Is it time to start restructuring your business?

At some point in the course of managing your business, you might decide that the status quo isn't working and it's time to restructure. Perhaps it's because you're not making money on the levels you expected, or maybe you're having difficulty making key decisions because of a convoluted power structure. Whatever the reason, having trouble in business doesn't mean you have to give up – you may just need to rethink your strategy a bit.

If so, there are a lot of logistical issues to think about. What sort of structure will work best for your business? How will you implement it? Will you be able to overcome any unexpected snags in the process? All of these questions are worth discussing.

Figuring out the optimal structure

If you hit a snag in the business development process, it might be time to take a look at the way your company is structured and see if it's suboptimal. According to the Department of Industry, Innovation and Science, there are a few different ways to organise a business besides just as a standard company. They include a sole tradership, a partnership and a trust, in which a separate entity maintains control of your property.

Choosing a structure is a matter of finding one that best suits your needs. Bear in mind that your choice will affect your licences required, tax payments and potentially some future liabilities.

The keys to a smooth implementation

Once you decide on a business structure, the next step is to make the transition smoothly. This begins with putting people in leadership positions. Forbes recommends emphasising quality over quantity – for example, if you're moving to a partnership model, be sure to pick a narrow group of partners. You want only the best and most trustworthy people at the top.

Figure out a smooth plan for implementing a new business structure.

Having said that, smooth collaboration will still be a key part of the process. It's important to allow all stakeholders to share their perspectives on what's best for the future of the business. This may even include chartered accountants that you bring in to smooth along the implementation.

Getting help with business development

Realigning your entire company is a big step, and it's only natural to feel like you need a little help with making sure it goes smoothly. At Wilson Porter, that's not a problem. You can reach out to us and find a business development consultant who's more than capable of helping you with any restructuring you might need.

In fact, we're highly capable when it comes to a wide range of business problem-solving areas. Whether you're looking to restructure, or just figure out an issue with financial reporting or cash flow forecasting, we're here to lend a hand. Just reach out and ask.