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Vinay Couto - Fit for Growth: A Guide to Strategic Cost Cutting, Restructuring, and Renewal

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A practical approach to business transformation

Fit for Growth* is a unique approach to business transformation that explicitly connects growth strategy with cost management and organization restructuring. Drawing on 70-plus years of strategy consulting experience and in-depth research, the experts at PwCs Strategy& lay out a winning framework that helps CEOs and senior executives transform their organizations for sustainable, profitable growth. This approach gives structure to strategy while promoting lasting change. Examples from Strategy&s hundreds of clients illustrate successful transformation on the ground, and illuminate how senior and middle managers are able to take ownership and even thrive during difficult periods of transition. Throughout the Fit for Growth process, the focus is on maintaining consistent high-value performance while enabling fundamental change.

Strategy& has helped major clients around the globe achieve significant and sustained results with its research-backed approach to restructuring and cost reduction. This book provides practical guidance for leveraging that expertise to make the choices that allow companies to:

  • Achieve growth while reducing costs
  • Manage transformation and transition productively
  • Create lasting competitive advantage
  • Deliver reliable, high-value performance

Sustainable success is founded on efficiency and high performance. Companies are always looking to do more with less, but their efforts often work against them in the long run. Total business transformation requires total buy-in, and it entails a series of decisions that must not be made lightly. The Fit for Growth approach provides a clear strategy and practical framework for growth-oriented change, with expert guidance on getting it right.

*Fit for Growth is a registered service mark of PwC Strategy& Inc. in the United States

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Contents List of Illustrations Guide Pages Fit for Growth A Guide to Strategic - photo 1
Contents
List of Illustrations
Guide
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Fit for Growth
A Guide to Strategic Cost Cutting, Restructuring, and Renewal

Vinay Couto | John Plansky | Deniz Caglar

Fit for Growth A Guide to Strategic Cost Cutting Restructuring and Renewal - image 2

Cover image: Paul McCarthy
Cover design: Wiley

Copyright 2017 by PricewaterhouseCoopers Advisory Services, LLC. All rights reserved.

PricewaterhouseCoopers Advisory Services, LLC. PwC refers to the U.S. member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com . Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions .

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor the author shall be liable for damages arising herefrom.

For general information about our other products and services, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com . For more information about Wiley products, visit www.wiley.com .

ISBN 978-1-119-26853-6 (cloth); ISBN 978-1-119-26854-3 (ePDF);
ISBN 978-1-119-26855-0 (ePub)

Preface

Many companies today are trying to jump-start flattening revenues and deliver higher returns to investors. Some are fighting off efforts by activist investors to gain control of their company. Others are simply trying to survive and regroup. A few are racing to fend off bankruptcy. More and more, enterprises of all kinds are realizing that the only way to unleash profitable growth is to cut costs often dramatically. In the globally interconnected, digitally disintermediated, hypercompetitive markets of the early twenty-first century, there is no safe harbor when it comes to the bottom line. Companies need to focus on managing costs as rigorously as they concentrate on growing revenues. As with any living organism, there is no profitable growth without equally robust pruning.

We have 70 years of collective experience in helping companies succeed in challenging markets. The surest path to success, we have found, is for companies to become Fit for Growth. Companies that are Fit for Growth do three things consistently and continuously:

  1. They focus on a few differentiating capabilitiesthe things they do better than any other company.
  2. They align their cost structure to these capabilities.
  3. They organize for growth.

Our research and client experiencesbased on lessons learned at hundreds of companies across all business sectors worldwideshow that companies that follow this Fit for Growth formula generate the highest growth and financial returns.

This book is a definitive guide for senior executives and middle managers on how to align their company's costs and organization with their strategy, so that they can grow, create value, and continuously outperform their competitors. It provides a complete blueprint for running a large-scale Fit for Growth cost transformation, including concepts, ideas, analyses, real-life case studies, and specific hands-on advice. It can also serve as a definitive handbook of the most important methods for managing costs.

The book is organized into three parts, each focusing on different aspects of the Fit for Growth approach. Each can also be read on its own. Part I, Introduction and Fit for Growth Overview, introduces the Fit for Growth approach, which explicitly connects a company's growth agenda with its organization and cost agenda. Through specific company examples, we give economic and business reasons why companies need to cut costs strategically to grow. We explore what it means to become Fit for Growth and the key elements of the restructuring and renewal journey: identifying differentiating capabilities, aligning the cost structure, and reorganizing for growth. Last, we share 10 best practices for CEOs and CxOs to guide their organizations through a Fit for Growth transformation.

Part II, How to Cut Costs and Grow Stronger: A Manager's Guide, dives into tried and proven approaches to strategic cost reduction. Through case studies and best practices, we discuss the nine most important techniques, or levers, for cost management: business portfolio rationalization, zero-basing, aligning the operating model, outsourcing, footprint optimization, process excellence, restructuring management spans and layers, strategic supply management, and digitization. We explain each lever with practical examples, suggest when it should be applied, and walk through a step-by-step approach on how to execute.

In Part III, Coping with Cost Restructuring: How to Manage and Sustain the Change, we discuss restructuring and ongoing renewal, focusing on the Fit for Growth restructuring journey and sustainability. We start by discussing how to mobilize, scale, and run a successful Fit for Growth transformation. Then we turn to the people aspects: how to manage the organizational morale throughout a cost transformation journey, and what senior leaders must do to keep their organizations engaged. We also discuss how to get the people in the organization ready, willing, and able to change. We review basic change management techniques and discuss why these techniques alone are not enough, and detail how executives must enlist the organization's culture to motivate, enable, and sustain the change. Last, and perhaps most important, we focus on how a company can stay Fit for Growth by introducing tools and techniques to sustain the benefits of the transformation and avoid returning to old, inefficient behaviors.

Whether you are an executive looking to catalyze growth in your organization, or have recently found out that your own organization is preparing to go through a restructuring journey, in

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