Turnaround Management is about business restructure and renewal.  Often, a turnaround management strategy is employed when the business is under financial stress.  However, it is not necessary to wait until the situation becomes too dire to commence a turnaround strategy.  In fact it is preferable to commence the process before it could be too late.

To help understand how turnaround management works, below is an outline of the 5 step process involved.  Having a good understanding of this process will make it easier to identify if and when, it should be applied.