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Abstract

Business leaders who have been involved in any aspect of a restructuring understand the difficulty of crafting a successful solution. Experience gleaned from more than 50 successful restructuring projects and interviews with corporate executives point to 10 best practices that organizational leaders can use to accelerate the restructuring process and ensure that it meets its objectives: start with executive sponsorship; tie strategy to design; use a structured approach; keep business process work simple; collect data and use it; consider the various options; be aware of trade-offs; keep the focus on people; avoid declaring victory prematurely; and get an early handle on the IT systems. © 2013 Wiley Periodicals, Inc.