Open Book Management | Up and to the Right | Episode 030

Show Notes

Find the show notes at https://b50p.info/uattr030

Open Book Management shares financial information with employees with the expectation that they use that information to feel confident that the owner trusts them and that they can see where the company is spending money and how they might be able to help.

Let's get open... or maybe not?

Benefits
• Positive Employee/Employer Relationship - sets a stage of trust

• Helps employees understand the company as a whole

• Assists them in performing their job more effectively/efficiently

• Gives them perspective to come up with creative solutions to solve company/customer problems

Risks
▾ If your a sole proprietor or partner... this is your Personal Financial Data

▾ Employees 2nd guessing financial decisions

• They may not have a comprehensive perspective

• You don’t pay them to analyze and 2nd guess you

• Could undermine rather than strengthen employee feelings toward company

Closing
Do you have any experiences with open book management? Drop a comment on our podcast page or on the Youtube post and share what you've learned!

Thanks for watching or listening!

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