Turnaround strategy is a process of restructuring and transforming the company from loss to profitability. It allows the company to stabilise its performance by getting back the industrial units to their original units. Now, the success of the strategy relies on the commitment and dedication of the top management.
When we talk about the survival of declining businesses and companies, turnaround strategy is very important for them. It brings positive changes to the company’s performance in order to get desired results. However, implementing a successful turnaround strategy is a complicated process that demands a strong business core and a sound management team.
Some of the other elements of the turnaround strategy are trust, capital, management, leadership, and the support of shareholders and employees.