The Covid-19 pandemic, to put it lightly, kept business on its toes in 2020. Major structural changes at organizations large and small, across all kinds of industries and markets dominated headlines during the past year. We watched as companies, one after the other, were forced into making changes, planned or unexpected, due to significant external pressures and in many cases, in order to simply survive. 

The importance of good communication during times of major upheaval cannot be understated. Making sure that key stakeholders groups understand the changes being made, what it means for them, the business and the future is extremely important when it comes to preserving business continuity and even license to operate, during major transformations. Employees, customers, partners, suppliers, regulators and investors all have a stake and making sure they are hearing what they need to hear when they need to hear it is key for protecting reputation and laying a solid foundation for the future of the business.

With this in mind, we have developed a series of tips and considerations to help ensure businesses are thinking holistically and strategically about the communications approach that underpins a restructuring. Our five rules are as follows:

  • Be Guided by Trust: Understanding the trust dynamics in play including the reality of the trust landscape for the company in question is crucial for developing communications that are appropriate and resonate with audiences. These moments carry significant risk, but also opportunity.
  • Know Your Stakeholders: Transparency is key, make sure stakeholders who need to hear from you are getting the information they need.
  • Don’t Operate in a Vacuum: Due to high levels of complexity, ensure you have the right experience in the room to provide insights that inform the communications planning process.
  • Provide a Vision for the Future: Good communication during a restructuring is grounded in a strong narrative that lays out the what, why and how.
  • Plan for Announcement Day: Have a detailed plan for announcement day to ensure information is communicated to the correct stakeholders, at the correct time and in the correct way.

DETAILED PRESENTATION

At a foundational level, these five rules for success, detailed in the attached document, are designed to help business get ready to communicate significant change efficiently and effectively, while growing trust amongst key stakeholders and positioning the organization for future success.

Should you have questions for your own restructuring communications planning, we’d be happy to advise you.

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