Let me elaborate on Lenka's second meaning: "change". If an automobile going down the road "turns around", it means that it changes directions. If it was going north, it could turn around and head south. If a business is doing badly and losing money, it can turn around and become profitable again. In business lingo, you say that management succeeded in staging a "turnaround". (Yes, it can be made into a single word!) If a kid has a drug problem, taking bad street drugs that are ruining his life, you can confont him and tell him that if he doesn't "turn around", his behavior might end up killing him.

The project has a quick turn-around time. They need us to turn this around by tomorrow.

Either the Time for the job to be completed ( nothing to do with speed)…….it is usually manual more custom base….like you go to the printers with specific criteria and you want to know how long it takes to produce your product from the moment you give it to them. You would ask what is the turn around……they can say 3 days ….. If someone turns around they change…..it is usually from bad to good attitude…..

“Turn around” is usually used to describe something gets better after being unsuccessful for a period of time. Turning the company around won’t be easy.