Page 7 - Beverage Master DecJan 2021
P. 7

Legal & Marketing

               Brewery Open Book

               Management  By: Kary Shumway
                I    n normal times, it’s a challenge to manage       The idea is that employees are more motivated,

                     brewery operations, and stay on top of the
                                                                    engaged, and productive when they are treated as
                     finances. There’s a lot to juggle, and never
                     enough time to get it all done. In these abnor-  business partners (who commonly have access to
                                                                    financial data) instead of employees. In these uncer-
               mal times, these tasks become even more difficult.   tain times, more information can provide employ-
                                                                    ees with more certainty to make better decisions.
                 However, one way to manage your brewery busi-
               ness differently, and more effectively, is with open     Open Book Management has four basic elements:
               book management. Open book management (OBM)
               is a system in which employees are provided with     •  Train employees in financial literacy so they can
               financial information so that they can make better      read and understand financial statements.
               business decisions.
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