01.05.2020
Most companies begin with a good idea. That idea is developed, a business plan and strategy created, and a vision formalised and strived to achieve. Running a business can be incredibly rewarding, as you grow your vision into reality.
However, the unfortunate reality is that businesses often fail. A fundamental reason for this is that while business owners are tied up in the day to day intensity of running of their enterprise, they rarely take the time to go back to their business plan, to regularly re-evaluate their strategy, to notice that markets and environments are dynamic, and if you do not change with them you are destined to eventually become irrelevant.
We are in unprecedented times, with a great deal of uncertainty, and an incredible amount of pressure on companies who face falling revenues. This is the time to go back to the basics of your business, to re-write that business plan, to decide if that vision is still relevant in today’s market, to look at whether the execution of that great idea has been successful, or if there are key areas in which it could be improved. This could well be the time to pivot into new areas which will secure future success, or a renewed focus on those which create the most revenue.
Restructuring can be seen as a difficult period, and often conjures negative images of cost cutting and shedding staff. Of course, if there are areas of your business where costs are too high, and efficiencies should be made, then you are foolish not to make them. However, restructuring can be a positive move, refreshing and resetting business owners and staff alike.
The process should be taking a step back to honestly review what you are doing well, and what you are doing poorly, what activities are creating revenue and which are not, which departments are performing and which are not, and ultimately which direction should the company be focusing on to achieve it’s ambitions. The key is that this should be a collaborative process which involves all employees, so that they too can help to shape the vision of the Company, and be reinvigorated to all work as a team in this common goal to which they can feel a part, and achieve the success that that creates.
We have helped businesses of all sizes and types through the years to achieve, and relish the chance to do the same for you. Please get in touch for a no obligation chat as to how we can help.
Pat McCreesh, Partner, Vantage Corporate
pm@vantagecorporate.co.uk