Corporate Governance · 2003 · 48 citations · 0 references
BusinessStrategic ManagementStrategyBusiness Process ManagementBusiness StrategyCorporate StrategyBusiness Failure AnalysisBusiness Process ReengineeringBusiness RecoveryOrganizational Change ManagementOrganizational TurnaroundTurnaround StrategyBusiness Failure RecoveryDecline DiagnosisPre-failure Warning SignalsTurnaround DiagnosisTurnaround ManagementTurnaround Process
The process of business decline can be identified through various warning signals that are concomitant with the decline process. These warning signals are noticed in both the internal and external business environments. The successful turnaround of a failing or declining business requires that management analyze the causes of decline and then implement a strategy for reversal of the decline. This article addresses the signals of decline, internal and external business environments and the strategies for reversal of decline.