Transparency in management implies openness, communication and accountability. One powerful transparent practice is Open Book Management. By teaching staff members about the financial health of the business, managers invite them into the conversation about strengthening the financial bottom line.
Just Food Co-op, a community-owned natural foods retailer in Northfield, Minn., opened its doors in 2004. Once it successfully navigated the initial challenges that every startup faces and began to experience financial stability and sales growth, management felt it was time to engage the staff in the continued success of the business. Since the cooperative business model encourages staff members to become stakeholders in the business, the Open Book model was a natural fit.