One Mid-Missouri Company Reaps the Benefits of Open Book Management
by: Mark Gandy
Outsourced CFO | Small Business Financial and Performance Management | Principal at G3CFO
Foreword: Check out this CEO interview where Shawn Burcham describes how open book management has helped PFSbrands rapidly grow. This is a must read CEO interview!
[This CEO interview was originally published on LinkedIn.]
“Mark, do you want this book?”
I picked it up, and on the cover there was a guy in a suit sitting on a large engine turned on its side. Then I read the title–brilliant. I didn’t get much sleep that night as I couldn’t put it down. So what was the name of the book?
The Great Game of Business, by Jack Stack and Bo Burlingham.
Dennis Karstens, I owe you. The President of Orscheln Farm & Home gave that book to me in 1994. Since then, I’ve probably read it nearly a dozen times.
The central theme of the book is open book management. The author explains how opening the books and teaching every employee how their jobs impacted sales, gross profits, and bottom-line earnings turned a company from barely surviving to a stalwart of ongoing success.
If business had its own hall of fame, those who inducted Jack Stack would ensure he had his own wing and deservedly so.
While Stack’s first book, The Great Game of Business reads like a business biography of Springfield ReManufacturing Company, his second book, A Stake in the Outcome is like a tactical playbook for implementing open book management. Don’t read one, read both.