P5.001 (PEOPLE IN THE GAME) AN OVERVIEW - WILLIAM EASTMAN

Today is part 4 of a 5 part, 45 show series on the Technology of Business. It runs 5 days a week over the next 9 weeks and is structured by our approach to a Balanced Scorecard for measuring and managing the business.

A quick reminder for anyone unfamiliar with our methods:

F = (O + C + P)E

Financial Performance is the result of how well the Entrepreneur/Owner/Executive leads and manages Processes, Customer acquisition and retention, and has People invested in the future of the business.

The previous shows we covered Financial Performance, Processes Under Control, and Inside the Customer. This show is an overview who you need to hire and move them from trading time for money to invested in the business's future.

Here is how the Balanced Scorecards converts into our weekly programming:

• Finance Monday: Employee Capitalism
• Operations Tuesday: Processes Under Control
• Customer Wednesday: Inside The Customer
• People Thursday: People In The Game
• Owner Friday: ReIMAGINING The Business

INTRODUCTION
Very seldom am I impressed by a business book and almost never about 2 books released at the same time. In the mid 1990's as we were building our large corporate consulting practice I read both "the Great Game of Business" and "Open Book Management". 

What made these two texts significant was (1) both were written by CEO's on their methods of growing a business, not consultants, and (2) guidance on how to build variable compensation systems. I now had a tool to educate employees on how to understand the numbers and positively influence their compensation.

Since then I have used these concepts with all of my clients, when  appropriate, and it is how we are building the IBGR organization. The following are a few key rules to take advantage of this powerful tool:

• Management By Objectives - the business has a written plan that includes aspirations (initiatives), results (goals), and activities (objectives);
• Training on Business Acumen - routine education of the workforce on how the business performs, makes money, and keeps profits;
• Shared Financials - the books are shared (appropriately) and used daily to run the business;
• Line of Sight - everybody in the organization is responsible for objectives and goals affected by their position
• Personal Scoring - every person is responsible for maintaining their own metrics and sharing the information

OBJECTIVES
Given all the topics we will cover this season in the Technology of Business Series, this is the most radical - at least at first sight. The idea of sharing financial information with employees or alliance partners is scary - but it works if want people vested in the future of the business.

WHAT YOU NEED TO KNOW

• P5.001 Series Overview (5MAY21)
• P5.002 The Revolution Revisited - Open Book Management & The Great Game of Business (12MAY21)
• P5.003 Management By Objectives is a Power Tool (19MAY21)
• P5.004 Want to Share, Want to Hold - Your Financials (26MAY21)
• P5.005 Train Your People to Win in the Game of Business (2JUN21)
• P5.006 Changing the Mindset from Being Busy to Contribution  (9JUN21)
• P5.007 Build a Custom Balanced Scorecard (16JUN21)
• P5.008 Visual Management & Owning the Numbers (23JUN21)
• P5.009 What About Pay4Performance? (30JUN21)

WHAT YOU NEED TO DO
"The World of Business at Your Fingertips" 

1. Follow the "People In The Game" Series all season.​
2. Join our private Facebook Group and go way beyond what is possible on radio
3. Get your business growth news everyday from IBGR.News​
4. DOWNLOAD the IBGR Growth App
5. RESEARCH anything related to Starting, growing, or Exiting a business on the IBGR Network