So your business needs a facelift. Maybe sales have been dropping or there’s been a scandal or you simply want to get a fresh perspective on things. But how do you go about trying to restructure without causing panic? You want your trusted and loyal employees to feel secure in their jobs and incentivize them to stay, despite the minor unrest. To keep everything as smooth as possible during the restructuring, you should call in restructuring consulting, which can help you stay on track, offer guidance and end up maximizing the value you should have had a long time ago. Whether you’re revamping a specific department (or departments) or the entire company, restructuring consulting can help you through the whole process with their expert knowledge and experience.
What Is a Restructuring Consulting Firm?
Restructuring consulting firms essentially help upper level management get finances and operations back where they need to be by troubleshooting key issues, securing additional funding (if necessary), and working to consolidate any debt accrued by that department or business thus far. Ideally, they have strong links with creditors and experience with other companies of varying levels, so they can assist you best in whatever capacity you need them most in. They’ll redo the way you do business so that when they leave, your finances are order and you’re equipped to start with a clean slate. If you’re in serious debt, they can also help make sure your debt is paid back and that you’re on a plan for keeping it that way.
What Services Can a Restructuring Consulting Firm Provide?
First and foremost, this kind of firm is going to work with your business on putting together restructuring plans keyed to your business. They’ll give your business a strategic assessment and note the areas that need serious improvement. They’ll also then help you implement plans to restore finances, operations, and much more to where they should have been in the first place. Restructuring consulting firms can also manage liquidity, operational improvement, and work to set up models that will allow you to predict your company’s financial future if you follow certain plans. They’ll also give you guidelines on how to stick to those plans. Some companies will set up a debt restructuring plan as well and get loan covenant waivers should you need them
Some restructuring may unfortunately involve letting go certain employees who aren’t qualified, not pulling their weight, or are simply redundant. As difficult as that is, it can be important for the overall health of your company to have only people who are committed, hardworking, and meaningful to the company working there. Other companies will start encouraging you to look into other channels, such as moving into the international market and can offer advice on how to expand wisely. In such a case, you may want to start looking for new employees with the skill sets you need.
All in all, you’ll want to find firms that are well versed and experienced in the type of restructuring you’re interested in doing. Do research and conduct interviews. Many firms will be happy to set up a time to talk with you and learn what you’re looking for.
After Everything Has Been Restructured, What Should I Do Next?
The chances are good that some positions in your business have been eliminated and you’ll need to seek out new employees that now better fit what’s happening in your business. Try hiring HR executive search firms, a talent acquisition management service, or a human resources consultant to help you find the applicants best suited to the job. They’ll help streamline that process by interviewing, conducting background checks, and integrating your new employees into your office culture. You can focus on keeping everything running smoothly, even with the addition of new people and possibly new responsibilities as well.
If you’re facing a big restructuring in the near future, you’ll want to find the best restructuring consulting firm out there. It can only help you in the long run and building a relationship with them can help them give your company the boost it’s been waiting for.
Latest posts by Sarah Todd (see all)
- Glass Door Business Signs for Your Growing Company - January 16, 2018
- Five Reasons to Offer LTL Shipping Services - January 12, 2018
- Four Tips for Reducing the Risk of your Furnace Electrodes - January 10, 2018