4 Tips to Get the Best Result from an Oil and Gas Restructuring Advisor
Companies in the oil and gas industry are facing greater pressure during restructuring than ever before and can benefit from hiring an oil and gas restructuring advisor to help guide them through a restructuring. Companies often seek help from oil and gas consulting firms who have the experience, expertise, and resources that are needed to get companies out of deep water and back to a profitable and stable state. Restructuring advisors can think from an investors’ perspective, help customers overcome current challenges, and promote strategic change allowing customers to confidently make the right decisions at the appropriate times.
If your company is considering working with an oil and gas restructuring advisor, read on for some tips that you can use to get the best result.
Tip #1: Prepare prior to the project kick-off
Your company should first determine if it needs consulting for a short-term or long-term solution and what tool you want to use to track project progress. Companies should be clear about expectations and requirements and have them documented. By doing so, consultants can work with them more efficiently on the scope and objectives of the project.
Tip #2: Select a qualified oil and gas consulting firm
Keep in mind that the size of an oil and gas consulting firm does not guarantee the best result. Companies should review the prospective firm’s previous successes, published cases and expertise in the particular area by doing research and asking around for referrals. Some consulting firms provide easy access to detailed project results, past performances and consultants’ knowledge skillsets on the website. You can learn more about Opportune’s competences by clicking here.
Tip #3: Commit to engage your organization
Oil and gas restructuring is a complex and challenging area of business. Make sure your restructuring advisors have access to necessary company data and know who to seek out for information within the company.
Tip #4: Communicate with your restructuring consultants frequently
It is important to involve your restructuring advisors in all meetings and treat them as part of your team. Make sure to communicate with your advisor regularly and give feedback so that they are informed of what has been done well and what needs to be improved upon. This can be an effective way for your oil and gas restructuring advisor to quickly adjust to meet your expectations.