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Transparency in business

Business transparency – honesty is the best policy

21/04/2020 - Business Transparency

2 Minute Read

In time gone by, business transparency was a taboo subject. From customer proposals to employee salaries. Being opaque within your business operations and communications, the better your chances of business success.

Transparency in Business

However, today’s market businesses who safeguard their business secrets to success can run the risk of having the opposite effect, losing employees being advocates of your business brand in the marketplace.  In a connected world, transparency business norm and being transparent, businesses are making a reputation economical killing.

So what’s the business gain by being open to scrutiny and competition?

Take a look at 5 reasons why businesses are being transparent, employees who embrace it and customers who are making decisions because of it.

1. Transparency attracts the right talent

Transparency brings employee happiness and can be the contributing factor for employee retention.

In a workforce that’s more mobile than ever, ethical businesses are more of a magnet when it comes to employee acquisition.

2. Transparency builds trust

Customers see transparency in business as synonymous with ethical. Over 90% of consumers believe and are advocates of brands that practice transparency. If businesses aren’t forthcoming, customers will look for that information elsewhere.

So should third party sources be siphoning off the customer loyalty when you could be earning it yourself?

Transparency calls will also come from within your business as employees will want to know about and how decisions are being made.

As a business leader can you honestly say your employees are aligned with the business strategy?

Having psychological safety also builds trust with employees. We can all be vulnerable at times, so why should it be any different for employees when taking a risk and sometimes fail?

3. Transparency in business increased performance

Employees can only be as effective as the information being shared and the decision-making trust they’re delegated with.

The more businesses can give up control, the more they can develop the right culture where employees can often be your businesses biggest advocate and critic if teams aren’t pulling their weight.

Do you think by giving employees ownership and information will provide you with the information you need too?

4. Transparency improves efficiency

Consider making a commitment to building a cultural model for transparency in business, from customers to internal databases for employees to have access to budgets, expenses, plus documentation of individual roles and team projects. This enables business partners and employees to be on the same page and can save time wasted through employee disengagement and mistrust.

5. Transparency strengthens business accountability

When trying to stay competitive don’t cut corners on transparency. Businesses, especially the larger ones have to work harder across the board against consumer/client distrust.

Try to be accountable, by making data available to consumer/client and employees. The return on investment value checks out as numerous studies have shown that consumers/clients are happy to pay more for products/services by businesses who are transparent.

Lenny Davies
Director
BamBoo Smart Growth

By BamBoo Smart Growth - 21/04/2020 - Business Transparency

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