Public Sector Turnaround

What do you mean by turnaround?

: the time it takes someone to receive, deal with, and return something. : the process of making something (such as an airplane) ready for use again after it has arrived at a place. : a complete change from a bad situation to a good situation, from one way of thinking to an opposite way of thinking, the action of receiving, processing, and returning something 24-hour turnaround time on most orders. b : the process of readying a transport vehicle for departure after its arrival also : the time spent in this process a quick turnaround between flights.Also, the need for a turnaround strategy arises because of the changes in the external environment Viz, change in the government policies, saturated demand for the product, a threat from the substitute products, changes in the tastes and preferences of the customers,

What do you mean by 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, and to identify the reasons for failing performance in the market, and rectify them. Turnaround management involves management review, root failure causes analysis, and SWOT analysis to determine why the company is failing. Once gdg 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 its progress and make changes to the plan as needed to ensure the company returns to solvency. Turnaround Managers are also called Turnaround Practitioners, and often are interim managers who only stay as long as it takes to achieve the turnaround. Assignments can take anything from 3 to 24 months depending on the size of the organization and the complexity of the job. Turnaround management does not only apply to distressed companies, it in fact can help in any situation where direction, strategy or a general change of the ways of working needs to be implemented. Therefore turnaround management is closely related to change management, transformation management and post-merger-integration management. High growth situation for example are one typical scenario where turnaround experts also help. More and more turnaround managers are becoming a one-stop-shop and provide help with corporate funding (working closely with banks and the Private Equity community) and with professional services firms (such as lawyers and insolvency practitioners) to have access to a full range of services that are typically needed in a turnaround process. Most turnaround managers are freelancers and work on day rates. The job often involves frequent travel. Others work for large corporations and have permanent positions.

What does a turnaround specialist do?

A turnaround specialist is someone who assists a company by either consulting on a short-term-project basis or by acting as an interim chief executive who replaces the current CEO while a company reorganizes.Turnaround is a term used to turn a company around from its decay to an improvement mode. There are many reasons why a company doesn't perform well. Different yardsticks are used to measure performance - financial profit is the most commonly used measure albiet it is the last noticed parameter. Many other parameters like market share, customer satisfaction, employee performance can be used to effectively monitor the decline much before the finances start declining. A person or an organisation who helps in identifying the root cause of decay and assist in company recovery is termed a turnaround specialist - more akin to a Corporate doctor.
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