Businesses are always moving even when they may appear to be standing still. When a business starts moving into deeper losses, that is when something fundamentally needs to change. Doing the same thing over and over again simply won’t produce a different result.Although it may sounds cliche however as the classic quote says “The definition of insanity is doing something over and over again and expecting a different result.” A business turnaround is the fundamental change or reversal of a floundering business.
We understand most businesses have their ups and downs. That said, every decline does not necessarily call for a change, however a consistent pattern of week results is a signal that a turnaround is required. Every dip does not call for fundamental change, but a pattern of weak results is the signal to consider the need for a turnaround. If you’re spending more and more time fending off your vendor and creditors, then you may need a turnaround.