Each business has its own unique set of problems as each business has its own distinctive ‘recipe’ for the way it runs and operates. It is dangerous to believe that what worked for a similar business will work for yours.
To determine which turnaround Type and Strategy will be suited for your situation. You may need to do a business turnaround analysis that includes an insolvency and viability tests. If you find that any of these tests are positive for your current business situation, it is vital that you take action as soon as possible to address the insolvent position by speaking to a professional.