Restructuring Or Selling Your Business? What's The Best Way To Do It?
This time last year, you might have been pondering Christmas bonuses or booking your summer holiday, but with a completely different business landscape in front of us, your head is no doubt filled with different questions.
I’ve decided to restructure. What’s the best way to do this?
Restructuring is never easy but if it’s necessary to keep your business afloat, there’s a process you can follow to keep stress to a minimum.
Write a proposal outlining why roles need to change for the business to succeed.
Email employees to let them know you’re proposing a restructure and invite them to a meeting (at least 2-3 days later) to learn more.
At the meeting talk through your proposal on how the restructure should be implemented. It’s really important for staff to feel part of the process, so invite them to give feedback via email or book to see you after the meeting. Particularly if redundancies are a possibility, it is vital that you show an open mind as to what should be done to promote your business’s objectives.
Proposed changes to an employee’s terms and conditions must be committed to writing and provided to the employee with notification that they are entitled to seek independent advice. They must be given a reasonable opportunity to seek that advice.
I want to sell my business. How do I get it ready for sale?
Selling your business involves a lot of homework. You need to get it looking as “shiny” as possible before getting it valued by an accountant.
Sell assets you’re not using, stop investing in long-term projects and put together a realistic financial forecast.
Prepare a business plan that includes how well the business is running and plans for growth.