Currently, we see how the global economic climate becomes more and more challenging for most industries. Often countries don’t know what to do to help their industries grow. Businesspeople find themselves in difficult positions where they need to make difficult decisions. And, companies in pretty much any field have to face the cruel reality of a merger or a restructuration, where some of their team members need to be let go.
There is one industry, in particular, that is facing some challenges nowadays, this is the film industry. With a high supply and low demand for many of the franchises that are being produced, many organizations are starting to witness financial crises. Which, eventually will lead them to restructure their entire scheme in order to become competitive and successful again.
This scenario is quite challenging, given the fact that every day the demand for home entertainment grows, with companies such as Netflix, iTunes or Redbox. However, we know that by restructuring their operations, most companies in the film industry can survive the current financial chaos. It is all a matter of looking at these circumstances as if they were opportunities that need to be seized.
In this article, some ideas about how to restructure a company in the film industry will be shared.
Quality over quantity
Companies in any industry need to know that in order to be noticed, they need to stand out. This idea is usually misunderstood by film producers who believe that by increasing the number of movies they produce, their odds of becoming successful will also increase.
Real events point out that what consumers actually care about is quality over quantity. It is not necessary for companies in the film industry to produce a hundred terrible pictures, especially when this means losing enormous amounts of money unnecessarily. It is more important for them to focus their energy on developing a successful script that can be supported by a delightful team and later on turn into a hit in the box office.
Another aspect that is important to consider regarding this matter is the size of teams. To produce a great idea companies in the film industry don’t need to hire a thousand people. They could actually work with a handful of individuals that actually know what they are doing, even if they charge more for their job.
Companies need to work with people that are accountable, clever and resourceful. In this sense, they should restructure their organization moving towards this concept. Good products can only be produced by people who are good at what they do.
This is a crucial matter for most companies today, but it is especially applicable to companies in the film industry. Hierarchic models were created so highly operative companies could be efficient and therefore successful. However, the same concept does not apply to the film industry, where people need to be creative and every single individual has the potential to offer its ideas for the benefit of the institution. Even Walt Disney had to start its own empire in the film industry from the bottom.
Breaking the hierarchic structure of companies in the film industry when restructuring them is probably one of the best things to do. However, it is important to notice that in order for companies to obtain better results, they need to count on a team of people who actually know what they are doing. A model without hierarchic basis can only be successful when every member of the team is an expert on the matter, has the flexibility to move from one activity to the other, is willing to cooperate with other team members, is willing to discuss matters and is highly goal-oriented.
Embrace everyone’s creativity
When restructuring a company in the film industry one concept that has become crucial is to count on the support of a creative team. This means that having creative skills should always be asked for and expected from every team member.
Creativity is what allows individuals to look at the world in a different way and to propose solutions to every issue in ways that are totally unconventional but still down to earth and potentially successful.
It is important to notice that in order for film companies to incentive their creative team to be even more creative, they need to offer the ideal spaces where individuals can enjoy themselves. This probably implies that each company will need to change its infrastructure during its restructuring, but it is always for a good cause.
Collaboration in crucial
When restructuring the company, make sure you count on everyone. This means that companies will need to count on their team members, the audience opinion, the social media perspective, among others.
A restructuration is an event that takes place internally, but in the film industry, it is vital to count on external input in order to become successful.
Related: Everything You Need To Survive Organizational Restructure by Suzzanne Uhland
* Featured Image courtesy of Tom Benson at Flickr.com