Five Stages Of A Turnaround
Source: Bank of America
Rising competition, cyclical financial markets and economic volatility have created a climate where no business can take economic stability for granted. As once-stable companies struggle to maintain profitability, it is important to understand what it takes to complete a successful corporate turnaround. The following tips: "Replacing top management, analyzing the situation, implementing an emergency action plan, restructuring the business and returning to normal," from the author outline critical stages of a successful turnaround by addressing issues such as timing, common obstacles, making the critical decisions, who to turn to for help, and how to maintain profitability.