Step 3: Financial Literacy Training
This next step involves educating your team about the link between the financial realities of your business and their individual and team performance. Financial Literacy Training is an essential element in the development of an entrepreneurial mindset within your company culture.
Many companies who embrace this philosophy do so for the purpose of translating traditional financial measurements into meaningful management information for each and every player on the team.
This approach addresses the question on every team member's mind, "What's in it for me?" By making your team financially literate and translating financial measurements into Key Performance Indicators, you'll find your team will take "ownership" of their performance and contribute to your company as innovators and entrepreneurs as never before.
One of the leading authors on this subject, John Case, explains it this way:
Execution is where the rubber meets the road. Generals, football coaches, and the harried managers of Subway sandwich franchises know the truth: No matter how brilliant the plans, no matter how smart the strategy, nothing gets accomplished unless people execute.