3 key steps towards achieving a successful and sustainable restructure
Restructuring can be a difficult time in the life cycle of a business and securing advice from professionals in the early stages of this process can help to ensure that the needs of all parties concerned, including employees and investors, are sufficiently addressed. Here are three key steps for ensuring the reorganisation of your business meets your desired objectives:
Laying the foundations of your business restructure are crucial, and careful planning will help to ensure that no area is overlooked when you decide to take your business in a new direction, whether that involves a consolidation, expansion plans or any other move that involves a reorganisation of your business structure.
Drawing on your existing management skills to steer the business forward at this time is essential and as well as conducting market research into your new venture, or entry into a new market/sector, it may also be necessary to reflect on the previous successes of your business, and feed all this information into the planning process.
Creating a business plan with both short-term and long-term projections will also help to identify if your restructuring plans are viable and may also act to reassure investors.
Communicating with and involving your employees at every stage of the restructuring process will also help to avoid any tensions that may arise as a result of the reorganisation of your business.
Hosting regular meetings to update employees about upcoming changes to the business will also help to keep employees informed and hopefully act to allay their fears about the restructure of the business.
This is particularly important if voluntary or compulsory redundancies are going to be made.
3. Fulfill legal obligations
There may be several obligations you have to meet as part of your company restructure and details of your obligations to employees will be contained within the Information and Consultation of Employees Regulations (ICE).
If you are entering a new business area you may also need to gain accreditation, obtain new insurance such as professional indemnity or public liability insurance and register with an industry regulator.
If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143.