Turnaround Strategy during a depressed economy-correlation with successful tacticsA total turnaround research for the Greek companies (Industrial & Trading sector)

Abstract

One of the major problems concerning both theoreticians of business administration science (management) and top executives of companies is which strategy to be applied for an economic entity in order to gain a competitive advantage and finally to increase both its market share in the market which is operating and succeed higher profitability. The economic crisis which began in 2008, has led to recession many countries with many companies facing difficult conditions in trades, which poses a major threat to their existence in some situations. This reality has sparked renewed interest in corporate turnaround and recovery (turnaround) strategies, as these companies are seeking to improve their performance during the recession. The studies usually identify 'austerity' and / or 'investment responses "to ensure the survival and improvement of their performance, although such efforts may fail. Reviews of recovery literature, shows that austerity is the key for a recovery (turnaround) strategy either as an independent method or as a forerunner for successful conversion. Recovery strategy, belongs to the group of rescue/reversing business strategies and is used mainly by companies facing financial or other problems which they are trying to overcome this unpropitious situation which they are facing. Moreover, this strategy is alternatively used by companies wishing to prevent future problems. These cases are characterized by lack of resources, low employees confidence, lack of time or failure of management. These issues are caused by sudden changes in the requirements of the external market factors whether are competitors, suppliers or customers. The overall objective of the recovery strategy is to return of this sluggish situation in the normal course in terms of acceptable levels of profitability. To implement this strategy, it is necessary to diagnose the causes of the problems which enterprise is facing and also it is necessary to understand the wider macroeconomic framework as well the micro environment of the specific industry. The reasons that lead to a significant deterioration enterprise financial results may be both internal (internal factors) and external (external factors). As well have raised the issue of the categorization of a decline in business if it’s happened because of own causes (internal) or because of a general decline in the industry. Further investigation shows that there are strong differences in certain variables which are described by companies have implemented successful recovery strategy (turnaround). After analyzing the causes that have led a company into losses and if we found worthy to keep it in operation and not driven this enterprise into bankruptcy. The implementation of turnaround strategy achieved through the implementation of proper planning and specific procedures (processes); indicatively mention some of them: Change management, divestitures of specific assets (divestment), cost reduction (cost reduction - operating and others), and strategic acquisitions. However in the existing literature is not detected any study for the business recovery strategies both during the economic recession and unprecedented conditions such as these of the Greek economy exploring convenience rate of the implementation of the tactics used and the impact of internal and external factors on the strategic plan , turnover , results, ROI and ROA of the company. Additionally we are trying to understand the impact on the successful recovery according to whom crafting the strategy of the company. This research is conducted into unprecedented conditions for the Greek economy, with a GDP of 237 billion in 2009 to 179 billion in 2014 and unemployment from 9% in 2009 to 27% in 2015 (Hellenic Statistical authority). In this work we try to attribute the conceptual importance of strategy and strategic management as well as their development and usefulness. In addition, we analyze the external environment that affects the business strategy as well as the hierarchy of strategies. We also referred to the operating strategy to which turnaround strategy belongs. Additionally we tried to fully cover the definition of crisis in general but also to the crisis of companies and their life cycle. Reference is made to the most important economic crises that the planet has experienced as well as extensive reference to the economic crisis of Greece where the country of conducting this research is. Moreover a description- analysis of Greek companies’ situation is included during the pandemic-covid 19 period. Bibliographic reference and detailed analysis is made for the turnaround management both for its importance and its interpretation. We recorder quantitative interpretation of turnaround and the criteria that define that a company is in a critical situation but also to the criteria that show that the company has returned to normal. We analyzed causes where an organization can find itself in a critical situation as well as the separation of these causes into external and internal. Realized a detailed analysis for turnarounds strategies theory but also to the turnaround models that have been mentioned in the literature as well as to the success factors of a turnaround strategy. Reference is also made to the categorization of companies that implement a turnaround strategy based on the results of this strategy. In the research part of this work we conducted a research for the Greek operations. Initially, with the help of descriptive statistics, we analyze the demographic characteristics of those who participated in the survey and the companies they represented. We record the percentages that their business factors were influenced such as their strategic plan, their results, their turnover, their ROI and their ROA. We recorded in percentage the external and internal factors that influenced them, the results that were achieved and the tactics that were implemented. In the same chapter, with the help of statistical models, we came to useful conclusions for the correlation of many factors for the index of ease/difficulty of application of tactics that were applied as well as for the correlation of the factors that brought successful results but also the importance which has for successful results by whom the strategic plan is formulated and implemented. In addition, useful conclusions are described for the right order of turnaround tactics implemented based on the experience and knowledge of the managers of Greek companies. Pearson Chi square tests, spearman correlation coefficient models, Kruskal Wallis test (analysis of variance) and Binary logistic regression were used to analyze all of them. Additionally factor analysis, cluster analysis implemented and analyzed with spearmen coefficient correlation test and ANOVA analysis. Research Aim and Objectives The study's major goal is to establish a theoretical framework that explains how turnaround strategy implemented during a recession phase of the economy and how economic crisis affected on strategy plan of the companies, turnover, results, ROI & ROA. Objectives: i) Analyze the impact of economic crisis on Greek companies taking into consideration strategic plan, turnover and economic results. ii) Study the impact of internal factors on strategic plan, results turnover, ROI , ROA during recession phase. iii) Determine both in which extent specific tactics were applied and which were the achieved results. iv) Analyze if the implementation of these tactics were easier or more difficult to applied during this period of economy. v) Find out the results of Greek companies after the implementation of the measure. vi) Determine how important is by whom the strategic plan is designed and implemented in the positive results of a successful turnaround strategy. vii) Find out the perception of Greek managers according the order of the tactics that they have to apply in order to overcome a crisis period. CONCLUSIONS In this thesis we analyze, at a theoretical level in general the concept of strategy in order to understand its necessity in business management and the importance of the environment (context) for its implementation. A strategy is a collection of actions that combines an organization's major goals, policies, and action sequence into a unified whole that outlines how the company will achieve its long-term objectives. Rational planning is the first step in developing a business strategy. Before determining its mission, objectives, strategic decisions, and finally implementing and evaluating them, the organization takes into account both internal and external environment factors. Before determining its strategic choices, objectives, and finally the method of implementation and evaluation, businesses analyze the existing conditions of a turbulent environment in general. Many academics and scholars believe that strategy should be thought of the following phases: a) formulation b) implementation, c) evaluation, and d) Control. Regardless of its size, type of business, or operating climate, strategy is a crucial and fundamental aspect of any company. However, we cannot say that strategy always ensures success, but it does contribute to attaining objectives, which is essential for a company's survival. The set of administrative decisions and actions that determine an organization's long-term performance is known as strategic management. Strategic management is long-term oriented, focused on future growth potential, substantial, holistic, and principally related with the enterprise's vision, mission, and culture, which is established at the highest management level. Strategic management enables an organization to be more proactive than reactive in defining its future; it enables to participate in and influence activities rather than simply reacting to them, allowing it to assert control over his own fate. Our analysis on strategy and strategic management served as a precursor in order to move on to the theoretical and bibliographic analysis of our main topic of the conceptual analysis of the thesis, corporate decline and the strategy of recovery of companies in crisis. The issue of corporate decline and business recovery strategy has preoccupied many business management theorists as well as researchers. The crises that have affected countries' economies in recent decades do not leave businesses and their operations unaffected. For this reason, reference is made to the important economic crises that our planet has experienced and more specifically to the economic-financial crisis that Greece has experienced, where this research focus, but also how the covid19 pandemic has affected Greek companies. The term crisis means the reduction of economic activity in general when it concerns the economies of countries, meaning the negative performance of all macroeconomic indicators such as GDP, unemployment, investments, etc. In companies and organizations by the term crisis we mean the reduction of its turnover, the reduction of its production the low efficiency of indicators such as ROI and ROA which leads to redundancies, lack of liquidity, inability to meet its obligations, etc. The crisis often varies based on the causes of its occurrence and the general environment of economic activity. Such crises often threaten even the survival of companies and lead to the termination of their operations. Business crises are due to external and internal factors. With external factors we mean factors that may affect the operation of the business but managers can not intervene eg GDP reduction, government intervention and government restrictions, high taxes, etc. Internal factors are those that come from the internal operation such as poor management, poor strategic decisions, and high operating costs. Based on the literature, we investigated in detail external and internal factors but also others that are not mentioned frequently in the literature such as government restrictions, capital controls, etc. The external factors that can negatively affect the operation of the company and lead it to decline are easier to identify than the internal factors where the company's management not always admits to be responsible for the situation where the company was found. The author's personal view is that to a large extent, businesses are in a difficult position due to the mishandling of the people who run the organization that are deteriorating based on the external environment and external factors. In order to achieve the reversal of the corporate decline, turnaround management strategies are applied. The criteria, that determines whether a company is in decline, as well as, whether a reversal of the situation has been achieved, varies in the literature from researcher to researcher. If we wanted to gather the main criteria that are taken into account are the company's turnover, its financial results, ROI and ROA evaluating their performance within a specific period of time. My personal assessment is that the most important factor for considering a company that is in a period of crisis is its liquidity situation. Businesses are usually threatened in terms of their survival and eventual shutdown not by negative financial results but by lack of liquidity. As a recovery strategy we define a set of actions and tactics in order for the company to return to a healthy state, to avoid risk, to return to profitability and to ensure the necessary levels of liquidity that will ensure its smooth operation. From my experience and the theoretical review, a successful turnaround should have the following elements: a) Analysis of the present situation and crisis management which entails taking control, performing critical cash management, reducing assets, arranging short-term funding, and initiating cost-cutting measures. b) Proceed in new management entails replacing the CEO as well as assessing and replacing senior management as needed. Because the CEO was crafting the strategy prior to the failure, a change in management is required. Changing management sends a strong message of confidence and change throughout the organization as well as to external stakeholders. Some researchers argue that the CEO change is not necessary but I strongly believe that the change of the CEO is a prerequisite in order to change the whole culture of the company operation. c) Stakeholder communication — It is critical to include all stakeholder engagement. To ensure stakeholders' trust in the turnaround plan, clear, consistent and predictable information and communication are required. d) Strategic review entails revisiting the company's strategy and considering divestiture, asset reduction, downsizing, outsourcing, or investment. e) Making structural- cultural changes in the business; reshuffling, changing, or reducing line of middle management f) Trying for development, implementing improvements in sales and marketing; further cost reductions and efficiencies. g) Financial restructuring which entails refinancing, asset reduction, and changes to debt and equity. h) Continuing monitoring of the procedure, feedback and evaluation. Additionally in our research we did an empirical analysis of the crisis situation and turnaround tactics implemented in order to understand better turnaround tactics and causes of companies decline during the recession phase of the economic cycle. 152 Greek companies participated in our research whose total turnover represents 3% of the Greek PIB. The demographic characteristics of those who answered were 101 men and 49 women 67.3% and 32.7%, respectively, in terms of their age distribution the largest percentage of 48.3% was in the age of 40-49 with extensive work experience. Their educational level was 56% with a master degree, 5.3% with a doctorate, 36.2% with a university degree which is very interesting for the research because they had the level to answer our questionnaire. In addition, 72% of them had studies related to business administration and therefore the relevant knowledge to fully understand the research questions. The companies they represented were 88.2% SA, 7.1% LTD. The 49.3% belonged to the industrial sector and 50.7% to the trading sector. Based on their size, 35.4% were small enterprises, 23.6% medium and 41% large and very large enterprises. The total number of companies that were affected from somewhat negative to extremely negative by the crisis reaches the percentage of 74.3% in contrast to those that were positively affected which is only 15.2% while a 10.5% was not affected either negatively or positively. We found that in terms of their strategic plan, a total of 63.9% was negatively affected, while 17.9% was positively affected and 18.2% was found without any effect. The biggest negative effect was on the turnover of the companies with the percentage of those who were negatively affected being 72.2%. It is clear that the financial crisis has had a negative impact on the majority of companies both strategically and operational such as in their strategic planning and both in their turnover and profitability. Regarding the reasons that affected their business, 7.3% answered internal, 35.3% external and 57.4% internal and external, confirming previous papers that have been written and referred to previous chapters in this thesis claimed that It is very difficult for managers to admit that only internal factors are responsible for the fact that their business is in a critical situation, wanting to relinquish their responsibilities. Our findings showed that the most important factors affected on companies’ situation were the decrease of GDP since 50% of our response agreed that it is a variable affected negative. Additionally with a 65% score changes in market needs occupies the second place in the external factors that negatively affect. 42 percent and 54 percent, respectively, believe that supplier credit policies and consumer insolvency have a detrimental effect. Reduction of wages and the increase of unemployment did not exceed 40% of the positive answers. Despite the fact that we believed that since these two factors also affect consumption, which are directly linked to business growth, this was not confirmed in large percentages. The champion among the external factors where they negatively affect the position of an organization was the government strategy and the government restrictions with a percentage of 69.7%. It is undeniable that any government policy can positively or negatively affect the position of a company. Tax elimination, market liberalization in various closed sectors was certainly a requirement of most managers expecting that this would promote market development and improve their results. As expected, the main internal factors that negatively affected were the high operating costs, internal bureaucracy which delayed the implementation of projects and certainly the lack of liquidity which literally strangled their normal operation. This is confirmed with the fact that among 14 internal factors that prevailed with the highest percentages in the answers of the respondents were the lack of liquidity 48% causing cash flow problems, the large bureaucracy which prevents the implementation of the projects 34% and finally a 57% consider as the main internal factor affected on the company situation high operating cost (labor cost energy etc). Regarding the tactics applied, our findings showed that 40.1% did not proceed with any increase in the prices of their products in contrast to 59.9% where they proceeded with small increases to fairly large increases. On the contrary, we wanted to see if they proceeded to reduce their prices and we found that only 20.1% did not proceed with any price reduction while 79.9% reduced the prices of some products. It is also important that 86.8% applied discounts to their customers from small to very large discounts while only 13.2% did not give any discount. Regarding the rationalization of their product portfolio as well as the cut of non- profit distribution networks, 84% abolished some of the non-profit products while 68% went from small to large cessation of non-profit distribution networks. In order to reduce their operating costs, 58.7% of the companies implemented very small to large reductions in salaries, while 41.3% preferred not to apply this measure at all, as well as in headcounts reduction of 5% and above, proceeded to 58, 3%. The new legal framework implemented in Greece facilitated both the reduction of salaries and the increase of the number of redundancies. 95.3% negotiated with suppliers to reduce the cost of its raw materials as well as 85.2% negotiated to reduce its rental costs. Only 23.8% did not make any cuts in advertising spending and promotional activities. We note that to a large extent the Greek managers implemented measures to reduce their operating costs as well as conducted negotiations with various creditors and banks in order to reduce their capital costs and restructure their liabilities since the 73,3% implemented negotiations from small to a large scale. On changing the top management only 25.8% take no change applying largely the first measure step for a successful strategy turnaround. Finally, the measure implemented in a relatively small climate was the divestment of assets since 59.3% did not apply at all. It is very likely having good results with the implementation of the previous measures and the administration did not have to reach the implementation of this measure. Our findings showed that after the implementation of the above measures 60% managed to increase their turnover in contrast to the 40% that did not achieve a turnover increase. Most importantly, about 64% of the companies improved their liquidity situation and 92% did not remain at a loss while only 30% improved their RΟΙ. The tactics applied seem to have been effective since 81.6% of the companies managed to reduce their operating costs. In addition, we find that 83.6% implemented measures regardless of whether the company was in a critical situation or not in order to avoid a crisis. Using statistical analysis we tried to find out which is the relationship regarding the affection of each external factor on companies’ strategic plan, turnover, results, ROI and ROA. More specifically, we find that there was a close relationship between GDP reduction and the company's strategic plan, 39.9% who consider that GDP is an important factor for the situation of their company state that its strategic plan was negatively affected as opposed to 29.2% who believe that its strategic plan was positively affected resulting that there is not a statistically significant relationship between the two variables. Obviously through the empirical research we believe that the company's turnover was negatively affected due to some of the factors mentioned as external factors, but unfortunately based on the answers given to this questionnaire, this statistic is not confirmed. (p-value 0,067). Government strategy factor where 39.4% of those who believe that it had a negative effect on the strategic plan have a difference of 15.2% compared to those who said that it had a positive effect. The same occurred with the suppliers’ reduction of credit policy with a difference of 8% between negative and positive and also with the insolvency of your customers with a significant statistical difference of 11.9%. On the contrary, those who stated that reduction of wages and unemployment increase are external factors of crisis stated that their strategic plan was positively affected by significant statistical differences. Regarding the results of the company there was a close relationship between GDP reduction and the company's results. 31.4% who consider that GDP is an important factor for the situation of their company state that company results was negatively affected as opposed to 21,6% who believe that company results was positively affected. The difference of 10% is statistically significant and confirms that the decrease in GDP had a negative impact on the company's results. The government strategy factor where 39.1% of those who believe that it had a negative effect on the strategic plan have a difference of 14, 5% compared to those who said that it had a positive effect. The same happenend with the suppliers’ reduction of credit policy with a difference of 4% between negative and positive. On the contrary, those who stated that reduction of wages and unemployment increase are external factors of crisis stated that their company results were positively affected by significant statistical differences. Close relationship between GDP reduction and the company's ROI. 29.3% who consider that GDP is an important factor for the situation of their company state that ROI was negatively affected as opposed to 20.5% who believe that company results was positively affected. The difference of 9% is statistically significant and confirms that the decrease in GDP had a negative impact on the company's ROI. The government strategy factor where 37.3% of those who believe that it had a negative effect on the strategic plan have a difference of 12.8% compared to those who said that it had a positive effect. The same happenend with the changes to market needs factor with a difference of 4% between negative and positive. On the contrary, those who stated that reduction of wages and unemployment increase are external factors of crisis stated that their ROI was positively affected by significant statistical differences. Concluded on this issue there is a close relationship between external factors and the impact of them on ROI, ROA and the strategic plan of companies. It is noted that respondent who considers GDP reduction and government strategy as important external factors believe also that these factors have had a negative impact on their strategic plan and the results of their companies during this period. Significant negative relationships were observed between GDP reduction and the following variables: strategic plan of the company (r=-0.194, p-value<0.05), turnover of the company (r=-0.254, p-value<0.01), results of the company (r=-0.270, p- value<0.01), ROI (r=-0.337, p-value<0.01) and ROA of the company (r=-0.389, p- value<0.01). Government strategy and restrictions such as insufficient and high taxation capital controls were negatively correlated with ROA of the company (r=- 0.177, p-value<0.05). Regarding the reduction or the curbing of the suppliers credit policy, a negative correlation was noticed with the strategic plan of the company (r=- 0.290, p-value<0.01), the turnover of the company (r=-0.199, p-value<0.05), the results of the company (r=-0.283, p-value<0.01), ROI (r=-0.285, p-value<0.01) and ROA of the company (r=-0.228, p-value<0.01). Weak negative correlations were observed between the insolvency of the customers and the following affected areas: strategic plan of the company (r=-0.167, p-value<0.05), ROI (r=-0.221, p-value<0.01) and ROA of the company (r=-0.196, p-value<0.01). Finally, the strategic plan of the company was positively associated with the reduction of wages and pensions (r=0.200, p-value<0.05) and the increase of unemployment (r=0.168, p-value<0.01). For our research that means that if there is a negative correlation between two variables such as between GDP reduction and the following variables: strategic plan of the company the interpretation for that is that the more negative was the impact of economic crisis on the strategic plan of the company the most GDP reduction affected on that. We wanted to check if the implementation of the tactics that were implemented was much easier in the specific period where the cycle of the economy was in recession. Regarding the increase of the prices, we observe that 75% made a limited application of the measure while 25% applied it to a greater extent. Regarding the ease of application of this tactic, 39% implemented their choice with ease, while 61% stated that it was done with considerable difficulty. As for the reduce of the prices, we observe that 48% made a limited application of the measure while 52% applied it to a greater extent. Regarding the ease of application of this tactic, 50% implemented their choice with ease, while 50% stated that it was done with considerable difficulty. Relative to discount to the customers, we observe that 34% made a limited application of the measure while 66% applied it to a greater extent. Regarding the ease of application of this tactic, 46% implemented their choice with ease, while 54% stated that it was done with considerable difficulty. Regarding remove of not profitable products, we observe that 49% made a limited application of the measure while 51% applied it to a greater extent. Regarding the ease of application of this tactic, 58% implemented their choice with ease, while 42% stated that it was done with considerable difficulty. Concerning to wages/salaries cuts, we observe that 57% made a limited application of the measure while 43% applied it to a greater extent. Regarding the ease of application of this tactic, 44% implemented their choice with ease, while 56% stated that it was done with considerable difficulty. Respecting to reduce of headcounts, we observe that 78% made a limited application of the measure while 22% applied it to a greater extent. Regarding the ease of application of this tactic, 41% implemented their choice with ease, while 59% stated that it was done with considerable difficulty. Negotiation with suppliers to reduce cost, we observe that it was a tactic which 36% made a limited application of the measure while 64% applied it to a greater extent. Regarding the ease of application of this tactic, 26% implemented their choice with ease, while 74% stated that it was done with considerable difficulty. Toward to negotiate for real estate, we observe that 46% made a limited application of the measure while 54% applied it to a greater extent. Regarding the ease of application of this tactic, 40% implemented their choice with ease, while 60% stated that it was done with considerable difficulty. For the negotiation with banks and other debtors, we observe that 57% made a limited application of the measure while 43% applied it to a greater extent. If we observe the ease of application of this tactic, 42% implemented their choice with ease, while 58% stated that it was done with considerable difficulty. As for the change of top management, we detect that 56% made a limited application of the measure while 44% applied it to a greater extent. Regarding the ease of application of this tactic, 54% implemented their choice with ease, while 46% stated that it was done with considerable difficulty. Concerning promotional and marketing cuts, we observe that 55% made a limited application of the measure while 45% applied it to a greater extent. Regarding the ease of application of this tactic, 56% implemented their choice with ease, while 44% stated that it was done with considerable difficulty. Finally as for divest plan, we observe that 80% made a limited application of the measure while 20% applied it to a greater extent. Regarding the ease of application of this tactic, 59% implemented their choice with ease, while 41% stated that it was done with considerable difficulty. For all the above tests regarding the ease rate implantation of every tactic there was a positive correlation except the negation with the suppliers which the correlation was negative. However there was week or very week correlation between the tested variables so there is no certainty that this correlation test proves that anyone who said that implemented a tactic with greater difficulty correlate positively with those who applied and some which applied it easier correlated with them who applied it in a lower rate. Additionally we tried to examine possible relationship between the company’s financial results after the successful reduction of the company's operating costs and we find that there is a significant relationship between the two variables. Moreover were no significant differences between the companies that faced a critical situation and had to take extraordinary measures and those companies which did not face a similar situation in relation to the achievements after the implementation of suitable measures. Using Kruskal Welis test instead of ANOVA it was observed that companies that were affected by external and internal factors at the same time, the financial crisis had a more negative impact on turnover compared to companies that stated that they were affected only by internal factors. Last but not least In order to understand where the managers of Greek companies know the design of a turnaround process in our questionnaire we asked them to indicate from 1 to 9 successively how they should be applied. So we found the following result as the 1st step which is situation analysis 47,6% , 2nd reshuffling changing top management only 4,1% , 3rd reform middle managers –improvement of communication strategy – actions to change corporate culture 7.6% , 4th taking control – performing critical cash management 14.9% , 5th start operating – cost reduction measures 13.5%, 6th selling assets and surplus inventories 12.7% , 7th restructuring liabilities 8.1%, 8th Revisiting business strategy and considering divestments 14.9% ,9th Development – market and sales focus improving sales and marketing 18,9%. We see that regarding the first step the majority of the responders agree that has to be the situation analysis. As for the second step which is 2nd only 4% agree on that instead and with approximately the same percentages the application of this measure is ranked after the third position. Obviously, it is quite difficult for the managers themselves to admit that there must be a change in management. The same is happening for the 4th tactic regarding middle management. Concerning the 5th step, 13,5% place it in the right order but the majority consider that it has to be 2nd in the row. Selling assets placed from the majority of our responders at the 7th and 8th place and it is rational because there is an emotional bonding with company assets and everybody is trying to avoid it. In any case of course to selling assets is not a bad tactic and sometimes it is necessary to be implemented. Speaking for restructuring liabilities the majority place 3 to 6th in the row. For the business strategy the majority consider that it has to be at 3rd place which is not right. Finally regarding the development of the company focusing on marketing and sale the majority answered that it has to be at the 1st and 2nd position against the 18,9% which place it in the right row. Another issue that we tried to found out was if there is a relation to the positive results of a company implemented turnaround tactics with who formulated the strategic plan. Finally we find that p value is 0.922 and consequently the strategic plan is formed either by the top management or by the owner, does not play a role in what the company will achieve. On the contrary, running again binary logistic regression, we find that when the strategic plan of the company is made by the top management then we have three times more probability the company to achieve profits compared to the companies where the strategic plan is formed by cooperation of the top management with external consultants. In conclusion, we see that the economic crisis really affected Greek companies to a great extent, both in terms of their strategy and in terms of their performance. It was realized that very quickly measures were taken by the managers with quite high efficiency, this resulted in stabilization and reduction of operating costs with a direct link to the successful results. What we could not determine with great certainty is whether in the end there is a relation between the ease of application of the turnaround tactics with the phase of the economic cycle and whether it would be much easier to apply them in the recession phase. Finally, if the strategic plan is implemented by the owner or the top management, it does not correlate with whether there are successful results in the implementation of a turnaround plan. Greek managers got the knowledge of turnaround tactics which have to apply in a crisis situation but not every one of them has the same opinion about the order of the implementation of each one. With great certainty retrenchment phase is a priority for them. Cluster analysis implemented which is a multivariate method of data classification carried out by separating the data into groups. The k-means procedure generates the following two clusters. In the first cluster were classified the companies that had a somewhat negative impact on their financial situation due to the economic crisis, took extraordinary measures to deal with it and as for the indicators that took into consideration, seemed to be neutral for indicator “Turnover reduction for more than one year” and disagree with the indicators “P&L losses for more than one year” and “ROI reduction more than>10%”. In the second cluster were classified the companies that had a mostly negative impact on their financial situation, took extraordinary measures to deal with it and as for the indicators that took into consideration, seemed to be mostly agreed with all the three indicators and mostly with the “Turnover reduction for more than one year”. “Turnover reduction for more than one year”, “P&L losses for more than one year” and “ROI reduction more than>10%” differed significantly between the two clusters (p-value<0.001), indicating the great influence in the forming of clusters. Whereas the variables “During fiscal years 2010 to 2016 your company faced a critical situation which you have had to take extraordinary measures?” has the least influence, as it was observed that the means did not statistically different between the two clusters (p-value=0.075). A factor analysis was conducted in order to reduce the number of initial variables into fewer factors. The variables used were the questions “Please, indicate the extent to which you believe that the following external factors were responsible for the crisis situation that your company faced” and “Please, indicate the extent to which you believe that the following internal factors were responsible for the crisis situation that your company faced” with possible answers (1) entirely disagree to (7) extremely agree. More specifically, it was found that the data are suitable for conducting the analysis, as the statistical index Kaiser-Mayer-Olkin (KMO) has a value of 0.736, which is considered satisfactory. In addition, according to the Bartlett sphericity test (X2=1138.3, p-value <0.001) there are significant correlations between the questions. The varimax rotation was also used, due to the fact that the extracted factors are not correlated with each other. The five extracted factors explain 55.1% of the total variability of the initial variables. The questions “Changes to the market needs/demands (technologic, services, quality, etc.)”, “Insolvency of your customers” and “Strong internal bureaucracy caused delays in implementation of new projects” were removed from the analysis due to low factor loadings (0.396, 0.278 and 0.392, respectively). Spearman correlation coefficients for the examination of the following question “Please, indicate the extent to which you believe that country economic situation affected negatively to the following operations-indicators” and the extracted factors of the above analysis of the company (r=-0.318, p-value<0.01) and ROI (r=-0.229, p-value<0.01). Furthermore, the significant negative relationships were observed between factor 3 and the following variables: strategic plan (r=-0.241, p-value<0.01), turnover (r=- 0.248, p-value<0.01), results factor 4 was negatively correlated with the strategic plan (r=-0.442, p-value<0.01), the turnover (r=-0.513, p-value<0.01), results of the company (r=-0.458, p-value<0.01), the ROI (r=-0.457, p-value<0.01) and the ROA of the company (r=-0.411, p-value<0.01). Similar results were also found for the factor 5 which was negatively associated with the strategic plan (r=-0.299, p-value<0.01), the turnover (r=-0.232, p-value<0.01), results of the company (r=-0.306, p- value<0.01), the ROI (r=-0.299, p-value<0.01) and the ROA of the company (r=-0.277, p-value<0.01). 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