The First Step to a ‘Turnaround’ is Acknowledging
There is a Problem
A turnaround situation is first recognized when there is serious concern or dissatisfaction with the firm's [organization's] performance, results, and/or near-term forecasts of [financial] performance and results.
- Richard Sloma, The Turnaround Manager's Handbook
If your organization is in trouble, be honest. Make it absolutely clear to everyone in the company that survival [long-term viability] depends on cost management.
- Jon Meliones, “Saving Money, Saving Lives,” Harvard Business Review on Turnarounds
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How Might a ‘Turnaround Expert’ Look at an Organization that
Needs to be ‘Turned Around?’
The recovery of a [challenged] company [or country]...depends on the implementation of an appropriate rescue plan or turnaround prescription. Characteristics of the appropriate remedy are that it must: 1) address the fundamental problems; 2) tackle the underlying causes (rather than the symptoms) and 3) be broad and deep enough in scope to resolve all the key issues.
- Stuart Slatter, David Lovett, Laura Barlow, Leading Corporate Turnaround
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