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Jack Hubbs: Open Book Management

Views from Food for Thought

                       This is the 207th edition of Food for Thought 

                                                                                                         

 Volume 6  Issue 2        By Jack E. Hubbs      January 22, 2013         

 

 

            Open Book Management

 

   

 

 

      Jack E. Hubs

          Editor

 

  

If you think a business associate or friend would find value in this letter please feel free to forward.

 

   Jack E. Hubbs

  jackhubbs@att.net

     913-568-7283 

       Experience

  Supermarket Owner

 

       President 

Regional Retail Chain 

 

 Director

     Supercenters

 

      Education

   MBA, BA, AA   

        

 

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Jack Stack, President of SRC Holdings is recognized as the "Father of Open-Book Management".

 

In his book "The Principles of the Great Game of Business"

those principles were described as:

 

  • Every employee should be given the measures of business and taught to understand them
  • Every employee should be expected and enabled to act on their knowledge to improve performance
  • Every employee should have a direct stake in the company's success or risk of failure

 

When you think about it what would happen to your business if all of your associates managed their responsibilities with the attitude and skills of an entrepreneur?

 

Most of us understand through the sports we've watched or participated in that to win you must prepare, understand the game, have a high level of enthusiasm and have a high level of desire to win.  What kind of transformation would your business experience if your team of associates approached their job responsibilities with these same characteristics?

 

Are you just settling for performance which is simply functional?  Are you tapping into the full value of what your associates could contribute to your businesses success?

 

One of the steps toward gaining the value of each associate performing as an entrepreneur is to share with them the financial performance of the business at multiple levels.

 

If your business is a supermarket  share the numbers for the store and  departments.  Where possible measure and share how individual jobs affect the financial performance of the business.  Quantify wherever possible.  Departments should be evaluated as individual profit centers.   

 

Most importantly develop processes which enable everyone to improve the management of the company.  As Jack Stack said in his book "The Great Game of Business' this process is about running your business in a strategic, forward thinking fashion.  Associates are taught the rules of business, enabled and expected to improve performance based on that knowledge, and given a stake in the outcome, good or bad.  Ideally associates aren't looking to historical information for answers, they are forecasting the future of the business and making it happen 

 

 
 

 

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