Over the past year, many business leaders have had to make big decisions in uncharted waters.
As a business owner and leader of a team myself, I’ve certainly had to make some difficult decisions and change course — several times — over the ups-and-downs of the past year while always considering what’s best for our employees and the future of the business overall.
Something I’ve learned in my 10 years of leading the team at Yeti LLC, and from reading probably 100 management books, is the value in being transparent with my team, especially when it comes to the financial health of the company.
Often, people in new leadership positions think they need to shoulder all the burden of the business struggles which leads them to refrain from discussing profit health and financial KPIs. I believe this is a mistake.
It’s important to be real with your team, and that means you have to talk about money. But how you talk about the company’s financial health with your team is extremely important.
Talking about company finances with your team is an art and takes a very strong level of awareness. Below are some tips for successfully discussing company finances with your team...
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