Implementation is the most difficult phase of a
turnaround since it almost always involves structural changes in the way the company
conducts its business. Turnarounds also involve increased distractions that can impede
implementation. Once implementation begins, the turnaround team must stick with the plan
and continuously monitor performance against it.
This phase involves the focused and unwavering efforts of
the entire organization and requires constant and effective communication with all
stakeholders, i.e. employees, customers, suppliers, lenders and shareholders.
