The Great Game of Business Blog

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11 Financial Terms to Teach Employees

Nov 17, 2020 by The Great Game Team 1 Comment
If your company practices any level of transparency, you know it’s often difficult to help your employees understand all of the financial jargon they will hear on a daily basis. What better time than now to teach your employees basic business financial terms and help them understand what they mean? Use the terms and definitions below to complete this classic training bite to help your team learn 11 basic financial terms in 15-minutes or less. 
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Missed Opportunities

“Maybe that meeting was my missed opportunity,” Ron told me, beating himself up a bit. “The fact that the president hadn’t even reported the actual results from the quarter should have alarmed every one of us board members into taking action.” That never would have happened at SRC. We work with our financials in real-time and through our constant huddling, not to mention our bi-annual High-Involvement Planning (HIP) meetings where all of our divisions get together to compare our progress on achieving our plans and forecasts. Paranoia can be good for you—unless you don’t do something about what scares you. You can’t hide from the solution and be successful.
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If You Work At Netflix, You’re Going To Get Wet

Sep 22, 2020 by Darren Dahl 2 Comments
Why the online streaming company doesn’t believe in keeping secrets from its employees. In his new bestselling book, No Rules Rules, Reed Hastings digs into some of the cultural aspects that make the company he co-founded, Netflix, so successful. In the book, which is framed as a kind of conversation with Erin Meyer, a professor at the INSEAD business school, Hastings writes that one of the cultural values he instilled in Netflix from its very beginning was that there weren’t going to be any secrets. As he puts it, embracing transparency and letting go of secrets—what Netflix calls “sunshining”—brings incredible advantages in terms of building trust and empowering employees to think like owners. What’s interesting is that Hastings acknowledges it’s easy for leaders to say they are pro-transparency. No one goes around saying they want to promote organizational secrecy, right? But why then, he asks, do so many organizations not walk the walk when it comes to sharing things like the company’s financials with their employees?
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What Does It Mean to Lead Like a Human?

Aug 26, 2020 by Adam Weber 5 Comments
Manager or Monster? Across Emplify’s entire data set, the most common challenges we see are companies promoting top-performing employees into management and then leaving them to their own devices. Unfortunately, when they become managers, they lack support from the business to transform them into truly inspiring leaders. Instead, they fall back on antiquated management styles that sow disengagement among the people they manage. These old styles of management are directly opposed to what I believe it means to lead, and were the driving force behind me writing my new book, Lead Like a Human.
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Creating Value for Your Business When Your Best Assets are People

Aug 17, 2020 by Stephanie Carlin 0 Comments
For owners of closely held, service-based businesses contemplating the total or fractional sales of their companies, attracting and retaining key employees is critical to creating and sustaining value for the long term. A service-based business faces the unique challenge of proving its continuing viability to a potential buyer since its assets are people. A business that can keep its best employees during and following a transaction will be much more likely to keep its customers, thus retaining its value.
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Training Bite: Cash is King Financial Literacy

Let's face it, the most important thing in business is CASH.  Cash is the oxygen of every business. When you have cash, your business can breathe. Cash enables it to survive and prosper.  While businesses can survive for a short time without growing in sales or profits, without cash it simply will not survive. This is why the inflow and outflow of cash must be carefully watched and managed.
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4 Common Mistakes Companies Make with Open-Book Management

Feb 21, 2020 by Cassie Potts 2 Comments
For more than 25 years, we’ve helped thousands of companies implement open-book management to its fullest capacity. Along the way, we’ve developed a list of common mistakes companies make while using transparency and open-book management in their organization. If you think you are not executing open-book management correctly, or are not seeing the results you expected, then you may be making one of these four common errors:
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Your People are Asking for Opportunities to Grow

Jan 23, 2020 by Lauren Haley 0 Comments
Employee engagement is a hot topic for the start of 2020 as business owners are focusing on attracting and retaining top talent. How are you going to invest in your employees this year and keep them engaged? As an employer, are you up to par with what your staff is looking for? According to this survey from CareerBuilder, employees are saying they want to get ahead in their career and utilize more training, but aren't offered educational opportunities to learn the skills needed to do so: Only 32% of employees are satisfied with the opportunities for career advancement.  58% think their company does not offer enough opportunities to learn new skills and help them move up in their career. If offered, 73% of employees whose companies do not currently offer educational opportunities or workshops outside of work hours say they would be likely to participate if they were available. Employees want to learn, grow, and contribute to the success of the organization. Have you considered training your employees in these areas?
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Building a Business of Businesspeople at Netflix

Nov 5, 2019 by Rich Armstrong 0 Comments
Few companies have exploded onto the scene the way Netflix did in the late 1990s.  Perhaps more impressively, the company beat back an 800‐pound gorilla called Blockbuster Video on its way to radically changing how many of us now consume TV shows and movies. What makes Netflix’s success interesting is how it managed to embrace several massive changes in its business model as it outmaneuvered its much larger rival. The first of those big shifts was when co‐founder Reed Hastings decided that Netflix would begin offering monthly subscription plans to its customers where they could rent as many movies as they liked for a flat fee. Even more radical was the notion that it would also eliminate late fees—which made up a large percentage of Blockbuster’s revenues. But pivoting like that promised to not only disrupt Blockbuster—it might also rattle Netflix’s employees, causing them to wonder if the new business model would work. How could they pull everyone together and get them to believe this was the best strategy moving forward?
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The Secret to Creating an Ownership Culture: Hint—It's Not Just About Equity

Oct 29, 2019 by John Williams 0 Comments
Ownership Advantage: Financial Literacy is Key  to Creating an Ownership Culture Over the years I have talked to several business owners who want their employees to think and act like owners. They want them to be engaged and passionate about their jobs. They want them to enjoy coming to work. These owners often see setting up an ESOP as a way to change the organization’s culture and instill the aforementioned traits of thinking and acting like an owner. Two or three years later, I talk to some of the same owners, who at one time saw the ESOP as a cure for their culture problems and now are blaming the ESOP and the employees for their inability to create an ownership culture. They say: “I started this ESOP thinking that it would make all my employees care about their jobs. It hasn’t done anything. In fact, their behavior is worse now.” One would ask: “Why is it worse?” The answer is that these owners were using leadership to manage employees before the ESOP and after the ESOP they quit leading and managing them at all because they thought the ESOP would do this for them. I’ve heard of several cases like this. So, if the ESOP is not going to be the magic potion, what is?
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How One Company Saved $270K in MiniGames™ & Educational Training

Oct 25, 2019 by Lauren Haley 0 Comments
Giving employees equity is one thing. Getting employees to think and act like owners is an entirely different story. That’s why SRC Holdings Corporation has an Ownership Culture Committee (OCC) responsible for challenging each company to stay true to the principles and practices of The Game and spreading the culture of ownership to every employee in the SRC family of companies.   With two major changes in leadership, a dip in the core business, and no sales manager, SRC Logistics, a division of SRC, knew 2019 would hold its challenges. In order to meet their annual plan and the metrics they needed to have a successful business year, their five-member Ownership Culture Committee helped facilitate MiniGames™ across all departments, provide educational trainings, promote cost savings and revenue opportunities, and ultimately close the gaps and have a successful 2019 year. Here’s how SRC Logistics turned their year around:
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5 Golden Rules of Teaching Financials to Employees

If you approached an employee at your company and asked them who creates the financial numbers in your company, what would they say? Odds are, they’d probably point to the accounting department. Sure, accounting has a lot to do with your company financials, but they don’t really create them. Your employees create the financials through the decisions they make and the actions they take. So how do you help your employees understand their part in creating the numbers and how their actions can affect those numbers? We recommend you follow the five golden rules of teaching employees about company financials:
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About The Great Game of Business

Our approach to running a company was developed to help close one of the biggest gaps in business: the gap between managers and employees. We call our open-book approach The Great Game of Business. What lies at the heart of The Game is a very simple proposition: The best, most efficient, most profitable way to operate a business is to give everybody in the company a voice in saying how the company is run and a stake in the outcome. Let us teach you how to develop a culture of ownership, where employees think, act and feel like owners.