Should small business opt for open book accounting?
Companies that use Open Book Management consistently rank in the top 10% of all companies surveyed.
It is a radical approach to running a business. Organisation actively shares all the financial information about the business with everyone who works within the organization. Open Book makes people understand how the whole organization works and their role in it. It’s about accountability, collaboration, and taking initiative.
Some benefits are better results, commitment by employees, better decisions and sense of ownership by the employees. For example a dishwasher at a restaurant has as much sense of ownership as the restaurant owner.
Zingerman’s dishwasher helped them avoid food wastage, and thus they saved thousands of dollars. Dig more about open book management.