IMPLEMENTATION OF TURNAROUND STRATEGIES AND ORGANIZATIONAL ISTAKEHOLDERS' IMPACT

Abstract

Management if turnaround is the systematic and rapid implementation iof ia iseries iof imeasures ito icorrect ia iseverely iunprofitable isituation. iAchieving iturnaround icalls ifor ia icompletely idifferent iset iof iskills ito iexamine ithe icauses iof idecline iand idevise ieffective istrategies ifor iturning ithe ibusiness iinto ia ifresh ilife. .As such, the objectives of the study were to examine the influence of Stakeholders Management on turnaround strategies of SMEs and to determine the influence of Change in Leadership and Organizational Change on turnaround processes of SMEs? For the purpose of this study, the survey method was employed with the aid of questionnaire to get data from respondents. 240 copies of a questionnaire were administered to employees of thirty (30) Enterprises in Ogun State, Nigeria. A pilot study was employed and reliability test of the instrument was conducted by using the test re-test reliability approach which yielded a reliability coefficient of r = 0.81. Internal consistency was proven by Cronbach Alpha being 0.854. The study found out that there is a significant relationship between stakeholders Management and turnaround strategies of SMEs and that ipositive irelationship exist between change in leadership/organizational change of SMEs and turnaround processes. The findings in this study show that stakeholder imanagement iprimary ipurpose iis ito ishield ithe icompany ifrom ithe inegative iimpacts iof istakeholder iactions. During ithe iturnaround iprocess, iorganizations ihave ito imake ia inumber iof ichoices, ,igood ichoice iof iaction ileads ito iperformance iimprovements iin iterms iof iproductivity iand icapital. iOn ithe iother ihand, iunsuccessful iresponse ioptions iwill imake ithe isituation iworse, ithus icontributing ito ithe icompany's ibreakup. The study recommends ithat istakeholders ishould icontinue ito iplay itheir irole iin SMEsito ibe iable ito iprofer isolutions ito iproblems ihindering ithe progress of enterprise.