(814) 449 8446

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:

  • Get back to basics.  Over time, businesses can drift from the goals, processes, and procedures that make them successful. A good economy can mask this drift and other inefficiencies. Now, as a new, more challenging environment emerges, it is the perfect time to re-evaluate.
  • Engage your entire team and devise ways to be more effective and efficient. When leaders brainstorm with their teams, great things often result! Sharing different perspectives and challenges can be motivating and can yield innovative solutions.
  • Evaluate your organizational structure. Leaders should ask themselves a series of difficult questions: Do I have the right people to be effective in leading in an unknown future? How many levels and layers are in my organization – is that efficient or will it be effective moving forward?  How will these layers impact my ability to communicate with my team, them with me, and with employees at all levels? How agile and nimble do I think my organization needs to be in order to meet the unforeseen challenges of a new business environment?

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:

  • When was the last time you evaluated your team? Were they struggling in the legacy environment? If so, can they evolve to create and meet a new norm?
  • Does your management team inspire their teams and all employees to raise the bar? While this attribute may or may not have been highly valued in the past, in the days ahead, it may become critical.
  • Is “good enough” good enough, or do you strive for excellence? It is true that sometimes excellence comes with a cost. So, it is possible that in the past, managers who were just good enough were exactly what was needed. Is that true going forward?
  • Does your management team challenge you?  In turn, do their teams push them? If everyone in the organization is challenging each other in constructive ways, that may lead to a highly competitive and innovative atmosphere. Is that needed given your business strategy and the emerging environment?

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.

Contact J.L. Nick & Associates for all your Human Resource Consulting Needs