The Great Game of Business: The Only Sensible Way to Run a Company by Jack Stack, Bo Burlingham

For a business leader looking for a way to drive their company to success, Jack Stack's "The Great Game of Business" is the only sensible way to run a modern business. Drawing on his 25 years of experience as a CEO and consultant, Stack offers an innovative approach to organization and operating that is designed to spark the creativity and efficiency of the workforce, while keeping the company ahead of the competition. With a focus on employee empowerment and putting the financial realities of the company in the hands of the people doing the work, Stack has outlined a winning system for growth and success.

The core premise of The Great Game of Business is that employees need to understand and embrace their role in the success of the business. Stack believes that employees should be allowed to develop their own solutions to problems and encouraged to be creative in their solutions. This requires a shift in responsibilities, management practices, and operating procedures and is the foundation upon which the system functions.

The idea that employees should be given more responsibility and accountability is the foundation of Stack's "open-book" management system. Open-book management not only involves informing employees of the company's financials and goals, but also giving them the tools, information, and support to act on that information. For example, The Great Game of Business encourages employees to track sales and expenses, offering tangible rewards when the company meets specific goals.

The Great Game of Business also emphasizes the importance of communication throughout the organization. Staff are encouraged to share ideas, express their concerns, and build relationships. Furthermore, Stack stresses that leaders should listen to the ideas and perspectives of their employees and reward innovative thinking.

Stack's approach to management puts accountability at the forefront of the system. He argues that open-book management allows employees to see their direct impact on the company. This promotes individual and team effort, enhances morale and engagement, and encourages 'intrapreneurship,' where employees can create new solutions through innovative thinking.

The Great Game of Business is not just a book, but an operational system the company must employ and maintain. The full system includes analyzing financials, selecting target goals and objectives, tracking results, rewarding performance, and regularly communicating results and opportunities to staff. It can also involve implementing performance incentives, as well as enacting day-to-day operations that support the game and help employees reach their goals.

In The Great Game of Business, Stack outlines a three-step process for companies to implement the open-book management system:

1. Introduce financial literacy to the employees: Employees should become familiar with the facts, numbers, and details of the company's financials. For example, they should understand the company's profit-and-loss statement, balance sheet, and trends.

2. Communicate the facts: To ensure accurate budgeting and forecasting, Stack suggests that managers share financials and update the staff about the details of the business. This encourages team accountability and responsibility.

3. Share the rewards: Employees should participate in the rewards from the company successes, such as bonuses and pay increases.

For companies seeking to build a culture of accountability, transparency, and innovation, The Great Game of Business is the only sensible way to run a business. Stack's approach to management encourages financial literacy in the workplace, rewards success, and encourages innovative thinking. The system creates a culture of trust and promotes collaboration. With the right set up, the system has the potential to be a gamechanger for any business.