Skip to main content

Businesses need to embrace turnaround if they are to survive and thrive

Posted: 16 Jan, 2020

The Turnaround Management Association is the only organisation dedicated to people working in all aspects of business turnaround and renewal, both in the UK and globally.

 

Our primary focus in the UK is to provide members with regular events that furnish them with technical and market update information related to the world of turnaround and business renewal. Members are a mix of individuals and corporates that operate in the space. They can be lawyers, accountants, valuers, financiers or individuals who take roles to help businesses through a process that they may not have encountered before. Our members are not normally registered insolvency practitioners.

 

In the last few years our membership has grown as we have increased both the number of events, but also the geographical coverage. We have active committees in Manchester, Birmingham, Leeds, Reading, Bristol and the Gatwick area. These hold events locally focused on content relevant to their location. We also have active committees putting on events for NextGen (under-35) members, and a Network of Women. All of this added up to more than 50 events this year attended by over 2,500 members and other interested parties. 

 

Being part of a global network also offers members the chance to connect with over 10,000 members and organisations across the globe and to attend their events.

 

What is turnaround? The dictionary defines it as a positive change or an improvement. But business turnaround doesn’t always mean a company is in difficulty – at least not yet. But no business can afford to simply carry on without embracing change at some point, and it is vital that businesses are able to adjust to changing market conditions.

 

The challenges facing high street retail is but the latest example of an industry that is having to rapidly adjust to the changing habits of customers. And the massive increase in consumer awareness of environmental issues will undoubtedly present a challenge for any and all businesses. Only those that recognise the threats and opportunities challenges such at these present will survive and thrive.

 

Change should be a constant for most businesses, but not all companies have the necessary skillset or mindset to manage this. So, while the best managers recognise both their strengths and their weaknesses and build an appropriate team to balance these, this is not always the case.

The role of turnaround in business

 

Why is turnaround needed? A failing, or inefficient business can quickly run into financial difficulty. But equally, a focus on changing specific areas within a business can lead to dramatic improvements.

 

Success can sometimes be hard to measure but can also lead to dramatic results.

What makes a good turnaround professional?

 

To read the full article by Peter Stevens - TMA UK President click here 

This article has been published in the Business Reporter, distributed by The Daily Telegraph - The Sunday Telegraph - City A.M


Back to News

TMA news

05 Mar, 2020

London 4th March Freshfields event write up

Despite concerns about Coronavirus we had an...

02 Mar, 2020

Planning for 2021 - Peter Stevens, TMA UK President

This is my second year as President of the UK...

14 Feb, 2020

TMA NOW celebrates International Women’s Day early!

On 12 February, TMA NOW hosted a breakfast panel...

Sponsor news

23 Mar, 2020

Maintaining a positive mindset about your business during the current crisis

Nobody would deny that the current pandemic-induced situation is a worrying time for SME business...

19 Mar, 2020

Entering unchartered waters -  Surviving the Economic impact of Coronavirus

The economic consequences of the Coronavirus epidemic have heavily impacted stock markets worldwide...

Tweets

TMA UK @UK_TMA · one month ago

Did you hear? Our CEO, Jenny Oldfield, has been appointed as a @UK_TMA director! Congratulations Jenny! pic.twitter.com/o1QhEV65uU

TMA UK @UK_TMA · 18 days ago

Our events are held across the UK, featuring well known speakers from all areas of the Turnaround Community. Not ye… twitter.com/i/web/status/1…

JCR

March 2020