Investopedia defines business turnaround as the financial recovery of a company that has been performing poorly for an extended time. Turnarounds mark a period of improvement while bringing stability to a business’s future. It is hands-on and first requires acknowledgement of the company’s problems, consideration of required changes, and the development and implementation of a problem-solving strategy. Turnarounds are pre-insolvency and informal actions taken by the business. Restructuring is, however, a range of formal insolvency processes aimed at helping businesses in severe financial distress.