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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


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