Turnaround strategies are plans implemented by organizations to reverse poor performance and restore profitability. These strategies often involve analyzing the current situation, identifying key issues, and making necessary changes in management, operations, or finances. The goal is to stabilize the organization and set it on a path to recovery. Common elements of turnaround strategies include cost-cutting measures, restructuring debt, and improving operational efficiency. Companies may also focus on enhancing customer satisfaction and rebranding efforts to regain market share. Successful turnaround strategies require strong leadership and a clear vision for the future, often drawing on the expertise of consultants or business turnaround specialists.