What are the main steps of turnaround strategy?

A turnaround strategy typically involves several key steps: first, conducting a thorough assessment of the organization's current performance and identifying underlying issues. Next, leaders develop a clear and actionable plan that includes setting specific goals and priorities. Implementation follows, requiring effective communication, resource allocation, and possibly restructuring. Finally, ongoing monitoring and evaluation are essential to gauge progress and make necessary adjustments to ensure long-term sustainability and success.