How have turnaround strategies evolved over the multiple crises?

Key lessons from Eight Advisory study:

1. CEOs play a pivotal role: combining strategic vision, operational execution, and human leadership

2. A new economic cycle: uncertainty and accelerated change are driving a surge in business failures.

3. A narrow window for success: anticipation, rapid decision-making, and reinforced capabilities are critical.

Main drivers behind turnaround plans

Eight Advisory study reveals the top three causes leading to turnaround initiatives (in % of respondents):

• More competition and loss of market share (55%)
• Market collapse (54%)
• Management and strategic issues (53%)

What triggers a turnaround plan is not just a single, highly significant element, but rather a combination of several factors, highlighting a transition from a reaction-based initiative to a proactive approach, focused on anticipating change.

Beyond finance: a holistic approach

With 96% of plans including a deep financial analysis, turnaround plans are no longer limited to financial restructuring. Indeed, nearly half of them involve rethinking the business model, and operational reviews have grown from 24% in 2018 to 31% in 2025.

Human and organisational challenges

Transformation starts with people. Social plans remain common, impacting two-thirds of cases, with 75% delaying communication to meet legal requirements while preserving stability.

At the executive level, stability is now the prevailing norm: only 7% of plans replace most of the committee (down from 54% in 2018).

External advisors: from support to strategic partners

External expertise has become indispensable:

• 96% of turnaround plans involve advisors.
• In 40% of cases, their involvement is extensive.

Advisors now play a strategic role, helping secure planning, mitigate risks, and accelerate performance recovery. This reflects a growing need for speed, objectivity, and expertise in complex environments.

How Eight Advisory can support you

With its multidisciplinary expertise, Eight Advisory supports businesses in designing and implementing turnaround plans in an environment of heightened instability.

Download the full study to learn more and discover our turnaround and operational restructuring services.