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Open Book Management

Open Book Management. In sixty seconds …. Think Like An Owner. To feel a part in a business , to feel empowered and have a voice in what happens, you first have to understand what business is all about. OBM helps us deliver this by …

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Open Book Management

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  1. Open Book Management In sixty seconds …

  2. Think Like An Owner To feel a part in a business , to feel empowered and have a voice in what happens, you first have to understand what business is all about. OBM helps us deliver this by … • Communicating all relevant information, monthly or weekly or daily to every partner who needs it (open books) • Explaining, training, supporting, rewarding every partner to contribute to shared objectives (management) There are four principles to OBM (Case, 1993) …

  3. 1 : Information Please ‘Information lets people figure out what to do on their own, without being told.’ (Drucker, 1954) Colleagues will be informed by … • Providing them with whatever data they need in a timely, accurate and efficient manner (scorecards) • Sharing, explaining and analysing data to provide useful information (meetings)

  4. 2. Business Literacy Everyone needs to understand their part of the business and the business as a whole. Colleagues will become business literate through… • Online and classroom instruction on key business basics (training) • Help and coaching as part of regular meetings (reinforcement)

  5. 3. Empowerment Worker participation – a great idea that never really happened. Until now? Colleagues will actively participate in our business by … • Understanding how we make money not just hit operational targets (transparency) • Become responsible for their own decisions and hence their own numbers (ownership) • Working closely together in profit centres (teamwork)

  6. 4. A Stake in Success People need to share directly in the company’s success – and in the risk of failure. Partners will share success and failure by… • Setting SMART objectives, that they directly contribute to and by tracking them in public (goal setting). • Only rewarding profitable performance, paid promptly and prudently (PRP) • Owning a part of our business via an Employee Share Ownership Programme (ESOP).

  7. More Information • Case, John (1995). Open book management. The coming business revolution. • Drucker, Peter (1954). The practice of management. • Economist, (2009). Open book management • Stack, Jack (1992). The great game of business. • Wall Street Journal (2009) An open book. When companies share their financial data with employees, the results can be dramatic.

  8. Thank you.

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