As a business owner, you already know that the employees who work in your company is your most valuable asset. The opposite is true as well: the employees who work in your company is your greatest risk. If you have the wrong employees in the wrong positions guiding your company, at best, your company isn’t growing and thriving as much as it could be. At worst, they could be driving your business to failure. This is why struggling businesses have started using restructuring consulting firms.
When your business isn’t operating as well as it could but you can’t identify why not, using a restructuring consulting service is a great way to identify inefficiencies and streamline your operations, from a staffing standpoint.
Some business owners are resistant to using restructuring consulting services because it’s difficult to take on the added expense of a restructuring consulting firm when you’re already struggling. However, in many cases, the costs of restructuring consultants pay for themselves through savings and avoided costs. If you are unsure about using restructuring consultant, check out our list of benefits, below:
Three Reasons to Use a Restructuring Consulting Firm
- Get Access to Industry Best Practices
We are confident that you know your industry better than anyone else. You are an expert in your field. However, unless your field is staff restructuring, you might not be an expert in the best practices of efficiently staffing a company to run at peak performance (and if you are a staffing expert, go ahead and click the ‘X’ in the upper right-hand corner of this screen, we have nothing more to offer you). Meanwhile, a restructuring consultant isn’t going to have the subject matter expertise that you have about your business, but they do know the staffing strategies that are successful in businesses like yours, or even in other industries. Your restructuring consultant has worked with other companies like yours, and will have knowledge of staffing approaches that were successful, that have never crossed your mind. Just because you know your business better than anyone else, you wouldn’t assume that you can fix the toilets better than a plumber, just because they are your business’s toilets. Likewise, you know your business better than a restructuring consultant, but they know restructuring better than you.
- Protect Yourself Legally
It’s an unfortunate fact that sometimes it becomes necessary to let employees go. Sometimes they aren’t performing at the aptitude you need of them, and sometimes you just have more employees than you need, and need to reduce your staffing costs. Whatever the reason, even if you’ve done nothing that warrants it, employees who have been fired sometimes take legal action against their employers. Sometimes out of vengeance. Sometimes out of desperation. Since you (probably) aren’t a legal professional, you might accidentally give a disgruntled employee the ammunition they need to drag you into a legal battle. This could cost you thousands of dollars, hurt your reputation, or even be the bullet that takes down your whole operation.
When you use a restructuring consultant, you not only get the best advice on staffing decisions to turn your business into a lean mean winning machine, you also get an expert in employment laws. Your restructuring consultant will be able to guide you through letting go of staff in a way that protects your business and keeps you out of court.
- Develop a Staffing Plan That Future-proofs Your Business
They say a successful Chess player needs to be able to think three or four turns ahead of their opponent and make moves to win the game, not just the turn. The goal of a successful restructure isn’t just to save you money today by letting go of unnecessary employment costs, it is to put your business on a trajectory that makes you successful in the long-run. It might be difficult to make long-term strategic choices right now, while you’re in the trenches and fighting for your life.
A restructuring consultant will help determine what you want your business to look like a decade from now. This involves filling positions with key players who will grow into the leadership of the company. A restructuring consultant can help you develop a long-term plan for success.
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