Our commitment level at PFSbrands is different from other companies. Our employee owners have daily exposure to expectations that require them to not just survive but to THRIVE during hard times as well as good times. We are employee owned, are well versed in open communication, and take ownership-thinking very seriously. So how does a leader motivate in this type of environment?
The Great Financial Huddle
Recently a friend of PFSbrands, G3CFO founder Mark Gandy, published an interview with our CFO Trevor Monnig on LinkedIn (you can get the full article here). This article is really the epitome of what we are doing at our company to help spread financial literacy and improve ownership thinking by helping all employees understand the numbers.
Honestly, the article was so great that I wanted to share it in full. Check it out and contact me if you have any questions regarding Open Book Management (OBM).
This has always been an area of business that has really intrigued me. After completely opening up our books nearly five years ago, I thought I would share some more insights on my thoughts and experiences.
Let me start by saying that as a business owner, I have always shared a lot of information with my employees. While I did not always share the complete financials of the company, I was mostly open with the sales figures.
With that being said, the profitability of our company has improved drastically since developing an open book management approach in late 2011. The percentage going to our bottom line has improved EVERY year since 2011.