Turnaround strategy is a complex of methods used for the improvement of the work and reorganization of the company with the purpose of making it profitable. Very often businessmen notice that their company has become loss-making and the expenditures and cost of production increase but the profit reduces. In this case one has to improve the situation rapidly and think over the methods which can be applied there. A turnaround strategy is supposed to change the work of the company rapidly and restore its position on the market and making it prosperous and able to complete with the other companies. Before the application of the turnaround strategy one should decide the reasons of the failure and high cost and then make the right decisions which can be really effective in this case. A turnaround strategy is closely connected with numerous branches of management, economics, social studies, etc. because every case is unique and has different cause of the problem.
For example, one firm has troubles with the human resource management and employment, the other with advertising and the third with the out-of-date machines and equipment used in production. The aim of the strategy to create a range of gradual and logical effective solutions which will improve these problems on the involvement of the right talented employees, use of the brand new techniques of advertising and renovation of the equipment for the increase of the rates and quality of production and the reduction of its cost.
The turnaround strategy is expected to help the company maintain stability with the help of the correct systemic efforts which can be applied in the very case of the definite firm. If the student wants to become an expert in the question of the turnaround strategy, he can prepare a case study about the problem and improve his knowledge. A successful turnaround strategy case study is supposed to explain the problem from all sides. The student is expected to collect many facts about the case site in order to understand the problem well and solve it properly. One should focus on the cause and effect of the problem and analyze the problem of the application of the turnaround strategy in the case and suggest the best alternative solutions to this problem.
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