An investigation of turnaround strategies in selected organizations in Nigeria: An empirical approach

It's clear that businesses can't stay in business without making money, and not being able to do that would cause economic sickness. To get these kinds of organizations back to health, you need two types of turnaround strategies: ones that take you from losing money to breaking even and ones that take you from breaking even to making money. So, turnaround management is an act of two kinds of entrepreneurship. This paper's goal is to examine strategies that were effective in turnarounds and compare them to those that weren't. This will help managers of turnarounds improve their success rate and make these organizations more valuable to society. A content analysis with mean and standard deviation was used to get the data. The results show that cost management, operational efficiency, company restructuring, customer refocusing, and image building were more often used in cases of successful turnaround. The paper came to the conclusion that managers need to pay attention to early warning signs and act right away.