CHICAGO ( TheStreet) -- Most small-business owners have an open-door policy. When you've only got a few employees, holing up alone in an executive suite isn't an option. But being truly open about the state of the business is another matter, and when it comes to sensitive financial information -- such as how much your company made (or lost) last year -- owners prefer to keep mum.Why? A management approach known as "open book" has been gaining popularity by advocating the opposite approach. In its most simplistic form, it means literally opening the books: letting all employees see the company's financial statements, so they know exactly where you stand.
|A management approach known as "open book" advocates letting employees see the company's financial statements, then getting them fully involved in ensuring those statements stay in the black.|