P5.002 (People in the Game) THE REVOLUTION REVISITED - OPEN BOOK MANAGEMENT & THE GREAT GAME OF BUSINESS - WILLIAM EASTMAN

A quick reminder for anyone unfamiliar with our programming - it is based on the Balanced Scorecard and part of the Revolution:

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.

Here is how it 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
Occasionally I provide a few names of books I believe you should have in the bookshelf. Here are two recommendations from CEO's about what they did to improve their businesses - no better recommendation than that. 

• Open Book Management
• The Great Game of Business

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 especially if you want to build variable compensation systes - and we do..

WHAT YOU NEED TO KNOW

• P5.001 PEOPLE IN THE GAME, AN OVERVIEW - WILLIAM EASTMAN

WHAT YOU NEED TO DO

1. Conduct basic financial training
   1. How to read the key business documents - balance sheet, profit and loss statement, and sources and uses of cash.
   2. The goal - improve employee competence to participate in the process
2. Map Your Processes
   1. Create an "AS IS" map
   2. Create a "SHOULD BE" map
   3. Finalize on "TO BE' map
3. Fully Burden Everything with True Costs
   1. ABC (Activity Based Costing) all processes
   2. Determine Margin and Cost improvement targets
4. Conduct advance profitability training
   1. Build a model for how the company makes and keeps money
   2. Turn the model into a game - use it for application training
5. Create Individual Dashboards and Group/Department Scorecards
6. Institute or Upgrade All Meetings
   1. Daily Huddles
   2. Weekly Team
7. Create Backlog of Improvement Targets
8. Build Variable Compensation System

"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