GGOB Basics — Financial Literacy Opening the books: Keeping it Real Angie Adamick Kelley Nichols Jonathan Harwood Trainer Trainer Warehouse and Logistics Manager Great Game of Business Great Game of Business CNHi Reman Springfield, MO Springfield, MO Springfield, MO
Open the Books: Keeping it Real Ground rules: Since we can’t see you—use the ―chat‖ feature to share and ask questions. Use ―questions‖ if you want to tell us something privately.
Welcome American Inst. of Building Design Collette Media LLC International Cars, Ltd. Accurate Electric Traction Tools — Software for EOS TopstepTrader LLC Crystal D. Dorian Drake International, Inc. Chestnut Ridge Foam, Inc. Alexander Nicholson, Inc. AMBAC Ceramex North America Get Uncommn Physician Family Financial Advisors 1 st Pet Veterinary Centers Kinco Gloves Van Belle Nursery West Paw Design, Inc. Hildebrandt Tree Tech Ingenium Group LLC Madruga Bakery TRM Enterprises, LLC
Welcome Paul Mueller Technion Data Solutions SRC of Lexington Advanced Services, Inc. Colville Whitaker Construction Co, Inc. Cherry’s Industrial Equipment Membership.com Acorn Sign Graphics Marco Products Charlie’s Plumbing Earthres Group, Inc. P.J. Wallbank Spring, Inc. MEINRAD Sister Cuisine, Inc. ASH Industries Biohabitats Anthony Wilder Design Custom Powder Systems
Open the books: Keeping it Real
Open the books: Keeping it Real Why is opening the books so powerful? We build trust through transparency and education. We begin to identify the actions that drive the financial results.
Open the books: Keeping it Real Let’s look at Kerbey Lane Cafes
Kerbey Lane: The Spoon Man
Kerbey Lane: The Spoon Man Why is that story so compelling? Please share with us through the chat feature.
Open the books: How do you feel? POLL --I am taught to understand the company’s financial information . --I have a good understanding of the company’s financial performance. --Management is open and transparent with critical business information.
Open the Books: How do we feel? Let’s talk about the results!
Who is responsible for financial literacy? -- formal training like Yoyo or Sally’s Grooming --informal training like financial literacy bites in big huddles --informal training like departmental huddles where the people closest to the work know best what can be improved
Open the books: Keeping it Real CNH Reman Warehouse Huddle • Employee of the Week – Create the Excitement • Review Income Statement • Question on Daily Sales and Run Rate - Prize • Forecasts: Week vs. Week and Week vs. Budget • How do the departments fit into the income statement • Where does WH labor hit? • Equipment, lost parts, Operating Supplies • Where does production labor hit? • Where does the Sales team labor hit? • Leverage Director Notes for detailed explanation of variances. (one note)
Open the books: Keeping it Real CNH Reman Warehouse Huddle • Review Cash Flow • What is the current Loan balance? – Prize • Forecasts: Week vs. Week and Week vs. Budget • What caused the change? • Material Receipts higher than projected • Payment made to large supplier – late invoice • Bonus tracker • Honest and Open Discussion • 2020 Sales drop from COVID • Questions
Making connections After we understand the numbers, we can identify actions that drive those numbers — For example: How SRC chose ―employee retention‖ as a critical number and how it drove minigames.
Making connections Share your ideas in the chat and we will post them here:
Open the books Thank you so much — be sure to fill out the evaluation! One or more of us will be available during the Friday Round Table Discussion (12:00-12:30 CST) and Ask an Expert Session (12:30-1:00 CST). Please join us! Angie Adamick aadamick@ggob.com Kelley Nichols knichols@ggob.com Jonathan Harwood jharwood@whyreman.com
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