One of the most common misconceptions about open-book management, is that there is a fast and easy 1-step approach to execution.
The goal of open-book management is to empower employees to be contributing voices in the running of your business. It aims to create an exchange of information that will help to improve the business from the inside out, instead of from a mandated “top down” approach.
Many companies quickly realize that sharing financials is part of this new approach. However, it cannot be the sole approach. Not only are financial reports far too complex for most, but they are centered in past performance.
Open-book management is all about forward-thinking, and empowering your team to become part of the solution. Use the financials to identify areas of opportunity, but talk to your team about the areas they see room for improvement. Odds are, they have far more insight than you imagine.
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