noun A person who specializes in helping companies improve their financial and operational performance in order to avoid bankruptcy or insolvency.
In the field of finance, a turnaround consultant may specialize in restructuring debt, renegotiating contracts, and improving cash flow to help a struggling company become financially stable.
Turnaround consultants may collaborate with legal teams to navigate complex bankruptcy proceedings, negotiate with creditors, and ensure that all legal requirements are met during a company's turnaround process.
In cases where a company is facing layoffs or restructuring, a turnaround consultant may work with HR departments to ensure that the process is handled sensitively and in compliance with labor laws.
Turnaround consultants often work closely with senior management teams to identify operational inefficiencies, streamline processes, and make tough decisions to turn around a failing business.
Entrepreneurs facing challenges in their startups may seek the expertise of a turnaround consultant to provide guidance on restructuring, cost-cutting measures, and strategic planning to achieve sustainable growth.
A turnaround consultant is hired by companies in financial distress to analyze the current situation, develop a strategic plan for recovery, and implement necessary changes to improve performance and profitability.
A turnaround consultant may be hired by a struggling publishing company to help improve operations and increase profitability.
A turnaround consultant could be brought in to assist a mental health clinic in reorganizing its services and boosting patient satisfaction.
A turnaround consultant might collaborate with a team of business analysts to analyze financial data and develop strategies for a failing company to regain stability.
A turnaround consultant may work closely with management consultants to implement new processes and procedures in a company undergoing a turnaround.