? Simply put, a turnaround strategy is a series of deliberate – and often tough – business steps taken to arrest a company’s decline and to return it to growth. To stand a good chance of being effective, a turnaround strategy has to follow an accurate diagnosis of the causes of business decline and address those causes.
There are two primary types of turnaround strategies. These are operational turnaround strategies and strategic turnaround strategies. The former strategies address a company’s operational challenges, such as inefficiencies, with a series of steps taken to return a company to operational health, while the latter address challenges arising as a result of a company losing market share, which may necessitate a change of business strategy.
Are you generating enough revenue to cover your costs and generate a profit? Is your profit progressively declining? Does your company meet the requirements for a successful turnaround?