This is used if a company is stuck in an economic crisis. Turnaround management is an attempt to get it back on track and protect it from insolvency. One speaks of a “reorganization” of the company.
The first step in this process is to initiate restructuring measures. This is followed by an analysis of the company’s initial situation. Subsequently, the concrete implementation of the turnaround plan is set in motion. Finally, it is essential that structural changes are consistently pursued, as otherwise a relapse into the initial situation would be possible.