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Introduction

Conclusion

Bibliography

Introduction

Almost any enterprise (company, organization), under the influence of changes in the external economic environment, is faced with the need to change its structure and functions. This change is called restructuring. Its commercial success depends on how skillfully a company carries out this process. Thus, restructuring is an effective market tool for increasing the competitiveness of enterprises (companies, organizations).

The current situation in the Russian economy is characterized by extreme dynamism. The rules by which business is conducted are constantly changing and difficult to predict, political instability makes a significant contribution to the general confusion, business entities and end consumers change their behavior strategies extremely quickly, sharply and constantly, competition from powerful Western manufacturers is increasing, the Russian market is narrowing . The enterprise must respond to all these changes immediately and adequately. Otherwise, the consequences of not making the right decisions or making inappropriate decisions will make themselves felt very soon. In such a situation, it is not enough to optimize one or more aspects of the company’s activities. In the living organism of a business enterprise there is a systemic principle - everything is connected to everything. And today this is manifested most clearly. Only those organizations that succeed quickly and correctly change their entire production system. Restructuring at such enterprises affects literally all aspects of activity: marketing, finance, personnel, organizational structure, business processes, production capacity, and information Technology and many many others. Naturally, priorities exist and are mainly dictated by external conditions - the market. But at the same time, changes in one functional subsystem are accompanied by corresponding changes in others.

Thus, only a comprehensive, systemic restructuring of the enterprise can provide tangible positive result. One-sided, private decisions in the very best case scenario can on short time brighten up the symptoms, but will in no way eliminate the painful phenomena themselves and will only create dangerous illusions for the company’s management.

Basic concepts of the restructuring category

Translated from English, “restructuring” is a restructuring of the structure of something. The Latin word structure (structura) means order, arrangement, structure. If we consider the company as complex system, subject to the influence of external and internal environmental factors, then the term “company restructuring” can be given the following definition:

Company restructuring is a change in the structure of the company (in other words, the order, arrangement of its elements), as well as the elements that form its business, under the influence of factors of either the external or internal environment (Figure 1). Restructuring includes: improvement of the management system, financial and economic policy of the company, its operating activities, marketing and sales system, and personnel management.

The main reason why companies seek restructuring is usually the low efficiency of their activities, which is expressed in unsatisfactory financial performance, a lack of working capital, and a high level of receivables and payables.

However, successful companies often carry out structural changes. After all, any modification of the scale of business or market conditions requires an adequate change in the management system and the implementation of restructuring programs.

What are the purposes of restructuring? Traditionally, the owners and management of a company pursue two goals: increasing the competitiveness of the company with a subsequent increase in its value. Depending on the goals and strategy of the company, one of the forms of restructuring is determined: operational or strategic.

Operational restructuring involves changing the structure of the company with the aim of its financial recovery (if the company is in crisis), or with the aim of improving solvency. It is carried out at the expense of the company’s internal sources using tools for reducing and “straightening” (transitioning from indirect to direct costs) costs, separating and selling non-core and auxiliary businesses. The result of operational restructuring is a transparent and more manageable company in which owners and managers can already understand which businesses should be developed and which ones should be disposed of. Operational restructuring helps improve the company's performance in the short term and creates the prerequisites for further strategic restructuring.

Strategic restructuring is a process of structural change aimed at increasing investment attractiveness the company to expand its ability to attract external financing and increase its value. The implementation of this type of restructuring is aimed at achieving long-term goals. The result of its successful implementation is an increased flow of the net present value of future income, an increase in the company's competitiveness and the market value of its equity capital. Carrying out both operational and strategic restructuring can cover either all elements of the business system or its individual components. Therefore, there is a classification of forms of restructuring based on the scope of structural changes. According to this criterion, complex and partial restructuring are distinguished.

Comprehensive restructuring is a long-term and expensive process that only a few enterprises resort to. It is carried out in stages, the transformations affect all elements of the company. Various mechanisms are used during such restructuring. At the same time, depending on the impact of targeted transformations on individual areas of the company’s activities, the overall restructuring program is adjusted and further work continues.

In contrast to comprehensive restructuring, partial restructuring (another name for it is “patchwork”) affects one or more elements of the business system. During its implementation, changes in functional areas are dealt with separately by external consultants, and often the transformations are chaotic in nature, and their impact on other areas of the company’s activities is not analyzed. Therefore, it is not surprising that partial restructuring leads only to local results and may not be effective throughout the business system.

Today, international practice and the experience of restructuring in Russia indicate that restructuring is one of the most difficult management tasks. It is not a one-time change in capital structure or production. This is a process that must take into account many restrictions and the specifics of the company in which it is carried out. Therefore, it is necessary to carry out it already having clear goals, a concept of restructuring, an understanding of each of its stages and the methods by which it is necessary to act.

If you follow the basic principles of the project management method, you can identify several stages in the implementation of a restructuring project

The first stage is determining the goals of the restructuring. Owners and management must determine what exactly they are not satisfied with in the current activities of the company, and what they want to achieve as a result of structural changes. How competently they define the goals and scope of tasks depends further development company and, accordingly, the fate of the restructuring program.

The second stage is company diagnostics. It is carried out in order to identify the company’s problems, identify its weaknesses and strengths, understand the development prospects and profitability of further investment in this business. When carrying out diagnostics, as a rule, legal, tax analysis, analysis of the operating activities, market and investment attractiveness of the company are carried out. Its financial condition, strategy and management activities are also examined.

The third stage is the development of a strategy and restructuring program. At this stage, based on the data obtained as a result of the diagnosis, several alternative options company development. For each option, restructuring methods are determined, forecast indicators are calculated, and possible risks, volumes of resources involved. Based various criteria the company's owners and management evaluate the effectiveness of one or another alternative and make a choice, in accordance with which a restructuring program is developed. At the same time, the strategic goals of the enterprise are formalized and clarified, and the qualitative and quantitative target parameters that the system must achieve, taking into account resource limitations, are detailed.

The fourth stage is the implementation of restructuring in accordance with the developed program. A team of specialists involved in the work is being formed. Then all stages of the program are worked out and consistently implemented. During the fourth stage of restructuring, target indicators are specified and, if they deviate from the planned values, the company adjusts the program.

And finally, the fifth stage - support of the restructuring program and evaluation of its results. At the last stage, the team responsible for implementing the program monitors the implementation of target indicators, analyzes the results obtained and prepares a final report on the work done.

Restructuring strategies and programs

Developing a strategy and an action program for its implementation means a transition from a reactive form of management (making management decisions as a reaction to current problems, to the negative results obtained - “tailing in the tail of events”) to management based on analysis and forecasts.

The development of a strategy is carried out on the basis of forecasts for the development of markets for manufactured products, an assessment of potential risks, an analysis of the financial and economic condition and management efficiency, an analysis of the strengths and weaknesses of the enterprise.

The enterprise strategy includes:

Strategy of behavior in the market (choice of areas of influence, occupied market share, consumer groups, choice of activity strategy - competition, market expansion, the need for cooperation and the choice of its forms: associations, highly specialized production; pricing strategy: cost leadership, differentiation, niche, etc.) d.).

In accordance with the strategy of market behavior, an interconnected system is determined:

supply and sales policy;

Production, technological and innovation policy;

pricing policy;

financial policy;

investment policy;

personnel policy and personnel management,

A program of measures to ensure its implementation is being developed.

In accordance with the main areas of activity and the chosen strategy, it is determined how the organizational and management structure should be changed. When developing a strategy and action program, the goals and ways to achieve them are clarified, a more in-depth analysis is made and a more thorough assessment of the effectiveness and risk level of the measures is made.

The strategy selection process (Table 1) occurs after understanding the company's current strategy and conducting a thorough analysis of the product portfolio. The last action is one of the most important tools of strategic management. After all, portfolio analysis allows you to balance the risks of a business and its cash flows, which leads to an increase in overall financial returns. In the conditions of the Russian economy, a competent analysis of the business portfolio with the subsequent development of a restructuring program can significantly improve the company’s position and increase its value several times. This effect is explained by the fact that business portfolios Russian companies now they are not ordered and over-diversified, raise too many questions for investors, and, as a result, are undervalued.

Table 1 Reference company development strategies

Recent foreign studies in the field of strategic management indicate that specialized companies are more effective than diversified ones. The quality of their products is much better, labor productivity in such companies is higher, and development is more dynamic.

Main risks associated with restructuring:

During the implementation of a restructuring project, no one is immune from negative results. There are several risks that are most important for companies that can negatively affect the implementation of restructuring programs.

Risk 1. Risk wrong choice restructuring method.

As noted above, the choice of restructuring methods is determined depending on the strategy, goals and condition of the company. If a company has decided to carry out operational restructuring, then it can use the following methods. Firstly, methods of restructuring the property complex, such as leasing, conservation, liquidation, write-off of assets, and their sale. Secondly, methods of restructuring accounts payable, in particular, invalidation of debt, deferment or installment plan of debt with subsequent repayment, repayment of debt with minimal costs, redemption of claims against the creditor with subsequent presentation of claims, and many others. Thirdly, an organization can use methods of restructuring receivables, including repayment of debt with maximum economic effect, invalidation of debt, as well as various shapes layoffs or reductions in the number of employees.

However, if a company has already achieved a high level of operational efficiency, it begins to use strategic restructuring tools, in particular, improving the structure of the company’s business portfolio, creating managerial and financial potential for new growth. This can be achieved either by removing from the business portfolio those areas that are not key to the future of the company, or by strengthening areas that are strategically important for the company through the acquisition of new businesses. Subsequently, this will help it gain the trust of the investment community and will have a positive impact on the results of its financial and economic activities.

Risk 2. Risk of premature assessment of the results of restructuring. In practice, determining where the real effects of structural change begin is very difficult. Company management often mistakes the negative short-term consequences of restructuring for its results. In this case, the entire program may be curtailed, and the strategic goals will not be achieved. To minimize this risk, it is necessary to competently draw up a restructuring program with detailed description all short-term results and targets, as well as a clear definition of long-term goals.

Risk 3. The risk of insufficient qualifications of representatives of the company’s management bodies. This risk can be minimized in two ways. Or by dismissing the company's management and attracting a new management team. Or, the second option, by conducting specialized seminars and trainings to explain to management the goals and main directions of restructuring. In any case, to identify and manage this risk, it is necessary to involve professional specialists from the outside.

Risk 4. Risk of incorrect assessment of the resources required for restructuring. Traditionally, companies underestimate the complexity of restructuring. Therefore, limited time frames are given for its implementation, a small number of specialists are involved, and meager funding is allocated.

Risk 5. Risk of low motivation of persons involved in the restructuring process. This risk implies not only varying degrees of interest among company employees in structural changes. It also includes a conflict of interest that may arise between management and the owners of the company during restructuring and negatively affect their motivation during the project. To manage this risk, the restructuring program needs to be top-down rather than bottom-up. At the same time, the exceptional energy of the company's owners is extremely important. Their desire to achieve restructuring goals should be transmitted both to the top management team and to middle managers and lower-level performers.

Risk 6. Risk of negative social consequences. The occurrence of negative social consequences during restructuring is a normal practice that operates in countries with market economy. It manifests itself in massive staff reductions from existing production facilities, layoffs at liquidated companies, and the closure of social sector companies. So, in January of this year this big company how Eastman Kodak announced its plans to reduce its workforce by 21% by the end of 2006 (this means laying off 12,000 to 15,000 people). According to the company's management, such a reduction in workers involved in the production of traditional photo products will allow the company to invest more in its digital future. IN Russian practice staff reductions and the withdrawal of social assets from the company were especially common in the mid-90s of the last century. Nowadays, companies, under the influence of government policy, have begun to take a different approach to the issue of corporate social responsibility, within the framework of which they, on the contrary, declare the creation of new jobs.

Risk 7. Risk of poor-quality legal support for the project. Very often during restructuring there is a need to carry out legal changes. In Russia, the most common of them are the creation of one or more subsidiaries on the basis of an enterprise, the creation of a new business company together with a potential bankrupt enterprise and its owners, bankruptcy of an enterprise, reorganization in the form of division and in the form of spin-off. Reliable statistics on how many restructurings were carried out under such schemes over last years, in Russia there is no. And it is obvious that carrying out legal restructuring that is not supported by real organizational changes, changes in financial and production systems in practice is only a half-measure. On the other hand, errors in legal support can nullify the transformations that have already been carried out in the company.

Technology of reform and restructuring of enterprises

Reform of enterprises is ensured using the following basic reform technologies:

Technology No. 1. The enterprise diagnoses the state and problems of the enterprise, develops a strategy for its competitive development, a program and calendar plan work on reform and financial recovery, organizational measures necessary to launch the reform process. It is advisable to carry out reforming together with consultants and practitioners who have experience in successfully reforming enterprises. The technology is recommended for large and medium-sized enterprises with an annual sales volume of more than 100 million rubles.

Technology No. 2. On the basis of “pilot” enterprises, within 2 months, together with consultants, technologies for the development and implementation of reform and financial recovery plans are transferred to specialists from other enterprises. The optimal number is 8 enterprises. The form is part-time (once every three weeks, a two-day seminar of 10 hours, with an assignment for the next three weeks). Support for the implementation of reform and financial recovery plans has been ongoing for 2 years. Technology is being used to reform medium-sized enterprises.

Technology No. 3. Targeted training and retraining of management personnel and specialists of enterprises is carried out (marketing, finance, production management, personnel, strategic management) with the subsequent transfer of reform experience. Reform technology for enterprises with an annual sales volume of over 8 million rubles.

Technology No. 4. Consulting of enterprises and seminars on specific issues are provided. The technology can be used by all businesses.

Experience in enterprise restructuring

In December 2007, VolgaTelecom underwent a restructuring of its cellular assets. VolgaTelecom has added five cellular 100% subsidiaries to the Nizhny Novgorod Cellular operator. Now the company's key cellular assets have been completely transferred to a separate structure. The number of subscribers of the united operator is about 2.3 million. In addition, VolgaTelecom also “remained” cellular assets in the form of two “subsidiaries” with a participation share of 60% (Ulyanovsk-GSM) and 51% (Orenburg-GSM), as well as a branch network in Republic of Mari El. The total number of subscribers, including unconsolidated companies, is about 3.5 million.

This restructuring was carried out in accordance with VolgaTelecom's strategy for cellular assets, adopted at the beginning of 2006. The operator has repeatedly stated that it plans to complete the process of merging its cellular subsidiaries on the basis of NSS by the end of 2007, that is this news quite expected.

The cellular segment accounts for about 15% of VolgaTelecom's consolidated revenue. Restructuring the cellular business, in particular the creation of a single operator, will increase its manageability and add a “plus” to the marketing component, which is especially important in a situation of market saturation mobile communications in the Russian Federation. In the future, VolgaTelecom plans to provide its subscribers with convergent services based on cellular and fixed networks.

Conclusion

Currently, on many Russian industrial enterprises that are in an economically difficult situation are undergoing restructuring aimed at their economic and financial recovery. Already accumulated certain experience, both positive and negative, however, it is quite difficult to unambiguously determine the results of the restructuring. Its effectiveness is related not only to the macroeconomic situation in the country as a whole, but also to the state of certain industrial enterprises. Many of them, equipped with non-functioning and worn-out equipment, entered the market economy unprepared for the changed conditions and had to survive, not knowing the laws of the market, not being able to manage financial risks. For them, successful restructuring aimed at the economic and financial recovery of enterprises and increasing investment attractiveness is of particular importance. Contrary to expectations, restructuring at industrial enterprises in most Russian regions is not being carried out very successfully. This “slipping” is partly explained by serious financial, economic, and legal problems that require an early solution. Much also depends on the characteristics of the development of the region, on the place and role of the enterprise in its development, on the relationship between the owner of the enterprise with the regional administration and the investment attractiveness of the enterprise.

Bibliography

2. Commentary on the Federal Law “On Insolvency (Bankruptcy)” Ed. V.F. Popondopulo. - M.: Omega - L, 2003.

3. Crisis management: Tutorial in 2 volumes / Responsible editor. G.K. Tal. - M.: INFRA-M, 2004.

4. Anti-crisis management of enterprises and banks. / - Business, 2001.

5. Valdaytsev S.V. Anti-crisis management based on innovation: A textbook. - St. Petersburg: Publishing house. St. Petersburg University, 2001.

6. Theory and practice of crisis management: Textbook for universities / G.Z. Bazarov, S.G. Belyaev et al. Ed. S.G. Belyaev and V.I. Koshkina. -M.: Law and Law, UNITY, 1996. p. 4-30.

7. Grushchenko V.I., Fomchenkova L.V. The crisis state of the enterprise: the search for causes and ways to overcome it. //Management, 1998, No. 1.

8. Konokov A., Rozhkov K. How to get out of the crisis for large enterprises. //Problems of theory and practice of management, 1998, No. 4.

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Enterprise restructuring is a purposeful change in the structure of the company and its constituent elements that form its business, in connection with the influences exerted by external or internal environmental factors.

In the process of restructuring, there may be an improvement in the enterprise management system, changes in financial and economic policies, operational activities, marketing systems, sales and personnel management

There are several types of restructuring. Restructuring, depending on the goals and strategy of the enterprise, can be operational or strategic. Depending on the number of structural changes, there is a comprehensive and partial restructuring

• · Operational restructuring means a significant change in the structure of the company, pursuing such goals as the possibility of financial recovery or improving the solvency of the company.
• · Strategic restructuring also leads to changes in the structure of the company, but is primarily aimed at improving the company's attractiveness to investors, expanding its external financing, and also increasing the value of the company itself.
• · Comprehensive restructuring is generally carried out in several stages, gradually affecting all elements of the company.
• · Partial restructuring makes changes to only one or a few elements of the enterprise.

The choice of specific types of restructuring depends on the specific internal capabilities and the interests of the enterprise itself, as well as from external conditions, characterizing this situation. There are three main areas of enterprise restructuring:

• · change in the scale (scope of activity) of the enterprise;
• · change in the internal structure of the enterprise;
• · changes in ownership structure, capital and corporate control

A change in the scale of an enterprise can occur both when it increases and when it decreases. Increasing the scale (including expanding the scope of activity) of an enterprise as a special type of restructuring can be carried out through a merger, acquisition, accession of another enterprise (or several enterprises), through consolidation or purchase of property of another enterprise, through the creation joint venture(including with foreign participation), by purchasing another enterprise or property of another enterprise, by renting or leasing property.

Reducing the scale of an enterprise as a separate type of restructuring can be carried out by dividing the enterprise into separate financially independent divisions or separate small enterprises, separating any services or production, by selling the property of the enterprise, reducing equity capital, leasing property, creating subsidiaries, transfer of property to another enterprise free of charge or to offset obligations, conservation of property, liquidation of the enterprise itself or part of its property.

A change in the internal structure of an enterprise can be made by changing the production and organizational structures s enterprises.

Changes in the composition and structure of ownership, capital and corporate control of enterprises are expressed in:

• · changes in the composition and structure of owners (shareholders, shareholders) are carried out by transforming the enterprise, its sale or sale of shares, shares, through privatization and through bankruptcy of the enterprise
• · changes in the composition and structure of ownership (assets and liabilities) are carried out through the purchase and sale of assets and liabilities of the enterprise
• restructuring of enterprise debts

The main reason why companies seek restructuring is usually the low efficiency of their activities, which is expressed in unsatisfactory financial performance, lack of working capital, V high level accounts receivable and accounts payable.

However, successful companies often carry out structural changes. After all, any modification of the scale of business or market conditions requires adequate changes in the management system and implementation of restructuring programs.

What are the purposes of restructuring? Traditionally, the owners and management of a company pursue two goals: increasing the competitiveness of the company with a subsequent increase in its value. Depending on the goals and strategy of the company, one of the forms of restructuring is determined: Operational or strategic.

Fig.1.

Operational restructuring involves changing the structure of the company with the aim of its financial recovery (if the company is in crisis), or with the aim of improving solvency. It is carried out at the expense of the company’s internal sources using tools for reducing and “straightening” (transitioning from indirect to direct costs) costs, separating and selling non-core and auxiliary businesses. The result of operational restructuring is a transparent and more manageable company in which owners and managers can already understand which businesses should be developed and which ones should be disposed of. Operational restructuring helps improve the company's performance in the short term and creates the prerequisites for further strategic restructuring.

Strategic restructuring is a process of structural changes aimed at increasing the investment attractiveness of a company, expanding its ability to attract external financing and increase its value. The implementation of this type of restructuring is aimed at achieving long-term goals. The result of its successful implementation is an increased flow of the net present value of future income, an increase in the company's competitiveness and the market value of its equity capital. Carrying out both operational and strategic restructuring can cover either all elements of the business system or its individual components. Therefore, there is a classification of forms of restructuring based on the scope of structural changes. According to this criterion, complex and partial restructuring are distinguished.

Comprehensive restructuring is a long-term and expensive process that only a few enterprises resort to. It is carried out in stages, the transformations affect all elements of the company. Various mechanisms are used during such restructuring. At the same time, depending on the impact of targeted transformations on individual areas of the company’s activities, the overall restructuring program is adjusted and further work continues.

In contrast to comprehensive restructuring, partial restructuring (another name for it is “patchwork”) affects one or more elements of the business system. During its implementation, changes in functional areas are dealt with separately by external consultants, and often the transformations are chaotic in nature, and their impact on other areas of the company’s activities is not analyzed. Therefore, it is not surprising that partial restructuring leads only to local results and may not be effective throughout the business system.

Today, international practice and the experience of restructuring in Russia indicate that restructuring is one of the most difficult management tasks. It is not a one-time change in capital structure or production. This is a process that must take into account many restrictions and the specifics of the company in which it is carried out. Therefore, it is necessary to carry out it already having clear goals, a concept of restructuring, an understanding of each of its stages and the methods by which it is necessary to act.

Main stages of restructuring.

Today, international practice and the experience of restructuring in Russia indicate that restructuring is one of the most difficult management tasks. It is not a one-time change in capital structure or production. This is a process that must take into account many restrictions and the specifics of the company in which it is carried out. Therefore, it is necessary to carry out it already having clear goals, a concept of restructuring, an understanding of each of its stages and the methods by which it is necessary to act.

How to restructure a company? Oddly enough, this question still remains open. There is no single recipe for restructuring for all companies. Moreover, even the sequence of stages of restructuring, not to mention the choice of tools, can vary significantly depending on the state of the company, its potential, market position, the behavior of competitors, the characteristics of the goods and services it produces and many other factors.

If you follow the basic principles of the project management method, you can identify several stages in the implementation of a restructuring project (Figure).

Company restructuring scheme

The first stage is determining the goals of the restructuring. Owners and management must determine what exactly they are not satisfied with in the current activities of the company, and what they want to achieve as a result of structural changes. The further development of the company and, accordingly, the fate of the restructuring program depend on how competently they define the goals and scope of tasks. Goals are determined based on the overall strategy of the company. In management terminology, strategy is the general direction of a company’s actions, the adherence to which in the future should lead to planned goals.

It is also proposed to determine control points, by which it will subsequently be possible to determine the achievability of the set goals. This stage is very important to understand and implement.

Next, situational analyzes are carried out at a fixed point in time. Initially, the current moment in time is selected as the time point. Subsequently, time frames will be adjusted relative to it. Situational analysis consists of 3 main stages based on an analysis of the comprehensive activities of the enterprise.

1. Studying the situation “as it should be” (or what we ultimately want to get at the enterprise), the situation “as is” (what types of resources the enterprise currently has) and developing techniques and methods “what needs to be done to achieve the goal.

2. Next, it is proposed to evaluate the current state of the enterprise, its financial and production capabilities, human and technical potential, fixed assets and manufactured products, and what is especially important is the current field of activity.

3. Developing specific steps to carry out the stages of restructuring involves conducting a structural analysis of deviations between the existing and predicted model of the enterprise. Structural analysis will allow you to understand in more detail the specifics of long-term work at the enterprise and subsequently help achieve the desired results in a shorter period of time.

Structural analysis makes it possible to determine the necessary implementable changes that need to be made at an actually operating enterprise with the determination of the estimated implementation time frame to achieve the set goals.

The second stage is company diagnostics. It is carried out in order to identify the company’s problems, determine its strengths and weaknesses, understand development prospects and the profitability of further investment in this business. When carrying out diagnostics, as a rule, legal, tax analysis, analysis of the operating activities, market and investment attractiveness of the company are carried out. Its financial condition, strategy and management activities are studied.

Also checked:

1. verification of the ownership rights of the main shareholder;

2. examination of existing company documents (constituent documents; documents regulating the holding of General Meetings and meetings of management bodies; local regulations of the organization; standard contracts with employees, etc.);

3. clarification of the positions of all owners regarding the development prospects of the group of companies;

4. assessment of existing financial schemes used by enterprises individually and as a whole by a group of companies;

5. the legality of concluding contracts on behalf of companies, transactions performed, settlements with counterparties;

6. timeliness and legality of services and payments, incl. to the budget, accruals and payments of dividends, repayment of other obligations;

7. analysis of tax planning schemes applied by companies;

8. legality of decisions made by company management bodies;

The third stage is the development of a strategy and restructuring program. At this stage, based on the data obtained as a result of the diagnostics, several alternative options for the company’s development are compiled. For each option, restructuring methods are determined, forecast indicators are calculated, possible risks and the volume of resources involved are assessed. Based on various criteria, the company's owners and management evaluate the effectiveness of one or another alternative and make a choice, in accordance with which a restructuring program is developed. At the same time, the strategic goals of the enterprise are formalized and clarified, and the qualitative and quantitative target parameters that the system must achieve, taking into account resource limitations, are detailed. The main feature of this stage of preparation for restructuring is that consultants and managers work, first of all, not with quantitative, but with qualitative objects, i.e. with such concepts as: “vision”, “mission of the enterprise”, “critical success factors”, “goals and corporate strategies”, “market segments”, “business process”, “portrait of the enterprise”, “specialization”, “model of existing business", "strategic product", "portrait of the enterprise", "project situations", "project ideas". The goal of all the work is to create a package of restructuring strategies - clear strategic actions to transform the activities of the enterprise, expressed in terms: “close”, “control”, “retain”, “spin off into a separate enterprise”, “expand”, “create new business", "develop a product". Business plans are created for the most promising divisions. In the absence of a clear concept, the problem of enterprise restructuring still remains poorly structured and cannot have the right solution.

The fourth stage is the implementation of restructuring in accordance with the developed program. A team of specialists involved in the work is being formed. Then all stages of the program are worked out and consistently implemented. During the fourth stage of restructuring, target indicators are specified and, if they deviate from the planned values, the company adjusts the program. Restructuring work is carried out in accordance with the Enterprise Restructuring Program, which includes:

basic conditions of restructuring;

budget of income and expenses for restructuring;

calculation economic efficiency restructuring;

restructuring work plan

And finally, the fifth stage - support of the restructuring program and evaluation of its results. On last stage The team responsible for the implementation of the program monitors the implementation of target indicators, analyzes the results obtained and prepares a final report on the work done.

• Why bother restructuring a company?
• Which restructuring method to choose
• How to avoid common mistakes

Under company restructuring managers understand different things: from optimizing the organizational structure to managing non-core assets. In this article I will try to clarify the goals and methods of restructuring and talk about common misconceptions and mistakes of managers.

When to resort to restructuring a company

The main goal of company restructuring is to bring the business system into a state that meets the owner’s demands. The difficulty is that owners often find it difficult to give a clear definition of their aspirations and in 99% of cases they want “a big green button - press and it’s done!”

Evgeniy Demin, General Director and owner of SPLAT, shared with us the secrets of promoting the company, even if the market is busy.

Also in the article you will find 4 key competencies of the company that need to be adopted.

Since each case is unique, the range of goals and objectives that restructuring programs are designed to solve is, accordingly, enormous. However, there are also constant challenges. For example, obtaining a financial and economic result. It can also be the bankruptcy of an asset to write off debts and tax burdens (the simplest), and increasing the transparency of the company to increase investment attractiveness (the most sophisticated). The owners and management formulate such financial and economic tasks quite confidently. To achieve them, consultants and in-house specialists almost always offer clear solutions, usually involving only partial restructuring. Full-scale restructuring is resorted to when simple operational decisions do not suit the owner.

All methods of company restructuring can be divided into two groups:

• aimed at transforming business infrastructure (asset structure, ownership and property management systems);
• aimed at changing the management system (structure of work, divisions, responsibilities, powers, competencies, etc.).

The division is conditional, since the results can intersect, complement and even contradict each other. Each method has its own limitations, which I propose to talk about in more detail.

Changing business infrastructure

Restructuring methods aimed at changing the business infrastructure are among the most difficult to implement. Contrary to popular belief, achieving the target state of business infrastructure is possible not only through M&A transactions (mergers and acquisitions) or changing the ownership structure. The same goal can be achieved by concluding strategic alliances and resorting to outsourcing (see. table 1). These methods have significant limitations that make them difficult to apply in Russia's dynamic economy. Here are the main ones:

1. Shortage of qualified lawyers for corporate and tax law(Russian and international).
2. Lack of legislative regulation: lack of sufficient legislative framework, law enforcement practices, socially recognized mechanisms for implementing existing laws.
3. Criminalization of the economy.
4. Inability and fear to cooperate. In Russia, as in any country with a young market economy, the entrepreneurial (entrepreneurial) management style prevails, implying the concentration of powers in one place. There is no talk of any delegation of powers (for example, decision-making, performance of supervisory functions). “Withdraw money from the entire clearing” - this is how one entrepreneur defined his strategy, and the overwhelming majority adhere to the same point of view. In Russia, there is virtually no practice of concluding, observing and conscientiously executing long-term contracts, without which neither mutually beneficial strategic alliances nor effective outsourcing are possible.
5. Small planning horizons. Strategic alliances and outsourcing are at least unprofitable in the short term. The real economic effect from such restructuring methods can be obtained in two to three years, and domestic management is still afraid of the unpredictability of the state, although objectively the macroeconomics of Russia has stabilized. In addition, strategic alliances and outsourcing of non-core activities provide relatively low profitability, which makes them unattractive in the market. Russian market with its rapid growth rate.

Change of control system

With the help of the methods of this group, the principles of management within the company, technologies and methods of carrying out activities are revised. Powers and responsibilities are distributed in a new way, physical (measurable) benchmarks and the remuneration calculation system are revised. Conventionally, three types of methods aimed at changing the management system can be distinguished (see. table 2).

Unlike methods of managing business infrastructure, methods of restructuring management systems require the involvement of third-party consultants. Logically, if staff members had sufficient competencies and skills, then reengineering would not be required; specialists should have already carried out the necessary work themselves.

Disadvantages of indicative methods

The main disadvantage of indicative methods is the danger of excessive formalization. When evaluation criteria are formalized, employees strive to achieve indicators, forgetting about the essence of their activities, even if the indicators contradict business goals. And the point is not that employees stop seeing the forest for the trees, but that the system forces them to do so. I'll bring you real example. The financial and economic services of the largest mining and metallurgical company refused to accept a container ship built abroad because its capacity exceeded the planned one. The contract provided for the passage of ice with a thickness of 1.5 meters at a speed of two knots, and during sea trials the ship confidently made three knots. It would seem, rejoice, the ship is going faster, which means it was designed and built to spare. But the economists, as they say, dug their heels in and refused to accept the ship’s acceptance simply because their economic model floated due to the changed speed of ice passage.

Neglect of operational management. This is the second significant drawback of indicative models, caused by the fact that some employees begin to blindly believe in indicators. I oversaw the development and implementation of a balanced scorecard (BSC) at a leading financial services company. Despite the fact that the method is a strategic management tool, the company's management decided to extend its effect to the work of the entire company. As a result, at the third level of decomposition of indicators, the diagram of connections (formal and weakly formalizable) was something vaguely reminiscent of torn lumps of cotton wool. There were so many of these connections that on an A0 printout (120 by 130 cm), some of them could be identified with great difficulty. They tried to correct the situation with the help of a computing system built on SAP solutions, but this only worsened the situation. SAP offers good solutions, but in in this case the system has become so complicated that the developers themselves no longer understand where they have what.

There is a danger of going too far when establishing an acceptable level of quality. Often, an expert method is used to determine quality criteria (on which statistical data processing for TQM and SixSigma is based). In other words, quality criteria are determined not on the basis of the consumer’s wishes (it’s expensive to find out), but on the basis of the opinions of authoritative production workers (it’s much cheaper to identify them - the experts are our own employees). Often these are people with a Soviet background who set quality standards so high that the costs of achieving them make production ineffective.

Disadvantages of organizational and technological methods

Reengineering is not suitable for all companies. Standardization, “cutting out excess fat,” and an emphasis only on productive operations are good where there are repeatable processes that can be formalized. For example, in industries that use standard technologies and produce mass-produced and long-lived products. Organizational and technological methods have proven themselves well in large manufacturing enterprises with clearly formed markets and suppliers producing standard products. When cutting out the unnecessary, keep in mind that after classical reengineering, more than 70% of companies experience difficulties in growth and development in the medium term (three to five years) time horizon. Classic reengineering is worth carrying out if you are striving for a short-term (one to two years) economic effect, for example, in order to sell a company at a higher price. For small and medium-sized enterprises that survive on flexibility and mobility, rigid formalization is harmful, it 100% deprives them of their ability to survive.

Organizational and technological restructuring provokes staff turnover. Having formalized and standardized its activities, the company ceases to need specialized specialists. From a cost and sustainability perspective production process It is not professionals who are in greater demand, but computers, robots or low-skilled employees who disciplinedly follow regulations. Employees of enterprises going through formalization procedures understand this very well. As a result, staff turnover increases and the efficiency of the system as a whole decreases.

Disadvantages of humanitarian methods

The main disadvantage is high degree social responsibility of the employer. Personnel involved in preparation and decision-making, delving into the goals of the business and considering the company's problems as their own problems will not forgive the employer for neglecting their needs. This will be regarded as nothing less than betrayal. On the other hand, excessive social responsibility of the company and soft-spoken management can lead to passivity of personnel and social dependency.

Humanitarian methods require those who apply them to have high qualifications and iron will. Let me give you an example. In one of manufacturing companies there was a personnel problem, not even a problem, but a catastrophe. People were absolutely not interested in their work. In the spring, workers quit and went to plant potatoes, and in the fall, after harvesting, they returned to the enterprise. The owner of the plant categorically refused to increase the wage fund and regularly changed General Directors plant for the failure of summer planned targets. A simple and very nice solution: employees of all four workshops of the plant received a new uniform, and each workshop had its own color. It was strictly forbidden to wear other clothes on the territory. The exceptions were management, guests (necessarily wearing white helmets) and employees returning or going to work. A month later, a strict distinction between “friends and foes” began to emerge based on the color of uniforms, and labor discipline. The owner was extremely pleased: even in the city, people began to associate themselves with the plant. The material incentive fund has hardly grown, but the effect has been amazing. Labor collectives They themselves began to get rid of parasites and drunkards, several qualified specialists returned to the plant. By spring, when it was time to issue a new set of workwear, the owner decided not to waste money and canceled the color differentiation of the team. In response, the workers created a united and tough factory union, which by the summer forced the owner to increase prices for work. A year later, the plant returned to its previous deplorable state: careless work, general sloppiness and social dependency, but now the interests of the workers, even the last drunkards, were protected. As a result, the plant was sold to a new owner, who dispersed everyone and set up storage facilities in all four workshops.

Always use common sense

Finally, I would like to note once again that restructuring is not a goal, but a means. Management must have a clear understanding of what it wants to achieve in the end. Restructuring is not so easy: you can take a company to new heights, or you can cause irreparable damage to it. You should not blindly follow any one method, denying others - this can lead to the worst consequences. The main thing in the restructuring process is logic and common sense; everything else is just an aid in this hard and painstaking work.

One of the real ways for an enterprise to overcome the crisis is restructuring, i.e. changes in the technological, production, general economic and organizational structures of the enterprise. The purpose of restructuring is to implement a set of measures to overcome unprofitability and achieve normal, sustainable functioning of the enterprise in accordance with the chosen strategy: increasing production efficiency, management, competitiveness of products, increasing labor productivity, improving financial and economic results. Those. anti-crisis management involves restructuring the production, management and financial spheres of the enterprise.

The concept of restructuring should be distinguished from such concepts as reform and reorganization.

Reform - bringing the status and economic relations into conformity with the new Civil Code of the Russian Federation, adapting them to the market.

The need for reform is caused by the following reasons:

Replaced social order in the country, the planned economy has been replaced by a market economy; reforms are necessary to create enterprises that respond to market signals and are competitive in the market instead of enterprises adapted to fulfilling planned targets.

Ownership and organizational legal forms have changed legal entities; enterprises became mostly private and joint-stock companies by Government Decree or Presidential Decree. Reform is necessary to create conditions for the transfer of ownership to more efficient owners and to give them the opportunity to dispose of their property.

The legal basis for reform is defined in the Civil Code of the Russian Federation, laws and regulations of the Government of the Russian Federation. Thus, the reform of enterprises is due to a change in the social and economic system.

Reorganization is a change in the structure and status of an enterprise.

There are quite a large number of reorganization options. The most commonly used are:

Joining strong farms;

Merger of two enterprises;

Dividing a large agricultural enterprise into smaller ones (due to their reduction, their manageability and employee interest increase).

Separation of a structural unit from an enterprise.

Transformation. (integration with enterprises from other industries)

The choice of option depends on the state of a particular enterprise, its goals and objectives at the time the decision is made.

Mergers and accessions may require prior approval from federal and territorial antimonopoly authorities. Reorganization of any legal entity (except for JSC) requires a unanimous decision of all its participants.

The fate of the property during the division or separation of a legal entity is decided in the transfer deed and the separation balance sheet. These documents determine the scope of rights and obligations of the legal entities being formed. The property is transferred according to the separation balance sheet with all assets and liabilities, including profits and losses.

Ways of restructuring:

Reorganization;

Restructuring without signs of reorganization;

Very often, restructuring is carried out in combination.

The need for restructuring is caused by:

A) problems of survival - many large agricultural enterprises in the country are on the verge of collapse;

B) increasing the efficiency of work in conditions of: - the developing uncontrollability of the enterprise due to its expansion - “big business syndrome”; - prospects for decreased profitability; - competition. The possibility of restructuring depends on large quantity a variety of factors: - timeliness of implementation, that is, carried out when it is not too late;- correct choice of restructuring path; - availability or possibility of recruiting and training the necessary personnel within an acceptable time frame; - availability or possibility of borrowing Money and etc.

Restructuring without signs of reorganization can be carried out by a legal entity by creating new legal entities (without a separation procedure) to perform certain functions. The organizational and legal form of the new legal entity being created must correspond to the goals and objectives of the creation and ensure the most effective performance of its assigned functions. It can be a subsidiary, dependent or independent company or partnership, if there are levers of management of the latter in addition to the share in the authorized capital. With such restructuring, many reorganization problems are minimized or completely eliminated. In addition to the creation of a new legal entity, restructuring can be carried out through the acquisition (determining participation) of an existing “foreign” enterprise, which is specialized or quite easily re-specialized to the needs of the purchasing enterprise.

Difficulties with such restructuring compared to the above forms of reorganization: when creating a new legal entity, there is a high probability of error in forecasting the effectiveness of its work (much is created anew); during acquisition (purchase) - struggle with possible opposition from competing buyers, high cost of purchase.

The choice of one or another restructuring path depends on specific conditions and preference should be given to the option whose implementation requires the least cost, is the most realistic, less risky per unit of effect, that is, the risk should coincide with the expected effect.

Basic principles of restructuring.

Compliance with the basic principles of restructuring is a necessary condition for its successful implementation.

1. Does the manager realize that his enterprise needs to be restructured - this is the leading role of the manager in carrying out restructuring.

2. In order to correctly determine the causes and diagnose the problem, you must first make a comprehensive and in-depth analysis of the problems. 3. Having established the causes and diagnosis, a strategy and program of action can be reasonably developed.

4. In the course of carrying out the planned programs, it is necessary to adhere to the principle of validity and consistency.

The restructuring should be led by the manager (owner) himself, not to withdraw himself from the restructuring process, not to take the position of an outside observer criticizing decisions made during the development of measures, but to actively participate in the “process.”Thus, restructuring is a comprehensive transformation of organizations in order to ensure their competitiveness.