A perfect storm of the rising cost of doing business and falling consumer spending is likely to weigh on the fortunes of some retailers in 2024. Here are four rules to managing a turnaround. 1. Recognise the problem early – when a business is financially challenged, time is of the essence. Retailers must acknowledge performance problems while there is still time. 2. Take the lead – make sure you have the right people to get the job done. Leading a business through a turnaround requires the confidence of key stakeholders that the Board and management team is up to the task. 3. Be diligent – retail turnarounds don’t just happen; they demand a diligent approach to the strategic and tactical initiatives that will drive the future performance of the business. 4. Know when to quit – unfortunately, the best laid plans don’t always work. Directors should remain contextually aware of the business performance and the viability of the turnaround plan at any given point.