A welldefined strategic framework of operations that have evolved through a matured thought process helps in the turnaround of an organization. The resourcefulness behind the thoughtmaking also creates `value throughout the organization by focusing on growth and profit improvement of the firm. By deconstructing barriers to `innovation, the resourceful thinking makes the organizational climate favorable to the implementation of the turnaround strategy. Demanding a sort of `convergence in thinking, the article makes a good deal of effort towards identifying the broad parameters in this direction.

From Stockholm to Tokyo, New York to Istanbul the `market mayhem' that swept across the world has got severe implications not only on stock trading and foreign exchange reserves but also dealt a serious blow to the pricing of commodities like copper and gold. By signaling a fullblown financial crisis the events bring to the fore many structural arrangements needed to be made in the direction of protecting the business interests of companies that are expecting a break even. We do find many internal forces that make a commercial undertaking have a tough time in facing crises of various forms. The resulting situation, which gets reflected in terms of underperformance of crucial departments like finance, marketing, production, operations, gives us a signal towards `turnaround' and the necessary action plan for making it a successful experiment.

Many studies have been made in advanced countries like the US where the numbers showing the declining business of the firms are very alarming. It is not an exaggeration to say that almost 50,000 businesses fail every year, 40,000 experience distress of some sort and more than 1,00,000 underperform, says Oswald Mascarenhas, a Professor of Marketing and Ethics at the University of Detroit Mercy. The phenomenal rise in the rate of failures of many startups in the knowledge sector in recent times also makes it a point to look at the issue of `turnaround' as the vital issue of concern. The dwindling opportunities for growth in the face of market competition for some products and poor management of domestic affairs by some of the firms' added fuel to the fire ignited by international calamities of weakened dollar supremacy. The antecedents of this phenomenon are visible in the US from the beginning of the 21^st Century, where it was reportedly found that about 257 companies with $528 bn in assets were declared bankrupt in 2001. Technically speaking the need for achieving a turnaround arises in those organizations that are sailing towards decline in terms of business, reputation, and credibility.

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