Company Restructuring

Restructuring of the company usually sounds like the company is in a bad shape but more often than not, it means the opposite. It highlights that the company is aware and detected deficiency and hence decided on making the change. While most of the time it was done to reduce expenses, it can also be due to the change in company direction, clients need have evolved and other reasons.

Spotting the trend

Reduce your load and burden, be asset light. This allows for swift implementation of processes and flexibility in the ever changing world. Instead of renting a fixed space for your office or warehouse, explore flexible work space. This reduces your monthly rental obligations as well as improves your cashflow as you do not need to spend too much on renovation and equipping the office. It also allows you to move around from place to place easily as the commitment is lesser. 

Embrace Technology

There are many ways to track the performance and work of your employees no matter where they are. Using platform such as Bitrix24, Monday.com, they allow you to monitor the work and at the same time improves communication between the different counterparts. This then allows you to hire the right people across different city, states or even country because certain job scope can be done without needing you to be physically present at the office. 

Seek Opinion

Consulting the expert is important, however, it is also very important to communicate the need for change to the employees and seek their opinion as well. You will be surprise some bright ideas can be developed from their feedbacks. At the end of the day, they will be the ones affected the most and you will want them to accept this change and strive with the company. Make them feel that they contributed and have a stake in this restructuring and it will reward you much more than you can imagine.

Set, Move, Adjust, Repeat

Once decided, move on to the implementation. Be on the lookout for feedbacks and ways to improve the structure and adjust accordingly. It will take time for the people to adapt to this change and it will be an ongoing process. Implement the changes in phases and repeat this fine tuning.

 

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