Objectives
Create understanding for financial topics and co-opt staff in driving solutions.
Thrive · 5.0
Profits & Cashflows
"Profit is what happens when you do everything else right." —Yvon Chouinard. Create understanding for financial topics and co-opt staff in driving solutions.
Key activities
5.1
"Profit is Freedom"
"Profit is Freedom" - Helena Hedblom, CEO of Epiroc. Inculcate this with employees, rope them into the figures, and the issues. Expose profits to staff - to get entitlement and fear out of the behaviours of staff.
5.2
The Power of One
Most businesses profit after tax are in the single digit range. Teach employees the impact of small changes - even 1% increase in price can have in the bottom line.
5.3
Teach the discipline of Profit is Sacrosanct
Teach employees that making a profit is "Sacrosanct" - sacred, inviolable, unchallengeable. In a profit-first culture, people understand that Revenue - Profit = Expenses, not Revenue - Expenses = Profit.
5.4
Uplift internal Financial Literacy
Dare to open the books to delegate the burden.