Should I share the financial health status of my business with my employees? What are the pros and cons?
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I would be apprehensive about sharing the information . What would be the purpose of sharing ? I understand you may have an employee on staff that maybe helping with the operations and would have an idea, but an employee should be concerned and focused on their duties as an employee.
Keeping things transparent is one thing , and investing in your employees , creating a culture of unity can happen , sharing a quarterly overview is fine, detailing the P/L yearly is fine .
If you are doing well and would like to invest back into the business , whether it be a bonus to the employees , or an investment into the company . As an owner , that is your choice.
By opening the books , you may cause distress among your employees and they may not agree with your choices. This is a slippery slope .
Keeping things transparent is one thing , and investing in your employees , creating a culture of unity can happen , sharing a quarterly overview is fine, detailing the P/L yearly is fine .
If you are doing well and would like to invest back into the business , whether it be a bonus to the employees , or an investment into the company . As an owner , that is your choice.
By opening the books , you may cause distress among your employees and they may not agree with your choices. This is a slippery slope .