This week, as part of a series of informational briefs, J.L. Nick & Associates looks at business restructuring and transformational management.
As activity slowly resumes in our regions, business leaders grapple with how best to balance current health and economic concerns, while attempting to make the best decisions for their business in a future of unknowns.
Last week, J.L. Nick & Associates offered thoughts on navigating uncertainty and the paradigm shift brought about by COVID-19. Against that backdrop of strategic re-assessment of your business model, we now apply that high-level thinking and look a bit more operationally at two aspects that are inextricably linked: The structure of the organization and management. It is important to ensure that they are in synch and reflect the business strategy.
Businesses deemed “essential” have been restructuring on the fly since the onset of COVID-19. We wager that if asked, the vast majority – if not consensus – view among these companies is that their organizations significantly changed over the last six-to-eight weeks. Others that are now or soon hope to be, getting back to business in their brick-and-mortar locations, will discover the degree to which the landscape has changed for them. Many will look to integrate online and virtual components into their existing processes. Others, due to the nature of their business, will work to re-establish operations, to the extent possible, as they had been. In any case, the business will not be the same, and it is a perfect time to restructure or redesign your organization, aligning management to meet the challenges of today, tomorrow, and the future.
J.L. Nick & Associates recommends considering the following when investigating business restructuring:
At J.L. Nick & Associates, we believe that a critical part of the restructuring process is an honest assessment of management. Particularly in an uncertain environment, transformational management can mean the difference between success and struggle. The fastest way to cripple a business is to have leaders who do not possess the required attributes to implement your business strategy. Some simple questions, answered honestly, can help you assess the strength of your management team:
The processes of transformation and restructuring can be difficult and are unique to every business and situation. To be done effectively, the process often requires experienced, objective, third-party partners. In J.L. Nick & Associates, you have a reliable and responsible business and human resources partner. We can help whenever and wherever you need us. Learn more about us by visiting our website.