Turn Around Management is the process aimed at assisting companies to determine new direction in one, more or all of their activities.
While traditionally the term is used related to the attempt to rescue trouble companies, the turn around management process can also be applied to healthy companies that need a change in strategy in the widest sense. After all both are about change.
The process involves all the skills mentioned in the skill set section and often is managed by an experienced external temporary manager, who together with the company’s management team will analyse, define, plan and execute the changes necessary to create a stronger business.
Turn Around managers do not wish to replace the company CEO or owner. They are leading the process only to turn the business around, however in that process the turn around manager must have sufficient authority to make things happen.