In Episode Six of the Propelling Performance Podcast, Rob speaks with Rich Armstrong, President, The Great Game of Business. Rich shares strategies to introduce financial literacy into your business; explains principles including financial huddles, scoreboard and mini games; discusses common mistakes he sees from leaders; how to build engagement in your organisation and examples of how to get started by creating and using a mini-game.
“We're very big believers that the most efficient, most profitable way to operate a business is just to teach everyone in the organisation how the business makes money, give them a voice in how the company is run, and then provide a stake in the outcome if we're all successful.” - Rich Armstrong
Listen to discover:
The origins of the idea for the Great Game of Business, and ownership by SRC Holdings Corporation
Insights into how Jack Stack used financial literacy to bring people together and increase their personal investment in his business
How financial literacy and connection at SRC began to spawn other new businesses
Rich’s hallmarks of effective businesses
Make the numbers visible everywhere. Make a connection to the everyday metrics, how they connect and drive the overall financial picture.
Introduce financial literacy training for everyone, from the CFO or cleaner to the production line, everyone is taught how the financial game is played.
The definition of a ‘mini game’ and how to use it, including reward or recognition when you drive profit or move the needle, such as cash bonuses
Use ‘line of sight’ - make sure employees can see a clear line of sight from what they do every day to impact the business
How to introduce financial transparency to your business
The common mistakes…
The difference with a financial literacy approach in family owned business vs corporate structures
How to start building engagement
Understand how to launch your plan by creating and using a mini-game that is cross-functional and avoid silos. The bottom line is you want people to work together.
Take action!
Rich has generously shared some excellent resources you can put to work in your business right away – get started here