Financial literacy is the ability to read and understand the numbers of your brewery business so that you can improve financial results. Improving financial results may include growing sales, strengthening gross margins, or increasing cash flow. In today’s uncertain times, financial literacy is more important than ever.
Open Book Management has four basic elements:
- Train employees in financial literacy so they can read and understand financial statements
- Empower employees to use financial information when making business decisions
- Trust employees as business partners with proprietary company information
- Reward employees fairly for the brewery’s success
OBM requires that you train, empower, trust and reward employees. Train employees in financial literacy so they understand the finances of the business. Empower employees to make decisions and encourage them to do so. Trust employees with sensitive information and reward them when brewery financial success is achieved.
In these uncertain times, open book management provides a way to manage your business more effectively and to reward your employees for a job well done.