User:Scotlund/Turnaround management

Turnaround Management is a process dedicated to corporate renewal. It uses analysis and planning to save troubled companies and returns them to solvency. Turnaround Management involves management review, Activity Based Costing, root failure causes analysis, and SWOT analysis to determine why the company is failing. Once analysis is completed, a long term strategic plan and restructuring plan are created. These plans may or may not involve a Bankruptcy filing. Once approved, turnaround professionals begin to implement the plan, continually reviewing it's progress and make changes to the plan as needed to ensure the company returns to solvency. The Turnaround Management Association outlines several different reasons why companies fail and five different stages to an effective corporate turnaround.