Question

discuss turnaround strategies and when an organization needs to develop one. give example of a company that has recently taken on a turnaround strategy. did it work ?Explain

Answer 1

Turnaround strategies are the steps taken by a company or a firm operating in losses to get back to their previous position and be successful again. For this they need to reconstruct their internal structure and rectify their mistakes. They need to imporve their performance levels and they need to take steps necessary to come out of the crisis. When a company is running in loss and is about to close the company used these turnaround strategies to comeback . For example a bank recently went into losses due to increasing load of NPAs. The bank took turnaound strategies like appointing a special team to recover loans and increase it's business to avoid shutting down and make a comeback and this step worked wonders for the bank as it is now in it's successful position again.