Turnaround way of thinking: Turnaround vs. no-turnaround management

Many people think that a good manager could perform a turnaround project, but in reality among other abilities they need to know turnaround technique or way of thinking. For example, many people who do not have experience in turnaround think that turnaround is just about cost reduction. We will see that in many situations we must use oversizing in order to solve problems quickly.

Other example about turnaround way of acting is that turnaround people think of very short-term (weeks) while most of the people have been taught to think of long-term (many months or even years). Thinking of log-term likely avoids taking some complex short-term decisions that must be taken to guarantee the firm survival.

Moreover, in turnaround projects we act “quick and dirty,” while usually we have been learnt to perform a good work without very strong time constraints. In turnaround it is better to be 80% right and act than 100% right and late.

We must remember that in turnaround the situation use to be much deteriorated. So we have just “one shot,” I mean there is no time for mistake choosing inexperienced turnaround people.