Using Open Book Management to Foster a Collaborative Environment

Posted by Jedidiah Gant on August 23, 2018

“When you empower your people to make better judgments and decisions, you’re only going to reap greater reward—as a company and for those individuals.”

You’ve kept your finger on the pulse of your brand’s external audience, but what about the power of bolstering your internal team to increase profit margins? You can help your leadership team create a more profitable — and collaborative — work environment by facilitating greater understanding of the financial health of your organization.

Join Media Strategist Jedidiah Gant and Finance Administrator Alex Hopkins as they discuss how open book management can unite colleagues by showing how companywide actions can influence the bottom line.
 


 

Key takeaways:

  • Internal Initiatives that give all employees an opportunity to get involved with passion projects are a great way to source creative expertise from across the firm.
  • Open book management is an initiative that teaches financial literacy and business understanding to every employee across the agency.
  • Open book management gives employees a more ownership-based mindset and a richer base of information to make decisions.
  • Financial literacy ultimately leads to projects that are more profitable and efficientdecision-makers brands alike.
  • Open book creates a more collaborative environment rather than just a few key decision makers operating in a top-down mentality.
  • Jack Stack wrote a book called, “The Great Game of Business,” which took open book management principles and put them into a game-style format.
  • The Great Game of Business creates a competitive environment where a company is collectively competing against a driver or competing against a goal that they want to reach as a business.
  • Understanding the big picture fundamentally changes the way that people perceive their role and their impact in a business.

Top Quotes:

“We teach financial literacy and business understanding to every employee at Myriad so that they can have a more ownership-based mindset. They have a richer base of information to make decisions within their own realms that help move the business forward to being more profitable, and ultimately, we all share in those extra wins, right?”

“I think what’s really cool about his proposition is that every company is different. Every company’s core, and culture, and heart is different and you can make open book management a great game…”

Resources:

Open Book Management

The Great Game of Business

Open Book @ New Belgium Brewing

Credits:

Recording Engineers: Hillary Scott & Melissa Douglas

Editor: Melissa Douglas

Producer: Hillary Scott

 


 
TRANSCRIPT

JED: Cool, Alex.

ALEX: Jed.

JED: Welcome back!

ALEX: Thank you.

JED: We had you on recently. That was fun.

ALEX: It was fun.

JED: It’s been a while.

ALEX: It’s nice to be back again.

JED: Well, welcome back. So we’re going to jump into some fun topics, but first I’d love to ask you a quick question.

ALEX: Geez.

JED: You cool with that?

ALEX: I love questions.