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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
The Great Game of Business summary
Jack Stack
Brief summary
The Great Game of Business is a business book by Jack Stack that shares the story of how he transformed his failing company by implementing an open-book management system, engaging employees and driving financial success.
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Table of Contents
The Great Game of Business
Summary of key ideas
Opening the Books
In The Great Game of Business by Jack Stack, we dive into an intriguing method of running a business that challenges traditional managerial conventions. The book introduces us to the concept of open-book management. In this radical approach, all employees within a company are given access to its financial information. This pioneering method encourages transparency and strengthens the sense of collective responsibility within the organization.
Stack's reasoning for empowering all employees with financial data is to engender a deeper understanding of the company's financial health and teach them how their actions and decisions directly impact the organization's performance. He asserts that when everyone in the company comprehends the business's economics, they are better positioned to work together towards common goals.
High-Involvement Planning
Stack introduces us to another innovative strategy - High-Involvement Planning (HIP). Here, the employees are involved in financial planning and setting company goals. The aim of this approach is to encourage individuals to work towards high targets rather than restricting themselves to the stipulated minimum. HIP generates a sense of ownership and allows the employees to holistically understand how their roles contribute to the overall success of the company.
The underlying principle of HIP is that by intuitively understanding the financials, the employees can come up with strategies to increase revenue or reduce costs. The plan is then converted into a game. The game approach helps in fostering a sense of competition among employees and encourages them to work towards 'winning' by achieving targets and goals set in the game.
The Transformation Process
As we delve further into The Great Game of Business, we examine how Stack successfully implemented and employed these ground-breaking techniques in his own company, SRC Holdings. He narrates how this system was instrumental in transforming SRC from a near bankrupt organization into a highly profitable one. Employees were educated about financial concepts, and regular meetings were conducted to discuss the company's financial status, helping everyone understand their role in the big picture.
Moreover, Stack stresses that any rewards or incentives linked to performance should not be individual-focused, but tied to the overall performance of the company. This redirects the employees' focus from individual gain to the collective success of the company and cultivates a sense of shared accountability and ownership.
The Great Game in Practice
In the concluding parts of the book, Stack provides us with practical advice on how to implement the 'great game' in our own organizations. With the belief that these practices have universal applicability, he provides various methods to tailor this innovative business approach to different settings.
Ultimately, The Great Game of Business presents a compelling argument for increasing business transparency and empowering employees by educating them about their company's financial health. Stack's conviction is that when this game-focused approach is adopted, it transforms the organization and encourages a higher level of commitment and collaboration among its employees.
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What is The Great Game of Business about?
The Great Game of Business is a guide to revolutionizing your company by implementing an open-book management style. Jack Stack shares his experience of transforming his failing business by giving employees the power to make financial decisions and understand how their work impacts the bottom line. With practical advice and inspiring examples, this book empowers you to create a culture of ownership and accountability.
Who should read The Great Game of Business?
- Entrepreneurs looking to improve their business strategy
- Leaders wanting to create a culture of transparency and financial literacy within their teams
- Individuals interested in learning about the principles of open book management and employee ownership
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