Soar to Success April 2020

of their own, he’s not losing his best people as they start their own companies. As his employees become more financially educated about the company’s earnings, they are also more willing to share income- generating and money-saving ideas than they were before. The bonus is that it also helps them with financial literacy in their personal lives too. Here are three reasons to share your numbers with your employees. 1. They feel you trust them. Financial transparency builds mutual respect. When your employees feel that you are treating them as adults, they will respond accordingly. Keep in mind, you do not have to share every detail – including everyone’s salary. 2. It bridges the gap. When you teach your employees how hard it is to make a profit in business, they may be more willing to help cut expenses or come up with ideas to make additional profit. 3. It teaches them real-world finances. You certainly don’t need to turn your employees into CPAs but having a basic understanding of the finances of your business can help them both at work and at home. When there is a financial disconnect, it leaves your employees feeling undervalued, untrusted, and unmotivated to stay. By opening your books, you not only boost your employees’ knowledge of finances, but you also give them more confidence in understanding how the numbers work and what they can do to positively make an impact. SOAR TO SUCCESS / Business Acceleration Strategies