What can medicine teach us to deliver successful business restructuring?
Business restructuring projects face similar challenges to those in medicine. The skills and behaviours demonstrated can be leveraged to build merger, acquisition, and divestiture strategies that drive success.
“Better is possible. It does not take genius. It takes diligence. It takes moral clarity. It takes ingenuity. And above all, it takes a willingness to try.”Atul Gawande
Selecting the right team
Patient treatment requires selecting the right care pathway and engaging with the correct highly skilled teams. The same applies to business restructuring. Empowering specialists to make decisions within their areas of expertise ensures buy-in to a shared purpose.
Close alignment between different functions is vital to ensure that workload is shared efficiently and enhanced synergies are achieved.
Time pressures and prioritisation
Like any major operation, the goal is to execute the process flawlessly and within the shortest time frame. Prioritisation in the project management process is critical to ensuring efficiencies are maximised and the expected value is delivered free of complications or additional costs.
Ensuring business continuity
In medicine, monitoring the ongoing health and wellbeing of a patient is vital to ensuring a full recovery. In any successful M&A transaction, continuous monitoring and optimisation of business processes to implement corrective actions is key to ensuring continuity is maintained.
Regulation and legislation
Healthcare professionals are required to act within the strict boundaries of regulations and legislation, designed to protect the patient and the wider community.
In business restructuring projects, a congruent approach is taken, with regulating bodies imposing tight restrictions on the processes involved in any merger or acquisition.
Patient care pathways involve a number of specialist departments with associated overheads. Early closure is imperative to ensure that costs are minimised to be redistributed to other patients.
In any restructuring project, the associated costs are significant, requiring focus throughout the project lifecycle to prevent costs escalating and requiring diversion of investment from other worthwhile activities.