PT  - JOURNAL ARTICLE
AU  - Steven L. Victor
TI  - Tips from the Trenches
DP  - 2003 Mar 20
TA  - Turnaround Management
PG  - 26--36
VI  - 2003
IP  - 1
4099  - http://guides.pm-research.com/content/2003/1/26.short
4100  - http://guides.pm-research.com/content/2003/1/26.full
AB  - What are the consistent issues that confront turnaround engagements? What are the tools and attributes with which seasoned turnaround professionals must be thoroughly familiar? Although many turnarounds may be quite complex, and all are at least in some way unique, presented in this piece are a set of baseline issues that encompass the turnaround business: 1) The importance of early intervention; 2) Realizing that bankruptcy is not the only option; 3) The power of communications in the turnaround process; 4) The usefulness of an ever-evolving budget during the turnaround; and 5) Understanding the role of creativity in the process.