Frank Smith, COO and Sr. Executive Coach, is a certified Great Game of Business coach. Frank helps companies implement open-book management concepts through corporate consulting and employee training.
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In its simplest form, Open-Book Management is a way of running a company that gets everyone focused on building a better business—helping the business be more successful. It teaches all employees the goals of the company and how they can make a difference, both individually and as part of a team.
Open-Book Management works because employees get a chance to take responsibility or ownership of the company's success rather that just "doing their job." Each employee knows enough about the company to understand how their actions affect their stake in the outcome.
There are many misconceptions of what Open-Book Management is and what it means to practice Open-Book Management. Many believe it's about simply sharing financial information with employees and maybe teaching what that information means. However, companies that experience the real power behind Open-Book Management go far beyond simply "opening the books," by building a better business of business people.