Posted on: June 24th, 2013
The business restructuring advice is a bit of an odd concept. Most restructuring advice is common sense, simple thinking along the lines of cutting costs, firing your worst customers, and increasing prices. A lot of the steps provided by restructuring advisors are pure textbook. They come from having dealt with many troubled companies over the course of many years.
The best business restructuring advice is actually to develop a management approach to ensure that you never really need a business restructuring advisor. By setting up a management dashboard of key performance indicators and tracking information on a real time basis, you can avoid the long slide to mediocrity that affects many subpar businesses. For surely the attributes that distinguish restructuring advice as the best, would apply in any phase of a corporation’s lifecycle.
In this spirit, the best restructuring advice must be targeted, implementable, measurable, and provide a permanent solution. Business restructuring advice must be directed precisely to the area in need of improvement in a way that does not interfere with other functioning areas. The best restructuring advice brings new ways of doing things to areas that have been neglected or poorly organized. The advice must be implementable given the resource constraints and general level of corporate disorganization that prevails at most restructured companies.
The output of this restructuring advice must be measurable so that progress can be tracked. As the old saying goes, “you treasure what you measure”. Finally, the best business restructuring advice provides a permanent solution that will deliver value over the short term into the long term. Simple shortcuts that emphasize expediency over complexity should be avoided. Companies require fundamental changes in their processes to affect a real turnaround. Business restructuring advice that provides fundamental and permanent improvement is priceless.