A Comprehensive Guide to Restructuring Your Business

A Comprehensive Guide to Restructuring Your Business

In a world where 80% of small businesses fail within their first year of operation, it’s essential that your organisation is structured as efficiently as possible to ensure its maximum profit and effectiveness.

If you’re new to the process of restructuring, it can be difficult to know where to begin with the process – particularly if your business is well-established and complicated.

In these circumstances (and indeed across all businesses), it’s essential that you get down to the practical business of restructuring as quickly as possible, as the longer you wait, the more difficult the task will be.

So without further ado here’s a comprehensive guide to restructuring your business. Follow these tips and you should be able to turn a generally challenging procedure into an almost trivial task.

1 – Plan out the New Structure

The first thing you’ll need to do is think about what you want your business to look like after restructuring, and then map your existing business structure to it.

The best way to do this is to create a new business plan (or adapt your existing one!), and think about where you want your existing employees to go, what you want them to be doing.

If you’re up-scaling your business, you’ll also want to think about what additional resource you’re going to need to make your new size and scale of operation viable.

2 – Involve Your Team with the Decision Making

Building on the first point, it’s vital with a project of this scope that you make large business-related decisions based on the input of your whole team.

Nobody likes a boss who spends their entire decision-making time behind a locked door, so hold focus testing, FAQs, and invite your employees to send you suggestions by email.

After all, the more input your have from your team, the more satisfied your workforce will be following the restructuring.

3 – Get Your Team Ready

While you’re gathering suggestions, you’ll need to start thinking about how you’re going to get your employees from where they are now, to where you’re going to need them to be following the restructuring.

A great way to do this is through a cascading method of training. This means you ask some of your top employees to participate in corporate restructuring sessions like those available from corporate training providers RedCliffe Training, and once they’ve acquired the necessary knowledge, they can pass it down to people in their teams, and so on.

Ultimately, restructuring you business won’t be a trivial process. However, if you follow the advice offered above, you’ll at least be part way there to knowing the basic steps involved with undertaking such a mammoth task.

And if you get it right, you’ll find restructuring your company was one of the best business decisions you’ve ever made.

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