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What is a Turnaround Strategy?

Turnaround Strategy” refers to how companies work with struggling businesses to turn things around. This can be done by way of increasing production levels, decreasing costs, or both; what matters most is that these struggling businesses are given small doses of care to see them through their difficulties. The idea of turnaround strategy is different from turnaround management. Companies with great turnaround strategies, also have years of experience in turnaround management. Such companies would have multiple years of data that it could reel out for review, therefore, the job of an expert would be relatively easy since the company has all information at hand, ruling out the need to look through old documents.

The companies that take up turnaround strategies are usually already renowned in their particular niche. As a result, if they are stuck or having trouble with their current business, these companies can take advantage of this situation by turning it around rapidly. This is why turnaround strategy is considered to be a kind of strategy that brings great benefits to the company.

The management of these companies can come up with very unique ways of turning things around for their struggling business. For example, the company may choose directions to take that are novel, unique or previously untried. This gives struggling businesses a chance to get out of their current slump situation and improve their business outlook.

Some Common Turnaround Strategies

Expand operations in overseas markets. Same products will not always work equally well in every country, so it is important for companies to look beyond their own country when they decide on the next step in the turnaround process.

Merging with companies in other businesses. When companies are stuck because of one particular business, they could merge their company with another similar company so that it can gain strength in its other businesses. For example, if a company’s operations are mostly under the green umbrella of operations, this company could merge with others so that it can also profit from the other colors.

Cutting down on excess staff and selling off non-performing assets. This is usually the first step that turnaround companies take to clear themselves of any extra baggage while at the same time freeing up cash reserves to perform better in the business.

Direct hiring of new personnel. With the company running business improvement activities, it may decide to take on new staff that are more competent than the company has used during its current difficulties. This step can also be taken by companies who are having issues because of changes in the market. By getting rid of under-performing employees will allow the company to focus on growing areas of their business.

Reducing costs or revenues. This strategy is often chosen by companies who are having both financial and production problems due to their bad management techniques. The company may choose to reduce its expenses without closing down the business since this will also help it to cut down on costs.

Adding a completely new product line. When a business is in a slump, the company may want to add a new product line for it so that it will have something else to present when it works on its plans of becoming profitable again. They can also add products from other industries which can be used in their industry even if they are not usually associated with it. This is because businesses which are doing poorly need something new in order to get them out of their rut and give them the kind of boost that they need in order to return back to their productive ways.

Replacing the management. A company may choose to bring in new management in order to improve its profitability. This can be done when the present management is unable to think outside the box and help the company escape its current slump.

Implementing a well thought through marketing strategy. Businesses are only as good as their marketing strategies are. The turnaround strategy usually entails making sure that there are objectives in place for any marketing strategy which will be implemented by the company. This will make it easier for the company to grow since there is a focus on improving specific points of it rather than leaving everything up in air in order to eventually grow without being able to pinpoint what went wrong with its business in the first place.

Introducing new products. When a company is doing poorly, it may want to introduce new products for them so that it can improve its market share which in turn will lead to greater production. This may also be done when the company has not expanded into new territories or merged with another company that it could learn from in order to improve its current standing.

Converting existing products into other uses. Sometimes, companies may need to come up with creative ways of using their existing products rather than selling them off as planned. This can be done when the company is trying to get back to its previous status of doing well in the industry. This would mean that the company’s old products would end up having new uses that can bring it back into its more prosperous business position.

Contracting out of non-essential services. This may be done when companies are not able to get back to their previous level of production due to factors outside their control. This would mean that the company’s non-essential employees shall be let go or contract out in order for them not to suffer losses due to this business downturn.

While the above are some ways companies can get back to their previous level of business profit, it is only through having a well thought out turnaround strategy that considers the peculiarities of the business that an effective Turnaround Strategy can be developed. Fintalent’s Consultants and Freelance Strategists can help develop the most appropriate Turnaround Strategy that can help a company get back to its former size and profit.

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Hire the best Turnaround Strategy specialists in 2,900+ industries

Fintalent is the invite-only community for top-tier M&A consultants and Strategy talent. Hire global Turnaround Strategy consultants with extensive experience in over 2,900 industries. Our platform allows you to build your team of independent Turnaround Strategy specialists in 48 hours. Welcome to the future of Mergers & Acquisitions!

Why should you hire Turnaround Strategy experts with Fintalent?

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Hire efficiently. Your M&A team is ready in 2 days or less.​​​​

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Fintalents are best-in-class - and specialized in 2,900+ industries.​

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Frequently asked questions

Most frequent questions and answers

What clients usually engage your Turnaround Strategy Consultants?

We work with clients from all over the world. Our clients range from enterprise and corporate clients to companies that are backed by Private Equity or Venture Capital funds. Furthermore, we work directly with Family Offices, Private Equity firms, and Asset Managers. Most of our enterprise clients have dedicated Corporate Development, M&A, and Strategy divisions which are utilizing our pool of Turnaround Strategy talent to add on-demand and flexible resources, expertise, or staff to their in-house team.

How is Fintalent different?

Fintalent is not a staffing agency. We are a community of best-in-class Turnaround Strategy professionals, highly specialized within their domains. We have streamlined the process of engaging the best Turnaround Strategy talent and are able to provide clients with Turnaround Strategy professionals within 48 hours of first engaging them. We believe that our platform provides more value for Corporates, Ventures, Private Equity and Venture Capital firms, and Family Offices.

Our Hiring Process – What do ‘Community-Approach’ and ‘Invite-to-Apply’ mean?

‘Invite-to-Apply’ is the process by which we shortlist candidates for the majority of projects on our platform. Often, due to the confidential nature of our clients’ projects, we do not release projects to our whole platform but using the matching technology and expertise of our internal team we select candidates who are the best fit for our clients’ needs. This approach also ensures engagement with our community of professionals on the Fintalent platform, and is a benefit both to our clients and independent professionals, as our freelancers have direct access to the roles best suited to their skills and are more likely to take an interest in a project if they have been sought out directly. In addition, if a member of our community is unavailable for a project but knows someone whose skill set perfectly fits the brief, they are able to invite them to apply for the role, utilizing the personal networks of each talent on our platform.

Which skills and expertise do your Fintalents have?

The Fintalents are hand-picked and vetted Turnaround Strategy professionals, speak over 55 languages, and have professional experience in all geographical markets. Our Turnaround Strategy consultants’ experience ranges from 3+ years as analysts at top investment banks and Strategy consultancies, to later career C-level executives. The average working experience is 6.9 years and 80% of all Fintalents range from 3-12 years into their careers.

Our Turnaround Strategy consultants have experience in leading firms as well as interfacing with clients and wider corporate structures and management. What makes our Turnaround Strategy talent pool stand out is the fact that they have technical backgrounds in over 2,900 industries.

How does the screening and onboarding of your Turnaround Strategy talent work?

Fintalent.io is an invite-only platform and we believe in the power of referrals and a closed-loop community. Members of our community are able to invite a small number of professionals onto the platform. In addition, our team actively scouts for the best talent who have experience in investment banking or have worked at a global top management consultancy. All of our community-referred talent and scouted talent are subject to a rigorous screening process. As such, over the last 18 months totaling more than 750 hours of onboarding calls, of which only 40% have received an invite-link after the call.

What happens if I am not satisfied with my Turnaround Strategy consultant’s work?

During your initial engagement with a member of our Fintalent talent pool with no risk. If you are not satisfied with the quality of your hire for any reason then we are able to find a replacement at short notice. There is no minimum commitment per project, but generally projects last at least 5 days and can last 12+ months.

Interested in our invite-only community of tier-1 Turnaround Strategy experts?

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