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.