Turnaround is the systematic and rapid implementation of a range of measures to correct a seriously unprofitable situation. It might include dealing with financial disaster or measures to avoid the highly likely occurrence of such a disaster. It includes an element of crisis management (Arpi&Wejke, 1999, p. 6). A turnaround is appropriate when an organization is in crisis and is worth saving, it is meant to provide the troubled company with excellent chances to survive and prosper in the longer term, although it most likely will be operating within the confines of a radically redefined business mission (DeMary& Fairchild, 2011, p. 39).
Article 1: Turnaround: Why, How to Take One On by Whitman (2013)
The article “Turnaround: why, how to take one on” was written by Meg Whitman, at the time she was the CEO of HP. Through the article, the author takes the readers through the various approaches that managers and executives can employ in executing a turnaround strategy. The author proposes that a turnaround strategy begins inside a company through the employees, and flows outwards to the external environment. The author adds that turnaround employs the acceptance of change. The article traces the authors’ journey through her first time at HP and highlights the major steps that she took to ensure that the company was restored.
The author states that the first step in a turnaround strategy involves starting the execution, promoting transparency, credibility and accountability among investors, customers and employees. The other steps which the author proposes as key in a turnaround strategy are communication and good leadership. These steps she outlines have enabled HP to see a positive steps towards regaining its spot as an iconic company. However, she ends her article by stating that in in driving change in any business, there are no shortcuts (Whitman, 2013).
Article 2: KoreaTown Turnaround by Clough (2012)
The article follows the journey of Wilshire Bancorp Inc. during the period that it experienced substantial losses as a result of the economic downturn, through the turnaround strategies which it employed to improve its financial conditions, up to the period when it became a stable bank free from the federal troubled asset relief program . The article highlights some of the turnaround strategies, predominantly internal changes, which the bank took to ensure that it achieves a strong capital and liquidity position, for example, tightening lending standards. According to the author Clough (2012), this turnaround strategy has enabled Wilshire Bancorp Inc. to exit the federal troubled asset relief program.
Article 3: On Turnaround by Eames (2012)
Eames (2012) opines on the subject of Turnaround. He claims that turnaround has become fashionable in recent times, and this he attributes this to the belief that previous successful strategies are not solving present financial problems. He presents steps that can ensure a turnaround strategy is successful even in the long-run
Article 4: Turnaround Queen by Sturdivant (2014)
In the article, the author, Sturdivant (2014), traces the life of Dr. Dorothy Yancy by focusing on her modeled life of distinction that shaped the way African-American population excel in higher academia. According to the author, Dr. Yancy is perhaps the best portrayal of a turnaround queen. Throughout her career, Dr. Yancy has attempted and successfully undertaken turnaround strategies which have improved the immediate financial position of various institutions of higher learning by focusing on the income statement and balance sheet. Under Dr. Yancy’s leadership, many academic institutions have improved heir financial position for example, the composite financial index of Shaw University improved from negative figures to positive digits. For these accomplishments, the author has christened her a financial champion as well as the turnaround queen (Sturdivant, 2014).
A course scripture that is in sync with the concept of Turnaround is Romans 12:1-2 (The Holy Bible: New International Version, 2011). This is for the reason that turnaround involves a lot of sacrifices by both the management and the employee in the face of difficulties so as to facilitate the achievement of a greater good: an excellent chance for the company to survive and prosper in the longer term. Turnaround requires that employees and management get out of their comfort zone and face challenges heads on.
All the four articles look at different aspects of turnaround. Whitman (2013) presents a case of successful implementation of a turnaround strategy at HP where she was the CEO; Clough (2012), looks at the execution of a turnaround strategy at Wilshire Bancorp Inc. that enabled the bank to rise back to its feet; in the third article, Eames (2012), presents the best strategies for implementing a sustained recovery strategy that goes beyond the Turnaround period. The last article, Sturdivant (2014), presents a model and exemplar of a person who has undertaken a turnaround in various institutions in the academia field successfully.
Arpi, B., & Wejke, P. (1999). International Turnaround Management: From Crisis to Revival and Long-Term Profitability. Palgrave Macmillan.
Burgess-Limerick, R., Steiner, L. J., & Horberry, T. J. (2010). Human Factors for the Design, Operation, and Maintenance of Mining Equipment. CRC Press.
Clough, R. (2012, June 26). Koreatown Turnaround. Loa Angeles Business Journal, 12.
DeMary, J., & Fairchild, T. T. (2011). The Turnaround Mindset: Aligning Leadership for Student Success. R&L Education.
Eames, S. (2012, May 17). On Turnaround. Health Service Journal, 122, 18. Retrieved from hsj.co.uk
Landry, S. J., & Lehto, M. R. (2012). Introduction to Human Factors and Ergonomics for Engineers, Second Edition (2, illustrated, revised ed.). CRC Press.
McCauley-Bush, P. (2011). Ergonomics: Foundational Principles, Applications, and Technologies (illustrated ed.). CRC Press.
Sturdivant, C. (2014, March 13). Turnaround Queen. Diverse Education, 8. Retrieved from www.diverseeducation.com
The Holy Bible: New International Version. (2011). Biblica, Inc.
Whitman, M. (2013, April 14). Turnaround: Why, How to take on. Retrieved June 24, 2014, from Leader Excel: www.leaderexcel.com
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