Learn what actions you can take to save a struggling organization.
Sales at Amelia's organization have been declining for several quarters, and the company is losing significant market share.
As a result, she's worried about her organization running out of cash. She knows that dramatic changes are needed to save the company, but she's not sure where to start.
As the new CEO, not only does she have to come up with an effective plan to reverse the organization's decline, but she also has to get everyone on board. She also needs to act quickly, before the organization runs out of funds to pay for wages, rent, and utilities.
This scenario will be familiar to thousands of organizations, large and small, particularly in the current climate; and if your organization is in this type of situation, then it may need to be turned around. But what, exactly, is "a turnaround"? And how do you tackle such a massive project?
In this article, we'll look at the basics of turnaround management: what it is, why it's needed, and how to implement a successful turnaround.
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Slatter, S., Lovett, D., and Barlow, L. (2006) ‘Leading Corporate Turnaround: How Leaders Fix Troubled Companies,’ Chichester: Jossey-Bass.
Witney, J.O. (1987) ‘Turnaround Management Every Day,’ Harvard Business Review. September-October 1987. [Online] Accessed January 23, 2012. [Available here.]