Business can be a very fickle venture. You've pieced together a dynamite business plan and, for whatever reason, hasn't worked for your business.
Maybe it was a marketing campaign that amounted to a huge swing-and-miss (that happens to every company in some capacity).
Perhaps a few bad hires have left your executive team to reconsider the necessary day-to-day approach.
Whatever the case might be, your previous business structure had some glaring holes. That's when it's time for you and the rest of the company to go through a business restructuring process.
As much of an inconvenience as that can be, there's also a way to place a positive spin on it and come out the other side better than ever!
Here 10 tips for making the most of a business restructuring event.
1. Research
So what went wrong? What does your current business structure have as a glaring weakness? How long has it been going on?
Researching this on your own can be nearly impossible, so ask all of your coworkers and subordinates what they think.
Now's not the time to point fingers. It's time for an open conversation among the entire company about what needs to be fixed. Often, you'll find that your employees have ideas of how to turn things around.
2. Communication
Telling your employees that restructuring is forthcoming will bring up a common theme of questions. Questions such as Will there be layoffs? and How long do you see this taking? will pop up amongst your employees.
It's better to get out ahead of those by setting the expectation and being as transparent as possible.
If layoffs actually are a part of the restructuring, let them know that. If you're not sure if it is just yet, an honest I don't know is better than saying anything definitive.
3. Have Confidence
Whether you're an executive or a low-level employee, a company restructure is stressful for everyone.
Don't spend the entirety of this restructuring looking over your shoulder, waiting for the Grim Reaper to arrive and fire you. Have confidence in what you bring to the table.
The company is restructuring... not going out of business. Show your boss(es), whether they're a manager or the board of directors, that you're a big part of the company's future.
4. Hone Your Skills
Regardless of your position in the company, this restructuring process is a wake-up call for everyone involved.
It's proof that everyone's daily output isn't working and needs to be adjusted. The best way to do that is by adding different skills as well as refining the ones you already have.
Sure, you bring a lot to the table, but what else could you be bringing to the table?
Think that through, write it down, and use your answers to set up the next tip.
5. Set Your Own Goals
This entire process is going to be a life-altering experience for you. Everything you know in your company is highly likely to change, hopefully for the better.
Take the skills you have, as well as the skills you want to learn, and write down some goals that connect to what you do best.
Regardless of your role in the company, you offer them something that no one else can.
Find out what that is and make some goals that align with the new normal in your company's plans.
6. Form More Relationships with your Coworkers, Bosses, and Employees
Restructuring is a time for reflection: Have you formed enough of a relationship with people you work with?
Whether you're a boss, manager, or intern, you can thrive in the restructuring process by forming relationships with those around you.
It will up your importance to the company, provide a vision ahead, and help you and your coworkers rise up through adversity.
7. Use Your Network
Honesty time: a company restructuring can either be a really good sign or a sign of the company's inevitable demise.
That's why it's important to start reaching out to the connections you've made in your network and growing relationships that way. Let them know of the skills you've learned and your career interests.
Something may come along that you can't refuse, and you may also receive an offer but choose to stay through the restructuring. Whatever path you take, you'll have options... and that's a very valuable thing.
8. Be Ready for Anything
As previously mentioned, company restructuring can mean a lot of different things.
One of the worst feelings after a resolution has been reached is to be blindsided by the decision you or your company has made.
Don't let yourself envision a route that you think the company will choose.
Assumption is your worst enemy during this phase, always be prepared for anything and be ready to act on whatever decision the company comes to.
9. Team Bonding
With the change comes a lot of adjustments that you, your coworkers, and subordinates are having to learn.
That can be a stressful experience for everyone and will bring up some tension in the workplace. To avoid this, think of some team building ideas that can help everyone get to know each other better.
The more they know about each other, the stronger your company will be in the end.
10. Maintain a Positive Attitude
The best lesson you can learn in business and in life is to control what you can control.
Certain things are out of your hands. No one wants to go through a restructuring, but if it's what is best for the company then it's a necessity.
All you can do is maintain a positive attitude and do the part you play in this to the best of your abilities. Anything less would be holding out on your peers who need their day to be brightened now more than ever!
Come out on Top of the Business Restructuring
One thing's for sure: the business restructuring process can provide some much-needed perspective. Company restructuring can get your business back on the right track in the long-run and set you up for financial success.
Take stock of what you're doing well, where you need improvements, and how you can help the company excel during this time. Restructure right!