This could be the essence of business success. When I consider the list of things that make a difference, I always come back to bringing people into the great game of business. In order to get everybody into the game you need to bring them to your level of understanding for success and making money. It requires that right infrastructure a continuous education on how the business performs, makes money, and keeps profits.
Given our shows on Financial Reports and Management By Objectives, you will create a plan for training your employees on how the business makes a profit and enable them to improve their contribution.
EPISODE 109: Summary
This is not a place to start. The reason we are covering the topic of Business Acumen Training in week 6/Show 24 is all the prework that is necessary. Don't train until your structure, systems, and processes are in place to maximize the impact. Here is a quick review of the minimum you need to start.
EPISODE 110: What Structure Needs to be Present Before Starting
Your concern in any business is maximizing the return from current resources. This falls on the owner. Nobody else in the organization can make this happen because most of these decisions have major implications for the business; decisions that are soley yours.
It starts with your comfortability for sharing financial data. Are you ready to share the current state of the business and expose bad decisions and second guessing? It comes with the turf but the reward is worth the risk.
EPISODE 111: What Should You Train
The following list is common. The courseware selected or what you build internally is simple compared to making the decision to share. You know everything that needs to be trained and the smart move is to only handle the Business Plan/Strategy piece and leave the other topics for other people in the organization if that option is available.
EPISODE 112: How Integrate the Training into the Business
OK, you got this far, now for the implications. You have made numerious public statements during the process for being a transparent organization; you will be held accountable going forward.
What you are really doing is building into the DNA of the business the ability to 'Self Manage' and not rely on you or the management for everything.
Next Show/Chapter 28: Shared Financials
How to apply today's show to your business:
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