Ryabtsev A.V. Analysis of foreign experience in enterprise restructuring and its use in Russian conditions. Restructuring a company as a means of increasing its market value using the example of Housing Capital JSC Restructuring experience

TIMO HOKKANEN
World Bank consultant at the Russian Privatization Center

One of the goals of the pilot stage was to test various schemes to support the reorganization of Russian enterprises by financing consulting services
Since major restructuring usually takes several years, strong commitment from the leadership of organizations undertaking the change becomes a condition for success.

The Enterprise Restructuring Assistance Project (ERRP) was developed by the International Bank for Reconstruction and Development (World Bank) together with the Ministry of Economy of the Russian Federation and the Ministry of Finance of the Russian Federation, as well as with the participation of the Public-State Fund “Russian Privatization Center” (RCP). Its implementation period is 4 years; financing is provided from a World Bank loan (in the amount of $85 million) provided to the Government of the Russian Federation. The project aims to directly support the restructuring of 1 approximately 250 medium and large privatized Russian enterprises. They will be able to use these borrowed funds to purchase professional reorganization consulting services. The lead organization for the implementation of the PSRP is the Ministry of Economy (also in cooperation with the Ministry of Finance and the Russian Privatization Center).

The main differences between PSRP and other programs provided by donor assistance can be formulated as follows:

Restructuring support is provided by providing enterprises with attractive loans to purchase consulting services from Russian and foreign firms;

Businesses must provide a bank guarantee for 50% of the loan to cover the risk of loss of funds by the Ministry of Finance. The government, for its part, expects positive results from the restructuring for the economy as a whole;

In addition, enterprises are required to provide their own contribution to the financing of restructuring projects;

Enterprises can select a consultant on a commercial basis without a formal tender, in accordance with World Bank rules.

Prior to the implementation of the Enterprise Restructuring Project, the World Bank financed its pilot phase (summer 1996 - spring 1998). One of its goals was to test various schemes to support the reorganization of Russian enterprises by financing consulting services. In particular, the pilot projects provided the opportunity for the RIC and the World Bank to test in practice different approaches to various enterprises in need of restructuring and the activities of consulting companies.

Since the actual start of the pilot stage (September 1996), more than 80 enterprises from different sectors of the economy and regions of the country have expressed interest in participating in this program. By the end of April 1998, 11 projects had been completed or were being implemented, the funding of which ranged from 200 to 400 thousand dollars. And although the number of such projects was small, nevertheless, the practice of their promotion made it possible to more deeply understand the problems of restructuring Russian enterprises.

The pilot stage showed that reorganization itself is a real and important problem for the management and shareholders of privatized enterprises. In particular, it turned out that their management is already beginning to understand that in order to survive in the new market environment and attract financial resources, it is necessary to change the traditional view of the enterprise’s activities. Moreover, managers and owners recognized that they could no longer rely on state support, but must, on the contrary, find their own formula for success.

Pilot enterprises

The enterprises that took part in the pilot stage of the PSRP belong to previously traditionally strong industries in Russia: mechanical engineering - 5, metallurgical and steelmaking - 3, chemical - 2 and textile - 1. These are mainly large production structures: only three of them had a workforce of less than 2,000. In total, the 11 enterprises employed approximately 64 thousand workers, and the average number was just over 5,800 people. Total sales were more than $630 million. All enterprises, excluding mining, had financial difficulties at the beginning of the restructuring. Book profits were modest, averaging 6.6%. Capacity utilization fell rapidly and averaged 44% (in the worst case, only 10% of capacity was used). Liquidity was less than 2 (the official limit of enterprise insolvency), and in some cases less than 1, which indicated a serious liquidity crisis for the enterprise. Some data on the pilot sites are presented in the table.

The ownership of the pilot enterprises, compared to the average for the privatized sector of Russian industry, was generally more concentrated and more in the hands of external shareholders. At six sites they owned more than 50% of the shares, and at each enterprise (excluding Uralelectro) there was at least one shareholder who controlled more than 10% of the shares. An analysis of the composition of restructuring initiators showed that the degree of ownership concentration had a great influence on the desire to begin reforms.

The pilot projects covered various areas of restructuring, but in most cases, improving the enterprise's financial control, strategic and business planning, and organizational structure were key elements of the restructuring.

Main results achieved

During the implementation of the pilot stage, various direct and indirect results were achieved across enterprises. The primary analysis of the work carried out allows us to make the following generalizations.

Basic straight Results from pilot projects include:

cost reduction. This was achieved by optimizing taxes, stopping unprofitable production lines, closing unused assets, speeding up the production cycle, recycling waste and reducing the proportion of rejected products;

debt restructuring. The consultants developed a new debt restructuring scheme with the local administration and the main creditors of the enterprise;

management control and accounting. Managers were able to establish control over production costs and financial flows. New elements and approaches of management accounting were introduced;

change in management structure. Managers have understood the demands of the external environment (shareholders, creditors, business partners, etc.) for openness of information or have exchanged an extremely centralized leadership style for a teamwork style;

calculations in IAS. Enterprises presented their financial regulations in accordance with international accounting standards and have developed the necessary accounting procedures for continuous work with them.

Some of the indirect results were associated with the successful solution of the problem of attracting external capital 2, the acquisition of new business partners or shareholders in the enterprise, and the growth of stock prices. Local tax authorities are also expected to agree to help some pilot businesses restructure their tax debts.

However, due to the limited duration of projects (6 months on average), it is too early to assess the final economic effect ongoing transformations. Indeed, the enterprises of the pilot stage, except for Uralmash, have not yet been able to attract investment capital, nor free up internal reserves for investment.

Main problems of restructuring consulting projects

Since major restructuring typically takes several years to complete, strong commitment from the leadership of transformative organizations becomes a prerequisite for success. Unfortunately, for most pilot enterprises, although they must repay the loan allocated for the project, such obligations are not clear. This led to delays in implementation decisions and, in one case, even to the CEO refusing to implement the consultants' recommendations.

In two projects in which Western consulting companies were the main consultants, communication problems between their representatives and the management of the enterprises necessitated additional efforts on the part of the consultants to achieve agreement on goals. Experience from pilot projects shows that important factor success is whether the proposed project manager speaks the same language as the enterprise managers (i.e., whether he has a sufficient level of knowledge of the Russian language, as well as experience in consulting in industrial sectors).

I note that some of the expectations of the management of the restructured enterprises turned out to be unrealistic. For example, such as:

Consultants will create new financial controls within the enterprise and change methods of working with personnel;

Pilot enterprises

Company	Sales, million dollars	Personnel, people
Uralmash (Yekaterinburg city)	105,3	18 000
Leningrad Metallurgical Plant (Saint Petersburg)	46,6	8 781
Uralelectro (Orenburg)	16,0	2 899
Partnership "Tver Manufactory"	3,8	966
Beraton (Perm)	33,3	2 370
Oryol Steel Rolling Plant	56,5	7 212
Stoilensky GOK (Belgorod)	112,0	7 243
Seversky Pipe Plant (Yekaterinburg city)	221,8	12 028
Vladimir Chemical Plant	32,6	3 124
Machine-building plant (Tula)	2,6	824
Vologda Machine-Building Plant	3,5	460
Average	57,64	5 810

The business plan made by the consultants will be implemented automatically without effort from the management of the enterprise.

The work methods used by consulting companies had a significant impact on the success of the transformation. A practical approach in the interaction of consultants and business managers in solving current problems seems to me more effective than a theoretical, plan-oriented one. Unfortunately, consulting companies often hired people (expatriates and locals) who had no experience and little understanding of the mentality of older generation managers and the environment of Russian enterprises. Naturally, in such cases, even the international reputation of these companies cannot serve as a guarantee of the proper level of services.

Conditions for successful restructuring

The pilot project showed that the following main factors influence the success of the transformation:

prospects and financial condition of the enterprise. Each enterprise embarking on a restructuring must consider possible changes in its long-term competitiveness and financial situation that would allow sufficient time to achieve certain financial results. If there is a risk of problems becoming intractable, then reorganization should focus on quick and direct means to save working capital and debt restructuring. On the other hand, if an enterprise does not have a future in the market, this does not mean that when carrying out transformations it is necessary to concentrate only on improving the current situation without changing the strategy;

management commitments. The management team and the main shareholder (if there is one) must understand the objectives of the restructuring project and support its implementation by providing sufficient resources and making timely decisions;

meeting the expectations of management and consultants. The management of the enterprise must understand what results can be expected from the activities of consultants and how to work together with them. On the other hand, consultants must be able to deliver on their promises and achieve concrete results;

clearly defined goals and expected results of the project. The preliminary information request must detail the project's results so that they are measurable. If the approved results change during the implementation of the project, then these changes must be clearly documented and approved by all participants;

practical approach of consultants. The work of consultants should bring tangible results and, preferably, have a joint basis with the management of the enterprise. Thus, in one of the pilot projects, consultants even negotiated on behalf of the enterprise with suppliers and creditors.

1 Restructuring an enterprise means using all the management and production potential necessary to create and profitably sell the goods or services consumers need.
2 In October 1997, Uralmash, with the help of Western and Russian investment banks, organized a successful issue of its shares to Western investors on a tender basis in the amount of $36.8 million.

Experience in restructuring a manufacturing (commercial) enterprise

Introduction

2. Types of restructuring

3.Principles and criteria for the effectiveness of restructuring

Conclusion

List of used literature

Introduction

Currently, despite the ongoing economic crisis, the country is undergoing structural restructuring of the economy. The main goal and at the same time the main content of this process is the restructuring of enterprises, including a wide range of forms, methods and tools to ensure sustainable development.

Thus, it is necessary to emphasize the importance of companies’ work to determine and achieve strategic goals in accordance with financial capabilities and priorities, using methods and forms of restructuring. This can only be done if there is a well-developed financial strategy, which is put into practice through restructuring.

Overwhelming majority Russian companies To continue successful functioning in changing conditions, they need competent, professional management. In crisis conditions, a manager must be able to analyze various options for the development of production, see the prospects of his company in the market, have the will and ability to involve the team in the implementation of the intended goals.

To maintain the competitiveness of an enterprise, its organizational structure must be such that all work is focused on a specific product and a specific end user.

Many enterprises, even before privatization, were widely diversified, that is, they produced different kinds products; others, in addition to those traditionally issued on them military equipment, are now mastering new types of civilian products. Success in a free market is unattainable without a whole team of competent people who know buyers, competition and production capabilities for individual species and product groups.

Therefore, it is extremely important for shareholders and senior management of the company to create an enterprise structure that would ensure accountability of managers and their responsibility for performance results.

It should be emphasized that in modern theory and practice, the concept of “enterprise reform” is comprehensive, covering numerous areas economic activity(components, options) and its transformations, namely: restructuring, reorganization (separation, division, accession), change in the form of ownership and production technology, etc. In this regard, today it is necessary to clarify all these concepts and structure them in unified system, since they characterize the entire reform process for the transition to new level development of Russian enterprises.

1. Directions of enterprise restructuring

Restructuring is a change in the structure of the system. If structure refers to the organizational structure, then restructuring is a change organizational structure. If the structure of business processes is considered, then restructuring is a change in business processes. Thus, depending on the type of structural section of the system, the tasks of carrying out corresponding changes arise. General principle simple: the typology of systems structures predetermines the typology of changes.

Changes recent years V Russian economy gave rise to new concepts and guidelines in the activities of enterprises: market, competition, etc. The change in “coordinates” led to a shift in emphasis on developing a company development strategy: instead of focusing on a plan lowered from above, a transition to asset management. The intensity and form of external influence on the activities of the enterprise has changed radically. New external incentives have emerged, in particular the interests of the owner. The company's field of choice has expanded significantly in terms of developing its activities, increasing the complexity of its structure, and discovering new, more profitable areas of operation. In market conditions, an enterprise is forced to quickly find new solutions for critical situations. Enterprises use bank loans, start producing goods in demand, rent out property, etc.

In the changing state of Russian enterprises, two trends can be distinguished:

1. Negative associated with enterprises located in crisis situation, where production continues to decline, competitiveness declines up to stoppage and bankruptcy;

2. Positive, associated with enterprises that have not fallen into crisis and continue to function normally, or have stabilized their condition, or ensure an increase in sales volumes, profitability, and improvement in financial condition.

According to expert estimates, more than 40% of Russian enterprises are unprofitable, they are characterized by delays in wages, non-payments to the budget, etc. and, as a result, aggravation of social tension. The second, positive process, although manifested in much more modest indicators (according to the same estimates - 10-15% of enterprises), is a provider of invaluable experience, which is necessary to reverse negative trends and ensure the rise of the Russian economy.

To achieve positive results at an enterprise, it is necessary to activate its internal capabilities, significantly change the strategy, reorganize and create an effective management system, in other words, its reform. Reform involves consistent changes leading from the old form of economic management to a new one, corresponding to the changed economic conditions. Without providing a comprehensive program for reforming unprofitable enterprises, negative trends in the Russian economy cannot be defeated.

The Russian Government has taken a real step towards reforming enterprises - the Concept for the reform of enterprises and other commercial organizations has been approved. The concept notes that only macroeconomic conditions for economic growth are not enough and it is necessary to concentrate efforts on ensuring the effective development of enterprises as the main structural element economic system Russia, stimulating internal transformations at enterprises.

The purpose of government reform is only to promote internal processes that improve management in the organization. The following are set as strategic objectives for reformed enterprises:

Availability of business plans for the medium and long term;

Transition to international standards accounting;

Transition to payment of value added tax and excise taxes as products are shipped;

Reduction of non-cash payments up to their complete cessation.

One of the areas of reform is structural reorganization, or, as they also say, restructuring enterprises. This process includes increasing the economic independence of divisions, achieving one or another degree of their economic isolation, as well as related processes of changing the assortment (its diversification); personnel, financial and marketing policies of the enterprise.

It is necessary to highlight the following basic principles restructuring:

Without giving freedom to departments, it is impossible to make them mobile and proactive, and the entire enterprise manageable and quickly adapting to external changes;

Not all units are worth living without serious reform;

The development and use of reserves is possible only if one obtains the right to independently use the results of one’s actions.

It is important to emphasize key features reformed Russian companies, distinguishing them from their foreign counterparts. The differences are due to:

Unstable socio-economic situation;

Limited government support for enterprise reform policies and their restructuring in particular;

Insufficient provision of reforms in the field of regulatory framework;

Poor provision of companies with methodological documentation in the absence of qualified consulting services for restructuring and developing a financial strategy;

Unstable financial condition companies (often we're talking about about unprofitable or unprofitable companies on the verge of bankruptcy);

The limited financial basis for restructuring, i.e. the continued relative isolation of Russian companies from such sources of financing as international capital markets, loans from large foreign banks, etc.;

Lack of highly qualified management personnel.

Restructuring must start with development strategic concept company by defining its purpose. This general concept must correspond to a strategy that must be developed, first of all, for each division within the company. It is important to establish the degree of interdependence of the main divisions. If you plan to create a joint venture with foreign partners, then it is necessary to clearly understand the strategy of this enterprise, providing for the necessary investments. Only after this can the organizational structure most suitable for implementing the company's strategy be modeled. It is necessary to determine the company's management systems, human resources, and deadlines. The compliance of the company's strategy and organizational model with changing conditions should be constantly monitored.

A special issue is the calculation of costs for the restructuring process. It is important to concentrate the company's efforts on the area where sustainable competitive advantages are real.

Special work remains in connection with the formation of a working group to compile general plan restructuring, ensuring interaction between departments. Providing the working group with the necessary information is of great importance.

Before the start of the restructuring process, it is necessary to have a clear plan and fully understand what the expected result will be, what fundamental changes will occur in the company’s activities. Company restructuring is a long-term strategic task that requires constant, focused efforts. It is important that work to resolve temporary crisis situations does not negate long-term strategic actions, but would serve as their support.

Restructuring is associated with reducing costs by eliminating unnecessary or unprofitable activities, improving the quality of managers and all personnel, but it requires the introduction of clear criteria for assessing performance and an accurate reporting system. The process must be accompanied by the development of effective control mechanisms (action plans, reports on results achieved, personal interest and responsibility of management).

2. Types of restructuring

Since any activity commercial organization is focused on achieving an optimal balance between profitability and stability, the main goal of restructuring is to provide the necessary conditions to achieve such a balance. In this case, any function or set of functions of the organization is subject to structural changes, depending on the choice of the object of restructuring. So, functional restructuring – This is the implementation of certain structural changes within the organization, depending on the choice of the object of restructuring and aimed at achieving an optimal balance between the efficiency of the organization and the stability of its position. Types of functional restructuring are determined based on the functions of the organization. In economics, it is customary to distinguish three main functions: production , market And financial. It is advisable to also introduce social and environmental ones.

Thus, we can name the following types of functional restructuring:

production(object – final product of production, production technology);

market(object – supply and sales system);

financial(object – cash flows within the organization);

social(an object - labor resources);

environmental(object – interaction with the environment)

It is these five functions that form the “organization” system itself and are system-forming for it. However, not only the elements of the system themselves need restructuring, but also intra-system relations - management of the organization, its development strategy, interaction between various elements, etc. Therefore, there is a need to introduce another type of functional restructuring - intrasystem.

Technological restructuring. The main principle of this type of industrial restructuring is integration various enterprises within one production complex into a single structure in order to create a continuous technological chain for the production and sale of any type of product. At the same time, as a rule, it is possible to reduce the cost of manufactured products (including those consumed at different stages technological process), speed up its implementation, vary its quality and technical characteristics, as well as normalize cash flow between organizations that are links in the technological chain.

Financial restructuring.

Since the state of incoming and outgoing cash flows at a particular moment is reflected in the balance sheet, it is convenient to consider this type functional restructuring in terms of balance sheet items of the organization. Therefore, financial restructuring is in turn divided into asset restructuring and liability restructuring.

Asset restructuring. This includes the restructuring of non-current assets and accounts receivable.

Restructuring of non-current assets consists, as a rule, in minimizing the share of non-profitable or low-income assets in their total structure. This principle can be figuratively called “balloon control technology” - in order for the organization to safely emerge from the crisis, it drops “ballast”.

Restructuring of liabilities. This includes the restructuring of equity and accounts payable.

Equity restructuring aims to change the ownership structure of the organization. In fact, we are talking about either a change in the owners of the organization (both nominal and real), or about strengthening the positions of certain parties at the expense of others.

Restructuring of accounts payable As a rule, it is carried out in two ways: prolongation (freezing) of part or all of the debt and reform (“reincarnation”) of the organization.

Reforming, or rather the “reincarnation” of organizations is a typical, although not entirely correct, way of carrying out financial restructuring in the region. Its essence lies in the creation of new organizations on the basis of debtor enterprises, where, according to concluded agreements, all the “healthy” assets (property, equipment, personnel) of the restructuring initiator are transferred in exchange for newly issued shares of the new structures. As a result, the original enterprise, which has the same assets but is not burdened with liabilities, continues to exist happily, albeit under a new name(s). The “old” enterprise, which does not have any assets, is a formal defendant for obligations (of course, hopeless ones).

Social and environmental restructuring.

These two types of functional restructuring are the least widespread in our country. The reason, most likely, is that their implementation has the main goal of stabilizing (both internal and external) the organization, and therefore one cannot count on an increase in profit volumes in the short term. Since the vast majority of organizations are preoccupied with solving current financial issues while completely ignoring the problems of strategic development, social and environmental factors are practically not considered today.

3. Principles and criteria for the effectiveness of restructuring

restructuring crisis management

Enterprise restructuring is a structural restructuring in order to ensure the effective distribution and use of all resources of the organization. Her goals:

Ensure stable and efficient operation;

Increase the volume of revenues to the budgets of the subjects Russian Federation and cities;

Improve the situation by increasing jobs and regularly paid wages.

When restructuring, the following requirements must be met:

1) preservation of the established scientific, technical, production and personnel potential;

2) coordination of the interests of all parties, target orientation towards balance, harmony of interests of the company, consumers and society;

3) solving problems of repaying debts to creditors;

4)increase in real budget revenues;

5)minimum possible reduction and creation of new jobs;

6)protection of shareholders' rights.

Restructuring, being an integral part of the strategy, is only one of the tools for achieving the long-term goals of the enterprise. Next, mechanisms for using the advantages available to the enterprise must be involved.

The effectiveness of restructuring largely depends on the principles of its implementation - this is the basic rule in accordance with which changes are made at the enterprise and success is achieved.

Systematic principle- this is the search and determination of connections, integrity, comparison of properties, finding the boundaries of the internal and external environment. This principle allows you to concentrate attention on the main thing, evaluate connections, distinguish them into external and internal, understand a property as a manifestation of the whole in one case and as a manifestation of a separate one in another.

The principle of consistency requires research using a specific, pre-developed technology. In using this principle, the answer to the question of where to start and how to move towards the result is of great importance. In this case, each previous stage becomes the initial basis for the subsequent one.

The principle of purposefulness means that any transformation must have a well-defined goal, which determines the choice of solutions and the sequence of their development, and integrates activities in its most complex variants. By the beginning of the restructuring process, it is necessary to have a clear plan and fully understand the expected result, the fundamental changes that will occur in the company's activities. Restructuring a company is a long-term strategic task that requires constant, focused efforts. It is important that the resolution of temporary crisis situations does not negate long-term strategic actions, but serves as their support.

The principle of corporatism, which in an organization or firm can manifest itself to varying degrees, is the understanding and acceptance by all employees of the goals of restructuring, the willingness to work selflessly to achieve them, this is a special type of integration of all business, socio-psychological and organizational relations, this is internal patriotism and enthusiasm.

The principle of efficiency and flexibility. During restructuring, there is often a need for quick and decisive actions, operational measures, changes in management based on emerging situations, and adaptation to changing conditions. Inertia in this case can play a negative role.

Principle of conceptuality. Restructuring must have conceptual unity, contain a single accessible terminology, the activities of all departments and managers must be built on common “supporting structures” (goals, stages, phases, functions) for management processes that differ in economic content.

The principle of transparency. Any employee of the organization must know and understand the essence and significance of the activities that are carried out during restructuring. Target orientation towards balance, harmony of interests of the company, consumers and society as a result effective management leads to optimal solutions. It is important not to spoil the good things that were in the organization.

The principle of innovation or continuous improvement- this is a constant search and initiation of promising changes in needs, the use of new forms of communication (for example, via the Internet), the desire to be the first. Everything that an enterprise does internally and external environment, must be systematically and continuously improved: products and services, production processes, marketing, service, technology, training and education, use of information.

Principle of monitoring or effective control. Control is feedback that allows you to correct all actions, find and evaluate new solutions. Restructuring involves reducing costs by eliminating unnecessary or unprofitable activities, improving the quality of managers and all personnel, but requires clear criteria for assessing the effectiveness of activities and an accurate reporting system. The process must be accompanied by the development of effective control mechanisms (action plans, reports on results achieved, personal interest and responsibility of management), without which successful restructuring is impossible. Control indicators are necessary at every stage of restructuring.

The principle of stabilization and controllability. The changes that occur during restructuring should not be carried out spontaneously. Long-term restructuring leads to stagnation, so when carrying out it it is necessary to respect the time limit. The main task here is the opportunity to carry out successful changes, which consist in using one’s own achievements and turning them into the foundation of subsequent activities.

The effectiveness of restructuring is related to the definition of its criteria.

Specialists of the Russian Privatization Center distinguish two types of criteria:

“hard”, which are quantifiable;

"elastic" which cannot be measured quantitatively.

“Hard” criteria for the effectiveness of restructuring are

attracting external investment; creation of joint ventures; establishing strategic partnerships; increasing sales volumes; increase in export volumes; reduction of production costs. According to these criteria, the company must implement the changes recommended by the investor in such a way that they lead to positive results that can be measured and documented (for example, the expansion of sales markets resulting from the implementation of the recommended changes).

“Elastic” criteria for the effectiveness of restructuring are the number of top and middle managers covered by assistance programs; the degree of participation of Russian consultants in the implementation of technical assistance projects; the number of regions involved in the implementation of restructuring programs; the number of participants in thematic seminars on the study of positive experience; number of common teaching aids, books and materials. “Elastic” criteria take into account the positive results of restructuring, which cannot be directly measured, but can be attributed to long-term investments in “human capital”.

Since the majority of managers of Russian enterprises lack a variety of managerial and professional skills necessary to work in market conditions, an important element of effective implementation of systemic reforms is familiarizing managers with possible ways to solve problems.

4. The role of restructuring in crisis management

Restructuring at the enterprise level can be presented in three directions:

*entry of new firms into the market or their relative growth;

*restructuring and reorganization of existing companies;

* exit from the market of firms undergoing bankruptcy, or winding down of ineffective firms.

Anti-crisis restructuring is aimed not only at preventing bankruptcy (recovery), but also at minimizing its negative consequences (transferring property to more efficient owners without eliminating jobs).

Mass bankruptcy of enterprises in modern Russian conditions is not feasible, since many of them are city-forming or especially significant (a significant part of the residents of the settlement work there, necessary or strategically important products are produced there). Therefore, an external manager most often has to deal not with liquidation, but with the rehabilitation of the company, and look for ways to reach an amicable agreement with creditors. In this case, strategy and the choice of the priority direction of the company’s activities are especially important.

Many Russian companies have little idea what needs to be done to achieve their strategic goals, what resources will be required, and why the organization is moving in this particular direction. Meanwhile, the strategy must have a certain internal structure, which arises as a result of splitting the overall strategic goal into local but interrelated tasks. To do this, you need to have a structured information field in which the manager could easily navigate and make decisions.

Consulting experience in this area shows that the most successful changes are those that begin in a critical situation, i.e. the greater the real danger of crisis or bankruptcy, the greater the likelihood of success, since in the latter case initiative and active innovation activity, the creation of completely new and more effective management mechanisms. Depending on the stage of evolution, an enterprise can be:

1) crisis;

2) stable;

3) active;

4) prosperous.

For most enterprises, it is necessary to carry out restructuring, which consists in bringing organizational and production structures, capacities, property and occupied land plots in accordance with the volume of products for which there is effective demand, while simultaneously reforming the financial management system. This means that it is necessary to make changes in the organizational and production structure, assets, debt, personnel, etc., which will ensure at least reaching a break-even operating mode. Of course, this should not be a one-time event or another campaign, but represent a permanent process.

In crisis management, restructuring can be applied in three main situations:

The enterprise is in a state of deep crisis. In the modern Russian economy, this situation is typical for most state-owned and privatized enterprises;

The current situation of the enterprise can be considered satisfactory, but the forecasts for its activities are unfavorable.

The enterprise is faced with undesirable trends in terms of competitiveness, deviation actual condition from planned (decrease in sales, profit, profitability, demand level, cash receipts, increased costs, etc.). In this case, restructuring is a reaction to negative changes before they become irreversible;

The current situation of the enterprise is good. The company's goal is to accelerate the gap between its closest competitors and create unique competitive advantages. Moreover, in the case of early identification of a crisis situation, greater freedom of maneuver and a wider choice of anti-crisis procedures are provided, including methods and means of restructuring.

The entire range of possible means during restructuring reforms can be presented in the form of a set of measures of an operational and long-term (strategic) nature.

As part of the general concept, through the implementation of operational measures, the problem of liquidity should be solved (reducing accounts receivable, reducing inventories, reducing investments, selling unnecessary property), as well as the task of improving operating results (by reducing personnel costs, material costs, other costs, etc.) including by improving quality and reducing losses from defects; stimulating sales; increasing turnover in a short time).

In the longer term, the company must undertake deep, market-driven internal strategic transformations. An enterprise can only achieve long-term restoration of competitiveness when, based on a study of market conditions and competition, an adequate strategy is developed, an effective organizational structure is created, researched and transformed weak sides production processes, the management system has been reformed.

However, the majority of domestic enterprises, as a rule, miss the most favorable time to implement structural reforms; many enterprises show signs of bankruptcy, and for a significant part, the main restructuring measures are already being developed within the framework of arbitration procedures. At this stage, the enterprise is not a completely independent economic entity, since its activities are controlled arbitration court, a meeting of creditors and an external manager. In such conditions, the main question is to determine the possibility or impossibility of restoring the enterprise’s viability, to find ways out of the current situation with minimal losses, taking into account the interests of the workforce, the budget and creditors.

Thus, the bankruptcy mechanism should be considered not so much as a means of liquidating an insolvent enterprise, but primarily as an opportunity, within the framework of the arbitration process, including through the restructuring of the enterprise, to ensure the creation of new or the preservation of old, but reformed business units that can fit into into the market process and function normally within its framework.

Conclusion

Many Russian enterprises need to develop new skills if they are to operate within the rules of the market and strive for success in new conditions. In companies where the same people are forced to simultaneously do work on various directions, it is very difficult to do this. Company management will sooner or later have to make a decision to restructure the company, dividing it into smaller units that will be able to concentrate efforts on one type or one group of products and develop the skills necessary to achieve success in this area.

Before a company begins the restructuring process, its management must have a clear plan for the upcoming process, understand what it will require and what the costs will be, and imagine what the outcome should be.

The restructuring process begins with a clear formulation of the overall strategic goal and the development of a realistic strategy for each of its activities and relevant divisions. Given the conditions in future markets and the specifics of future competitors, what is necessary for each enterprise to be profitable? Are these requirements feasible? What are the key changes that need to be made? TO organizational development You can start when you have answers to these questions.

The development of an organizational structure should be based on a strategy developed separately for each type of activity. An appropriate structure must support the strategy and ensure its implementation. For departments to operate successfully, timely information must be provided through logical and clear systems. Employee selection should be based on both their skills and abilities, as well as their willingness to take on responsibility and solve unfamiliar problems. Successful businesses recruit employees who can effectively support their chosen strategy. An enterprise that makes strategic plans relying on traditionally weak leadership is not destined to survive.

The restructuring process is aimed not at solving individual simple business problems, but at solving complex, complex problems and carrying out enlarged operations. The purpose of restructuring is to eliminate, in particular, those administrative and bureaucratic operations and links, the elimination of which will not negatively affect the management level. But for this, naturally, it is necessary to replan and rebuild the entire management superstructure in a very balanced way.

There are many ineffective operations that do not bring real benefit in production, supply, research and development, design work, and in all other components of the business. The course towards reforming it in a way that creates conditions for productive, creative work for every employee, every department by eliminating work and links that contribute nothing to the common treasury is the most effective today. It is very important that the restructuring process is ultimately aimed at ensuring that not only each link of the business operates productively, but also that the entire system is aimed at obtaining the maximum multiplier effect, i.e., the effect that is impossible to be obtained by each individual, but can actually be achieved through joint efforts, organized in an optimal way.

List of used literature

1. Mazur I.I., Shapiro V.D. Restructuring of enterprises and companies. A reference guide for specialists and entrepreneurs. - M.: graduate School, - 2000.

2. Porshnev A.G., Rumyantseva Z.P., Salomatina N.A. Organization management. Moscow, "INFRA. M", 1999

3. Efimova O.A. The financial analysis- M. Finance 2003

4. Estimation of the value of an enterprise (business) / V.A. Shcherbakov, N.A. Shcherbakova. - M.: Omega-L, 2006.

5. Uglevich V.N. Corporate management in an unstable market. – M.: Exam, 2003.

Experience in restructuring a manufacturing (commercial) enterprise

Introduction

2. Types of restructuring

3.Principles and criteria for the effectiveness of restructuring

4. The role of restructuring in crisis management

Conclusion

List of used literature

Introduction

The vast majority of Russian companies require competent, professional management to continue to operate successfully in changing conditions. In crisis conditions, a manager must be able to analyze various options for the development of production, see the prospects of his company in the market, have the will and ability to involve the team in the implementation of the intended goals.

To maintain the competitiveness of an enterprise, its organizational structure must be such that all work is focused on a specific product and a specific end user.

Even before privatization, many enterprises were widely diversified, that is, they produced different types of products; others, in addition to the military equipment they traditionally produced, are now mastering new types of civilian products. Success in a free market is unattainable without a whole team of competent people who know buyers, competition features and production capabilities for individual types and groups of products.

It should be emphasized that in modern theory and practice the concept of “enterprise reform” is comprehensive, covering numerous areas of economic activity (components, options) and its transformations, namely: restructuring, reorganization (spin-off, division, merger), change in the form of ownership and production technologies, etc. In this regard, today it is necessary to clarify all these concepts and structure them in a single system, since they characterize the entire reform process in order to move to a new level of development of Russian enterprises.

Directions of enterprise restructuring

Restructuring is a change in the structure of the system. If structure refers to the organizational structure, then restructuring is a change in the organizational structure. If the structure of business processes is considered, then restructuring is a change in business processes. Thus, depending on the type of structural section of the system, the tasks of carrying out corresponding changes arise. The general principle is simple: the typology of systems structures predetermines the typology of changes.

Changes in recent years in the Russian economy have given rise to new concepts and guidelines in the activities of enterprises: market, competition, etc. The change in “coordinates” has led to a shift in emphasis on developing a company development strategy: instead of focusing on a plan lowered from above, a transition to asset management. The intensity and form of external influence on the activities of the enterprise has changed radically. New external incentives have emerged, in particular the interests of the owner. The company's field of choice has expanded significantly in terms of developing its activities, increasing the complexity of its structure, and discovering new, more profitable areas of operation. In market conditions, an enterprise is forced to quickly find new solutions for critical situations. Enterprises use bank loans, start producing goods in demand, rent out property, etc.

In the changing state of Russian enterprises, two trends can be distinguished:

Negative associated with enterprises in a crisis situation, where production continues to decline, competitiveness declines, even to the point of shutdown and bankruptcy;
Positive, associated with enterprises that have not fallen into crisis and continue to function normally, or have stabilized their condition, or ensure an increase in sales volumes, profitability, and improvement in financial condition.

According to expert estimates, more than 40% of Russian enterprises are unprofitable, they are characterized by delays in wages, non-payments to the budget, etc. and, as a result, aggravation of social tension. The second, positive process, although manifested in much more modest indicators (according to the same estimates - 10-15% of enterprises), is a supplier of invaluable experience that is necessary to reverse negative trends and ensure the rise of the Russian economy.

The Russian Government has taken a real step towards reforming enterprises - the Concept for the reform of enterprises and other commercial organizations has been approved. The concept notes that only macroeconomic conditions for economic growth are not enough and it is necessary to concentrate efforts on ensuring the effective development of enterprises as the main structural element of the Russian economic system and stimulating internal transformations in enterprises.

The purpose of government reform is only to promote internal processes that improve management in an organization. The following are set as strategic objectives for reformed enterprises:

availability of business plans for the medium and long term;
transition to international accounting standards;
transition to payment of value added tax and excise taxes as products are shipped;
reduction of non-cash payments up to their complete cessation.

It is necessary to highlight the following basic principles of restructuring:

Without giving freedom to departments, it is impossible to make them mobile and proactive, and the entire enterprise manageable and quickly adapting to external changes;
not all units are worthy of life without serious reform;
the development and use of reserves is possible only if one obtains the right to independently use the results of one’s actions.

It is important to emphasize the key features of reformed Russian companies that distinguish them from their foreign counterparts. The differences are due to:

unstable socio-economic situation;
limited government support for enterprise reform policies and their restructuring in particular;
insufficient provision of reforms in the field of regulatory framework;
poor provision of companies with methodological documentation in the absence of qualified consulting services for restructuring and developing a financial strategy;
the unstable financial condition of companies (often we are talking about unprofitable or unprofitable companies on the verge of bankruptcy);
the limited financial basis for restructuring, i.e. the continued relative isolation of Russian companies from such sources of financing as international capital markets, loans from large foreign banks, etc.;
lack of highly qualified management personnel.

Restructuring should begin with the development of a strategic vision for the company to define its purpose. This general concept must correspond to a strategy that must be developed, first of all, for each division within the company. It is important to establish the degree of interdependence of the main divisions. If you plan to create a joint venture with foreign partners, then it is necessary to clearly understand the strategy of this enterprise, providing for the necessary investments. Only after this can the organizational structure most suitable for implementing the company's strategy be modeled. It is necessary to determine the company's management systems, human resources, and deadlines. The compliance of the company's strategy and organizational model with changing conditions should be constantly monitored.

A special issue is the calculation of costs for the restructuring process. It is important to concentrate the company's efforts on the area where sustainable competitive advantages are real.

Special work remains in connection with the formation of a working group to draw up a general restructuring plan and ensure interaction between divisions. Providing the working group with the necessary information is of great importance.

2. Types of restructuring

Since the activities of any commercial organization are focused on achieving an optimal balance between profitability and stability, the main goal of restructuring is to provide the necessary conditions for achieving such a balance. In this case, any function or set of functions of the organization is subject to structural changes, depending on the choice of the object of restructuring. So, functional restructuring - This is the implementation of certain structural changes within the organization, depending on the choice of the object of restructuring and aimed at achieving an optimal balance between the efficiency of the organization and the stability of its position. Types of functional restructuring are determined based on the functions of the organization. In economics, it is customary to distinguish three main functions - production, market And financial. It is advisable to also introduce social and environmental ones.

Thus, we can name the following types of functional restructuring:

. production(object - final product of production, production technology);

. market(object - supply and sales system);

. financial(object - cash flows within the organization);

. social(object - labor resources);

. environmental(object - interaction with the environment)

Technological restructuring. The main principle of this type of industrial restructuring is the integration of various enterprises within one production complex into a single structure in order to create a continuous technological chain for the production and sale of any type of product. At the same time, as a rule, it is possible to reduce the cost of manufactured products (including those consumed at different stages of the technological process), speed up their implementation, vary their quality and technical characteristics as necessary, and also normalize the cash flow between organizations that are links in the technological chain.

Financial restructuring.

Since the state of incoming and outgoing cash flows at a particular moment is reflected in the balance sheet, it is convenient to consider this type of functional restructuring in the context of the organization’s balance sheet items. Therefore, financial restructuring is in turn divided into asset restructuring and liability restructuring.

Asset restructuring. This includes the restructuring of non-current assets and accounts receivable.

Restructuring of liabilities. This includes the restructuring of equity and accounts payable.

Restructuring of accounts payable As a rule, it is carried out in two ways: prolongation (freezing) of part or all of the debt and reform (“reincarnation”) of the organization.

Reforming, or rather the “reincarnation” of organizations is a typical for the region, although not entirely correct way of carrying out financial restructuring. Its essence lies in the creation of new organizations on the basis of debtor enterprises, where, according to concluded agreements, all the “healthy” assets (property, equipment, personnel) of the restructuring initiator are transferred in exchange for newly issued shares of the new structures. As a result, the original enterprise, which has the same assets but is not burdened with liabilities, continues to exist happily, albeit under a new name(s). The “old” enterprise, which does not have any assets, is a formal defendant for obligations (of course, hopeless ones).

Social and environmental restructuring.

3. Principles and criteria for the effectiveness of restructuring

restructuring crisis management

Enterprise restructuring is a structural restructuring in order to ensure the effective distribution and use of all resources of the organization. Her goals:

Ensure stable and efficient operation;

Increase the volume of revenues to the budgets of the constituent entities of the Russian Federation and cities;

Improve the situation by increasing jobs and regularly paid wages.

When restructuring, the following requirements must be met:

1) preservation of the established scientific, technical, production and personnel potential;

2) coordination of the interests of all parties, target orientation towards balance, harmony of interests of the company, consumers and society;

3) solving problems of repaying debts to creditors;

4)increase in real budget revenues;

5)minimum possible reduction and creation of new jobs;

6)protection of shareholders' rights.

Systematic principle- this is the search and determination of connections, integrity, comparison of properties, finding the boundaries of the internal and external environment. This principle allows you to concentrate attention on the main thing, evaluate connections, differentiate them into external and internal, understand a property as a manifestation of the whole in one case and as a manifestation of a separate one in another.

The principle of transparency. Any employee of the organization must know and understand the essence and significance of the activities that are carried out during restructuring. Target orientation towards balance and harmony of interests of the company, consumers and society as a result of effective management leads to optimal decisions. It is important not to spoil the good things that were in the organization.

The principle of innovation or continuous improvement- this is a constant search and initiation of promising changes in needs, the use of new forms of communication (for example, via the Internet), the desire to be the first. Everything that an enterprise does in the internal and external environment must be systematically and continuously improved: goods and services, production processes, marketing, service, technology, training and education, use of information.

The principle of stabilization and controllability. The changes that occur during restructuring should not be carried out spontaneously. Long-term restructuring leads to stagnation, so when carrying out it it is necessary to respect the time limit. The main task here is the ability to carry out successful changes, which consist in using one’s own achievements and turning them into the foundation for subsequent activities.

The effectiveness of restructuring is related to the definition of its criteria.

Specialists of the Russian Privatization Center distinguish two types of criteria:

.“hard”, which are quantifiable;

.“elastic”, which cannot be measured quantitatively.

“Hard” criteria for the effectiveness of restructuring are

"Elastic" criteria for the effectiveness of restructuring are the number of top and middle managers covered by assistance programs; the degree of participation of Russian consultants in the implementation of technical assistance projects; the number of regions involved in the implementation of restructuring programs; the number of participants in thematic seminars on the study of positive experience; number of teaching aids, books and materials distributed. “Elastic” criteria take into account the positive results of restructuring, which cannot be directly measured, but can be attributed to long-term investments in “human capital”.

4. The role of restructuring in crisis management

Restructuring at the enterprise level can be presented in three directions:

*entry of new firms into the market or their relative growth;

*restructuring and reorganization of existing companies;

* exit from the market of firms undergoing bankruptcy, or winding down of ineffective firms.

Consulting experience in this area shows that the most successful changes are those that begin in a critical situation, i.e. the greater the real danger of crisis or bankruptcy, the greater the likelihood of success, since in the latter case initiative and active innovation, the creation of completely new and more effective management mechanisms are stimulated. Depending on the stage of evolution, an enterprise can be:

1) crisis;

2) stable;

3) active;

4) prosperous.

For most enterprises, it is necessary to carry out restructuring, which consists in bringing the organizational and production structures, capacities, property and land occupied in accordance with the volume of products for which there is effective demand, while simultaneously reforming the financial management system. This means that it is necessary to make changes in the organizational and production structure, assets, debt, personnel, etc., which will ensure at least reaching a break-even operating mode. Of course, this should not be a one-time event or another campaign, but represent a permanent process.

In crisis management, restructuring can be applied in three main situations:

The enterprise is in a state of deep crisis. In the modern Russian economy, this situation is typical for most state-owned and privatized enterprises;

The current situation of the enterprise can be considered satisfactory, but the forecasts for its activities are unfavorable.

The enterprise is faced with undesirable trends in terms of competitiveness, deviation of the actual state from the planned one (decrease in sales, profits, profitability, level of demand, cash flows, increase in costs, etc.). In this case, restructuring is a reaction to negative changes before they become irreversible;

The current situation of the enterprise is good. The company’s goal is to accelerate the gap between its closest competitors and create unique competitive advantages. Moreover, in the case of early identification of a crisis situation, greater freedom of maneuver and a wider choice of anti-crisis procedures are provided, including methods and means of restructuring.

The entire range of possible means during restructuring reforms can be presented in the form of a set of measures of an operational and long-term (strategic) nature.

In the longer term, the company must undertake deep, market-driven internal strategic transformations. An enterprise can only achieve long-term restoration of competitiveness when, based on a study of market conditions and competition, an adequate strategy is developed, an effective organizational structure is created, the weaknesses of production processes are investigated and transformed, and the management system is reformed.

However, the majority of domestic enterprises, as a rule, miss the most favorable time to implement structural reforms; many enterprises show signs of bankruptcy, and for a significant part, the main restructuring measures are already being developed within the framework of arbitration procedures. At this stage, the enterprise is not a completely independent economic entity, since its activities are controlled by the arbitration court, the meeting of creditors and an external manager. In such conditions, the main question is to determine the possibility or impossibility of restoring the enterprise’s viability, to find ways out of the current situation with minimal losses, taking into account the interests of the workforce, the budget and creditors.

Conclusion

Many Russian enterprises need to develop new skills if they are to operate within the rules of the market and strive for success in new conditions. In companies where the same people are forced to simultaneously work in different areas, this is very difficult to do. Company management will sooner or later have to make a decision to restructure the company, dividing it into smaller units that will be able to concentrate efforts on one type or one group of products and develop the skills necessary to achieve success in this area.

The restructuring process begins with a clear formulation of the overall strategic goal and the development of a realistic strategy for each of its activities and relevant divisions. Given the conditions in future markets and the specifics of future competitors, what is necessary for each enterprise to be profitable? Are these requirements feasible? What are the key changes that need to be made? You can begin organizational development when you have answers to these questions.

There are many ineffective operations that do not bring real benefit in production, in supply, in research and development, design work, and in all other components of the business. The course towards reforming it in a way that creates conditions for productive, creative work for every employee, every department by eliminating work and links that contribute nothing to the common treasury is the most effective today. It is very important that the restructuring process is ultimately aimed at ensuring that not only each link of the business operates productively, but also that the entire system is aimed at obtaining the maximum multiplier effect, i.e., the effect that is impossible to be obtained by each individual, but can actually be achieved through joint efforts, organized in an optimal way.

List of used literature

1. Mazur I.I., Shapiro V.D. Restructuring of enterprises and companies. A reference guide for specialists and entrepreneurs. - M.: Higher School, - 2000.

2. Porshnev A.G., Rumyantseva Z.P., Salomatina N.A. Organization management. Moscow, "INFRA. M", 1999

3. Efimova O.A. Financial analysis - M. Finance 2003

4. Estimation of the value of an enterprise (business) / V.A. Shcherbakov, N.A. Shcherbakova. - M.: Omega-L, 2006.

5. Uglevich V.N. Corporate management in an unstable market. - M.: Exam, 2003.

Faculty: management

Discipline: economics of the company.

On the topic of: Business restructuring: experience and problems.

Performed:

Master's student

Groups - 3 MGT(m) s

Aksakova Yu.V.

Nizhny Novgorod

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. 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, lack of working capital, V high level accounts receivable and accounts payable.

However, successful companies often carried out structural transformations. 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 changes aimed at increasing the investment attractiveness of the 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 it successful implementation there 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- this 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, adjustments are made general program restructuring and further work continues.

Unlike the complex 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.

To date 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.

The main goal of business restructuring is to create a business system that, on the one hand, will meet the long-term objectives of the owners, and on the other hand, will develop in accordance with the requirements environment. Restructuring involves both restructuring the business in order to concentrate on the most profitable areas of activity, and reorganizing the company's management system.

The essence of restructuring is to properly highlight and develop competitive advantage a company, that is, its ability to produce a product or service better than others and maintain its market position. Competitive advantage must be developed both in the external environment of the company (in the market) and within it. To determine market advantages, classical methods of market analysis are used: analysis of the industry, peer companies, macroeconomic factors, SWOT analysis, consumer surveys, etc. For example, when the decision was made on the further development of DeltaBank, its competitive advantage was defined as “the first bank , which issues credit cards to the public in large shopping centers" The main principle of restructuring the company's internal environment is to ensure business transparency. In this case, one must proceed from the principle of maximally simplifying existing processes and excluding those functions that can be purchased externally without damaging the business.

For example: DeltaCapital Management - Management Company, focused on financing and supporting newly created and sustainably developing Russian companies - potential market leaders. To date, DeltaCapital Management has invested approximately $270 million in 43 Russian companies through the US-Russia Investment Fund, founded in 1994.

The reason for the restructuring of the company was its very rapid growth: within a year, one enterprise was transformed into a group of four large enterprises that needed to be managed. The main goal of the restructuring was to increase business transparency and increase control over it. The issues of attracting cheaper money, increasing margins through new products, and improving supply efficiency were, in fact, secondary.

Stages of restructuring

Stage 1. Business diagnostics.

At this stage, it is necessary to clearly define the main business problem at the moment and formulate assumptions about the reasons for its occurrence. Thus, low turnover may be a consequence of poor organization of marketing and sales processes or personnel selection, and high costs may be the result of inefficient operation of capital-intensive departments.

For example : JSC "Inmarko" (Novosibirsk)

The restructuring of JSC Inmarko was primarily due to the growth of the company. In 2000, the group of companies included two manufacturing enterprises in Omsk and Novosibirsk with a different assortment and marketing policy. Disputes arose between enterprises about the priority of certain tasks, the priority of project financing, and the principles of decision-making. In addition, banks and partners expressed wishes to increase business transparency and consolidate assets. The restructuring project began with the centralization of the main management functions: finance, marketing, personnel management and control production activities, including the purchase of raw materials. The central management office was established in Novosibirsk.

In July 2003, the company's shareholders included venture fund Norum, established by the EBRD. With its advent, the next stage of restructuring began, the objectives of which were to increase the level of corporate governance and business transparency, as well as the creation of a legally enforceable company structure.

In order to make the company's work more transparent, a unified budgeting model was introduced in 2001, taking into account in a consolidated form the income and expenses of a group of companies, including the budgets of geographically remote services. Financial flow management was centralized, unified pricing and a unified marketing policy were established. For operation financial management in 2001-2002 all information bases the companies were merged.

In 2002, work was carried out to transform management reporting into US GAAP standards. Already in 2004, we received the first audit report from Ernst & Young, confirming the 2003 financial statements. Also during this period, the ISO:9001 quality system was successfully introduced.

To correctly diagnose business problems, you need to carry out the following activities: distribute profits among products and assess the profitability and potential market size for each of them. Even if only one type of company’s business turns out to be unprofitable, its liquidation will increase the value of the company by the amount of losses from it; compare financial indicators companies with industry peers. As a rule, such indicators are considered to be turnover per employee, turnover per sales manager, and the share of cost in the price of products.

2. Types of restructuring

Since the activities of any commercial organization are focused on achieving an optimal balance between profitability and stability, the main goal of restructuring is to provide the necessary conditions for achieving such a balance. In this case, any function or set of functions of the organization is subject to structural changes, depending on the choice of the object of restructuring. So, functional restructuring – This is the implementation of certain structural changes within the organization, depending on the choice of the object of restructuring and aimed at achieving an optimal balance between the efficiency of the organization and the stability of its position. Types of functional restructuring are determined based on the functions of the organization. In economics, it is customary to distinguish three main functions: production, market And financial. It is advisable to also introduce social and environmental ones.

Thus, we can name the following types of functional restructuring:

production(object – final product of production, production technology);

market(object – supply and sales system);

financial(object – cash flows within the organization);

social(object – labor resources);

environmental(object – interaction with the environment)

Financial restructuring.

Asset restructuring. This includes the restructuring of non-current assets and accounts receivable.

Restructuring of non-current assets consists, as a rule, in minimizing the share of non-profitable or low-income assets in their total structure. This principle can be figuratively called “balloon control technology” - in order for the organization to safely emerge from the crisis, it drops “ballast”.

Restructuring of liabilities. This includes the restructuring of equity and accounts payable.

Restructuring of accounts payable As a rule, it is carried out in two ways: prolongation (freezing) of part or all of the debt and reform (“reincarnation”) of the organization.

Social and environmental restructuring.

3. Principles and criteria for the effectiveness of restructuring

restructuring crisis management

Enterprise restructuring is a structural restructuring in order to ensure the effective distribution and use of all resources of the organization. Her goals:

Ensure stable and efficient operation;

Increase the volume of revenues to the budgets of the constituent entities of the Russian Federation and cities;

Improve the situation by increasing jobs and regularly paid wages.

When restructuring, the following requirements must be met:

1) preservation of the established scientific, technical, production and personnel potential;

2) coordination of the interests of all parties, target orientation towards balance, harmony of interests of the company, consumers and society;

3) solving problems of repaying debts to creditors;

4)increase in real budget revenues;

5)minimum possible reduction and creation of new jobs;

6)protection of shareholders' rights.

The principle of transparency. Any employee of the organization must know and understand the essence and significance of the activities that are carried out during restructuring. Target orientation towards balance and harmony of interests of the company, consumers and society as a result of effective management leads to optimal decisions. It is important not to spoil the good things that were in the organization.

The principle of innovation or continuous improvement- this is a constant search and initiation of promising changes in needs, the use of new forms of communication (for example, via the Internet), the desire to be the first. Everything that an enterprise does in the internal and external environment must be systematically and continuously improved: goods and services, production processes, marketing, service, technology, training and education, use of information.

The principle of stabilization and controllability. The changes that occur during restructuring should not be carried out spontaneously. Long-term restructuring leads to stagnation, so when carrying out it it is necessary to respect the time limit. The main task here is the ability to carry out successful changes, which consist in using one’s own achievements and turning them into the foundation for subsequent activities.

The effectiveness of restructuring is related to the definition of its criteria.

Specialists of the Russian Privatization Center distinguish two types of criteria:

“hard”, which are quantifiable;

"elastic" which cannot be measured quantitatively.

“Hard” criteria for the effectiveness of restructuring are

“Elastic” criteria for the effectiveness of restructuring are the number of top and middle managers covered by assistance programs; the degree of participation of Russian consultants in the implementation of technical assistance projects; the number of regions involved in the implementation of restructuring programs; the number of participants in thematic seminars on the study of positive experience; number of teaching aids, books and materials distributed. “Elastic” criteria take into account the positive results of restructuring, which cannot be directly measured, but can be attributed to long-term investments in “human capital”.

4. The role of restructuring in crisis management

Restructuring at the enterprise level can be presented in three directions:

*entry of new firms into the market or their relative growth;

*restructuring and reorganization of existing companies;

* exit from the market of firms undergoing bankruptcy, or winding down of ineffective firms.

Consulting experience in this area shows that the most successful changes are those that begin in a critical situation, i.e. the greater the real danger of crisis or bankruptcy, the greater the likelihood of success, since in the latter case initiative and active innovation, the creation of completely new and more effective management mechanisms are stimulated. Depending on the stage of evolution, an enterprise can be:

1) crisis;

2) stable;

3) active;

4) prosperous.

In crisis management, restructuring can be applied in three main situations:

The enterprise is in a state of deep crisis. In the modern Russian economy, this situation is typical for most state-owned and privatized enterprises;

The current situation of the enterprise can be considered satisfactory, but the forecasts for its activities are unfavorable.

The entire range of possible means during restructuring reforms can be presented in the form of a set of measures of an operational and long-term (strategic) nature.

In the longer term, the company must undertake deep, market-driven internal strategic transformations. An enterprise can only achieve long-term restoration of competitiveness when, based on a study of market conditions and competition, an adequate strategy is developed, an effective organizational structure is created, the weaknesses of production processes are investigated and transformed, and the management system is reformed.

However, the majority of domestic enterprises, as a rule, miss the most favorable time to implement structural reforms; many enterprises show signs of bankruptcy, and for a significant part, the main restructuring measures are already being developed within the framework of arbitration procedures. At this stage, the enterprise is not a completely independent economic entity, since its activities are controlled by the arbitration court, the meeting of creditors and an external manager. In such conditions, the main question is to determine the possibility or impossibility of restoring the enterprise’s viability, to find ways out of the current situation with minimal losses, taking into account the interests of the workforce, the budget and creditors.

Conclusion

Many Russian enterprises need to develop new skills if they are to operate within the rules of the market and strive for success in new conditions. In companies where the same people are forced to simultaneously work in different areas, this is very difficult to do. Company management will sooner or later have to make a decision to restructure the company, dividing it into smaller units that will be able to concentrate efforts on one type or one group of products and develop the skills necessary to achieve success in this area.

The restructuring process begins with a clear formulation of the overall strategic goal and the development of a realistic strategy for each of its activities and relevant divisions. Given the conditions in future markets and the specifics of future competitors, what is necessary for each enterprise to be profitable? Are these requirements feasible? What are the key changes that need to be made? You can begin organizational development when you have answers to these questions.

List of used literature

Mazur I.I., Shapiro V.D. Restructuring of enterprises and companies. A reference guide for specialists and entrepreneurs. - M.: Higher School, - 2000.

Porshnev A.G., Rumyantseva Z.P., Salomatina N.A. Organization management. Moscow, "INFRA. M", 1999

Efimova O.A. Financial analysis - M. Finance 2003

Estimation of the value of an enterprise (business) / V.A. Shcherbakov, N.A. Shcherbakova. - M.: Omega-L, 2006.

Uglevich V.N. Corporate management in an unstable market. – M.: Exam, 2003.

home » Loans » Ryabtsev A.V. Analysis of foreign experience in enterprise restructuring and its use in Russian conditions. Restructuring a company as a means of increasing its market value using the example of Housing Capital JSC Restructuring experience