How do you become a turnaround manager?

1 Develop your skills and knowledge

Turnaround management requires a combination of technical, analytical, interpersonal, and leadership skills. You need to have a solid understanding of finance, accounting, operations, marketing, and strategy, as well as the ability to assess and manage risks, costs, cash flows, and stakeholders. You also need to have strong communication, negotiation, problem-solving, and decision-making skills, as well as the emotional intelligence and resilience to deal with uncertainty, conflict, and resistance. To develop your skills and knowledge, you can pursue relevant qualifications, such as an MBA, a CTP (Certified Turnaround Professional), or a CIRA (Certified Insolvency and Restructuring Advisor), or take courses and workshops on turnaround management topics.

2 Gain relevant experience

Turnaround management is not an entry-level position. You need to have significant experience in managing or consulting businesses in different industries, stages, and situations. You need to demonstrate that you can handle complex and dynamic challenges, deliver results under pressure, and lead and motivate teams through change. To gain relevant experience, you can seek opportunities to work on projects or assignments that involve business improvement, restructuring, crisis management, or turnaround situations. You can also network with turnaround professionals, join industry associations, or volunteer for pro bono or nonprofit work.

3 Build your reputation and network

Turnaround management is a competitive and niche field. You need to have a strong reputation and network to attract clients and referrals. You need to showcase your achievements, skills, and value proposition through your resume, portfolio, website, social media, or blog. You also need to establish and maintain relationships with potential clients, partners, mentors, peers, and influencers in the turnaround industry. You can attend events, conferences, seminars, or webinars, join online forums or groups, or participate in discussions or publications related to turnaround management.

4 Find your niche and market

Turnaround management is not a one-size-fits-all solution. You need to find your niche and market that matches your expertise, interests, and goals. You need to identify the types of businesses, industries, sectors, or regions that you want to serve, the kinds of problems, issues, or opportunities that you want to address, and the value proposition, approach, or methodology that you want to offer. You also need to research the demand, competition, trends, and challenges in your niche and market, and develop a marketing strategy and plan to reach and engage your target audience.

5 Prepare for the turnaround process

Turnaround management is a complex and demanding process that involves multiple stages, tasks, and stakeholders. You need to prepare for the turnaround process by conducting due diligence, setting expectations, defining objectives, securing resources, forming a turnaround team, and developing a turnaround plan. You also need to prepare for the potential pitfalls, risks, and obstacles that may arise during the turnaround process, such as legal, regulatory, ethical, or operational issues, and have contingency plans and mitigation strategies in place.

6 Execute and monitor the turnaround plan

Turnaround management is not a one-time event. You need to execute and monitor the turnaround plan by implementing the actions, initiatives, and changes that are necessary to achieve the desired outcomes, such as improving performance, reducing costs, increasing revenues, enhancing customer satisfaction, or resolving debts. You also need to monitor the progress, results, and impact of the turnaround plan by using relevant metrics, indicators, and feedback, and make adjustments or corrections as needed. You need to communicate and collaborate with the stakeholders, such as the management, employees, customers, suppliers, creditors, or investors, and ensure their alignment, support, and involvement in the turnaround process.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?