This conversation continually pops into my head ever since I’ve become a business owner. There are things we just don’t see as we are forging ahead each day, toiling in our businesses and our lives. We need to step back and try to see how we’re doing and where we can improve. We need to get off the lawn.
I hear from many business owners who are stuck. Revenues are flat; sales are stagnant. These leaders are looking for a way to get over the hump and really take their businesses to the next level. The solution might be to take a step back and really get to know your business. The solution is open-book management.
One of the greatest benefits of open-book management is awareness. Practitioners and their employees have a better sense of where their companies are and where they are going. Take the following nine-question quiz to see how well you know your company. Be completely honest with yourself because your answers to these questions play a vital role in growing a business.
How did you do? How well did you know your company? Is there room for improving awareness amongst employees and financial planning? If so, I suggest considering open-book management. Open-book management helps build financial awareness through a solid education, communication and planning process with employees at all levels of the company. One of the ways to keep this process consistent is through implementing a biannual high-involvement planning process. This will guarantee that your company is looking at financial and strategic goals in a well-rounded manner throughout the year and addressing goals, objectives, opportunities and threats in a proactive manner.
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