Don’t Hesitate to Share Project Financials with Employees

Posted on July 20, 2020 in Improve Financial Management ,Increase Project Profitability ,Solutions360 by

Why do integrators hesitate to share project financials with employees?

Share project financialsAt Solutions360, we are always talking about metrics, and how integrators can leverage financial data to increase profitability. But we have found there is a real hesitancy around sharing project financials with employees.

Ultimately, this sharing of information starts with leadership having a vision of how to use financial data to improve the company.

The outcome, ideally, is that the people who are managing the projects can make changes and improve profitability when it is most needed. When you wait until the end of a project to review your financial information, it is like driving in the rear-view mirror.

Imagine you own an integration company that makes the bulk of its revenue and profit from running projects. Now you assign a team to a project, and you expect them to do this as profitably as possible. The only catch is that they have no idea where they stand, financially, at any point in the project. So, they are just really managing a list of tasks.

Project Managers should be aware of their project financials before it is too late to make any adjustments – as well as the authority and accountability to make changes.

If you give financial information to your employees, and they don’t understand what that information means, it can be misconstrued. This is some of the biggest pushback the Solutions360 sees from integrators, and this is due to a lack of training and education.

Listen to the full podcast as Brad Dempsey and Brad Malone go into detail about why integrators need a vision and philosophy of educating their employees.

Navigator Podcast – Don’t Hesitate to Share Project Financials with Employees

 

 

 

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