This broad definition can apply to turnarounds in almost anything—a life, an endeavor, a company, a municipality, a non-profit organization, a sporting team, a school, a university or technicon, a government, a country or even a continent. Turnaround Management and Corporate Renewal deals mainly with the turnaround of business organizations. The strategic, financial, legal, human resources, marketing and operations, stakeholder management, political, and internal and external aspects of turnarounds are evaluated in depth by leaders in their fields.
Definitions, stages of a turnaround, rapid appraisal and detailed analysis, recovery plan development and implementation as well as the new Business Rescue legislation are covered. Change management, small business turnarounds, recruiting for a turnaround, value management and value engineering, early warning signals and managing stress are all included in the chapters. Tools and techniques that can be used to deal with many different turnaround challenges are explained in considerable detail, while the case studies are written by people who have led successful South African turnarounds.
Written by thirty-five noted management and turnaround practitioners, consultants and academics in South Africa, the book is partially based on the highly successful Wits Business School (WBS) program How to Manage a Turnaround and Corporate Renewal (MATCR). WBS was one of the first business schools in the world to introduce an executive education program in turnaround management when Neil Harvey and Frans van Heerden convened the first MATCR course in 2002.
Many of the discussed concepts and principles can be applied to various non-business turnaround aspects of life. The book is therefore aimed not only at management practitioners, consultants, academics and students, but also at staff experts, engineers, accountants and lawyers in the private sector, municipality and trade union leaders, government, parastatals, non-profit organizations, sporting clubs and educational institutions.