Over the past 10 years, the South African economy has faced significant challenges when it comes to growth. While the rest of the world, including many African states, has achieved growth rates in excess 3% per annum, South Africa is struggling to kick start our economy with growth failing to reach even the 1,0% mark.
This has put significant pressure on companies. Many companies have been put into business rescue in an effort to keep the doors open and keep staff gainfully employed. This has raised the profile of turnaround practitioners who become vital lifelines for companies struggling to survive in a tough and changing economic environment.
This impacted both private companies and State-Owned Companies like South African Airways and SA Express which have been put into business rescue to give them a much-needed lifeline.
The Turnaround Management Association of Southern Africa (TMA-SA) is an organisation that represents and promotes the interests of the business turnaround industry while engaging with relevant stakeholders to the benefit of the South African economy.
Over the years, the TMA-SA has worked hard to become the leading industry association when it comes to business turnaround by supporting its members and providing them with key skills such as knowledge, key expertise and experiences from key business rescues that would benefit members in future rescues.
The TMA-SA's vision is to become the industry leading association when it comes to turnaround management.
Further, the TMA-SA needs to build a platform where professionals can engage with each other and share industry knowledge, maintain high ethical standards, market their services and contribute towards the development of the profession.
TMA-SA members are accredited professionals and their services and talents increase the chances of distressed companies successfully navigating the corporate renewal process.
The TMA-SA prides itself on having a diverse membership base that is made up of some of the best business turnaround skills that can be found in the industry. TMA-SA members are turnaround professionals who offer their services to assist underperforming businesses on their road to recovery. TMA-Sa members also serve key industry stakeholders that have an interest in the profession of turnaround management. This includes academics, members of the public sector, governing bodies, and financial institutions.
As turnaround professionals, TMA-SA accredited members use their professional expertise, experience and knowledge to implement business turnaround and all the disciplines included in that. The organisation acts as a platform for collaboration for and networking between members.
“Business turnaround practitioners play an important role in the economy as the saviours of companies who play a vital role in the country’s economic development. South Africa is at a crossroads when it comes to economic development and any assistance that companies can get will play a vital role in the growth of our economy. The TMA-SA is perfectly positioned to be the industry association of choice when it comes to finding business turnaround practitioners who can sit with companies and guide them through this process,”- Bruce Berry, TMA-SA CEO.