Curious Leadership with Dominic Monkhouse E88 | Surviving A Black Swan with Jack Stack
If you’re struggling to see how your business is going to survive the current Black Swan, then you should listen to Jack Stack, CEO of SRC Holdings Corp, the oldest employee-owned remanufacturer to original equipment manufacturers (OEMs) in North America, to learn why The Great Game of Business could help you.
Jack is currently in his 5th Black Swan event. That’s right. His 5th. And each one he’s been through has been a significant catalyst for further growth for the company. In fact, after each recession, the business has doubled in the next five years.
“When we do our business plans, we say, okay, we know there's something out there we can't even figure out, so let's set money aside for the most catastrophic event you can imagine. So in ‘09, we actually put together a long term plan to raise $100 million in cash for the next Black Swan.”
In today’s conversation, Dom and Jack discuss how the open-book management approach is a way of running your business by making your financial instruments personal, giving people a stake in your business and getting people to own elements of the income statement and the P&L.
They also discuss how, if you're an organisation, you might follow in Jack's footsteps and run your employee bonus programmes based on the weaknesses of your financial statements, rather than a profit share or based on revenue goals.
For our lucky listeners, Jack is offering a preview of both his new books along with a resource kit. See the links below for more information.
On today’s podcast:
- What Jack is famous for
- The advantage of financial literacy
- Writing The Great Game of Business book
- How Jack saved International Harvester
- Surviving his fifth Black Swan
- Starting an open-book journey
Links: