In business the agenda is usually hidden and information required to enhance collaboration is not revealed. It is very easy to talk about transparency but very difficult to implement it in our day-to-day business. Moreover, if a business can be done in a transparent manner, then the business will be more successful. Transparency in business is not all about being ethical but it makes you feel better as a person, doing business in a transparent way.
In the past, employees use to accept everything that they are being told to do by their boss, even without knowing the reason why they had to do the things but now, our employees want to understand the how, whys and wherefores. That is, they want to know how they fit into the overall success of the business or company. Employees believe in transparency of a business; it makes them feel more involved, aligned and connected to the company and its success. The business goals and objectives must be made known to all. They want to see how different projects will move the business to another level. Being transparent in business means the owner of the business and the employees need to be transparent. When the business people themselves are transparent, then the business is transparent.
Transparency must be applied to every aspect of the business; prices and guarantees of products.. Also, being transparent about customers who are not satisfied about products is very important. Instead of hiding when people are not happy, it will be good to deal with the matter in an open and honest way. If you want to do a business that is transparent then you must be open to change.
Transparency can be regarded as those intangible things that can make you do business in a better way and create the impact we want see in your business.
In today’s environment that is crowded and competitive, with the development of countless businesses, for your business to grow and be successful then more information should be given to the general public. That is, the business needs to be transparent in the eyes of the investor, employees, customers etc. which will make them to become more interested in the business. Below are some areas in business that transparency is of great importance:
Earn Investors trust
Due to the fact that startups or businesses are in competition among each other, it is very difficult to have a successive business without the financial assistance of investors. How then can these investors be attracted is always a problem among entrepreneurs. However, transparency in your business is one of the ways you can attract investors to support your business. Transparency gives the investors a little clue about the business they are thinking of investing in. When you hide issues concerning your business, you kill the trust people had for the business. Moreover, people are always afraid to put their money into businesses that they don’t trust but they want to put their money into a business that they know they can get it back. When your investors have a detail plan of how and when revenues are being generated from your business, then they will always trust the business and continue to support it.
Creating core values with employees
The essence of transparency is not all about pitching the business to some outside investors but to be able to effectively share the information about your business with your house and your own employees. You need to see transparency with your employees as a value to the business. Being transparent with your employees makes them feel they are trusted and valued as members of a team in which you are working to achieve a common goal. Transparency also acts as a motivating factor to your employees and makes them to work very hard in order to take the business forward.
Developing some level of faith among customers
Transparency builds a good relationship between business owners and their customers. When a business is transparent, the level of trust between the customers’ increases and there is a high level of the continuity of the business. Because people like those who are transparent in their behavior or altitude, so do they like a business that is transparent. However, in as much as we want to become friends with those who are transparent, we also need to make our business transparent in order to make our customers our friends.
Conclusively, we can see that transparency increases the level of trust between our investors, employees and customers. Therefore, as you market your products and services, think about what values you expect your investors, employees and customer to have. How you want your business to be seen depends on you. Do you want the general public to trust in your business? Do you care about speed and efficiency of your business? Do you want to make profit and also satisfy your customers? Try your best to always include in your brand whatever matters most to customers in order to deliver to them. Also try to be transparent as possible and you will be amazed with what transparency can do in your business.
Author's Score 1107.5
Up Votes 801
Down Votes 7
Voted on 139 articles
Comments on The Merits of Transparency in Business