While sharing financial plans and some details with your team is common, not everyone is comfortable sharing sensitive information like profits, cash flow, and bank balances.
And often this topic brings up some common fears like:
“What if I show them my profits, and they want a higher salary, especially the ones that are in the high-end range of salaries to begin with?”
“What if they don’t understand that the numbers aren’t always a reflection of real profits, because the P&L is a work in progress”
“What if they stop sticking to budgets because they think we have more than enough cash in the bank to cover the difference?”
Listen to this episode to learn about how the benefits often outweigh the fears and how I used financial transparency to meet our targets, increase profits, and create a culture of high performance where I wasn’t the only one concerned about making money, and growing the business.
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Nandu Awatramani is a growth coach and business advisor to ambitious restaurant owners and leaders who want to accelerate growth and increase revenues. He brings a depth of expertise in the areas of business growth, empowerment, ownership, and scalable culture.