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The Great Game of Business summary
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 book that outlines a revolutionary approach to running a company. Jack Stack, the author, shares his experience of turning around a failing business by implementing open-book management and creating a culture of transparency and employee engagement. The book provides practical insights and strategies for empowering employees, driving financial results, and creating a winning team. It is a must-read for anyone interested in transforming their organization.
The Great Game of Business Review
The Great Game of Business (1992) by Jack Stack is an insightful book that explores how open-book management can revolutionize a company's performance. Here's why you should give it a read:
- Practical strategies and actionable advice provide readers with the tools to implement open-book management and drive success.
- By sharing real-life experiences and case studies, the author illustrates the effectiveness of the approach, making it relatable and informative.
- The book demystifies financials and makes them accessible, ensuring readers don't find it tedious but rather engaging and enlightening.
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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The Great Game of Business FAQs
What is the main message of The Great Game of Business?
The main message of The Great Game of Business is that financial transparency and employee engagement are essential for business success.
How long does it take to read The Great Game of Business?
The reading time for The Great Game of Business varies, but it typically takes a few hours. The Blinkist summary can be read in just 15 minutes.
Is The Great Game of Business a good book? Is it worth reading?
The Great Game of Business is a valuable read for entrepreneurs and business leaders. It provides practical insights on creating a culture of ownership and financial success.
Who is the author of The Great Game of Business?
The author of The Great Game of Business is Jack Stack.
What to read after The Great Game of Business?
If you're wondering what to read next after The Great Game of Business, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby
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