BFO was just awarded the Great Game of Business All-Star Award at GGOB’s 24th Annual Conference in Dallas this past September 7-9. Building on its 2015 GGOB Rookie of the Year Award, BFO continues to creatively apply the principles of Open-book management as originally developed by Jack Stack, CEO of SRC Holdings Corporation.
The GGOB All-Star Awards go to companies that embrace the principles of Open-book management. In this system of management, employees learn to understand the measures of business success and how it affects them and their company. This understanding gives employees the ability to take action and problem solve as a team to improve results. The environment that comes from this is one that fosters trust and mutual respect, giving every employee a direct stake in the company’s success.
The application of this Open-book management style has led to two significant changes in their business, both of which create incredibly positive impacts on their clients. The employee retention rate has increased to as high as 90%, an incredible number for a digital marketing agency. With all employees involved, everyone has a greater sense of ownership for their work and with the company results. This in turn leads to closer partnerships with clients and a greater investment in client goals.
BFO’s employees also understand how to build sales and service contracts that serve both their clients and the company. Employee contributions have propelled year-over-year profits up 100.4%. This type of collaborative culture creates business stability and an environment in which everyone relies on one another to drive success.
Like other GGOB All-Star Award winners, BFO gladly accepts the recognition, but understands great employees deliver even greater results for their customers. As the approach of Open-book management advocates, business is more than just creating profits and business wealth. It’s also about trusting employees. It’s about a spirit of generosity. And it’s driven by a willingness to share the success, be inclusive decision-makers and distribute well-earned profits for the good of everyone.
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Also published on Medium.