Turnaround Strategy:

A turnaround strategy is a act of turning a loss-making company into a profit-making one. Turning your company into a profit-making one once again usually requires a complete renewal of your corporation by identifying what the root failure cause is.

There are turnaround managers who stay in companies for the time needed to change the organization around.

The stages required in a turnaround are:

1. The evaluation and assessment stage
2. The acute needs stage
3. The restructuring stage
4. The stabilization stage
5. The revitalization stage

The techniques to remedy the downfall are:

Retrenchment
Repositioning
Replacement
Renewal