When you hear the word transparency, the ideals of openness and honesty probably come to mind. This should not be hard for most businesses to follow, but you will find that a lot of businesses are not very transparent. For whatever reason, a lot of companies like to operate under secrecy, which usually leads to explosive revelations coming to light when internal problems become exposed to the public.
Therefore, it is very important that your business make transparency a vital part of its organization. When there is transparency within the company, it improves organizational performance. After all, great communication is a highly important trait. Furthermore, you would want your company’s culture to be close-knit, so your team operates at its highest level.
In order to ensure that your company is viewed as being trustworthy by its employees, we have created a list of ten ways transparency can help your business.
1. It Makes Your Employees Happy
Your employees want your company to be more transparent because it makes them feel better about the organization they are working in. Your employees need to trust the fact that you not only have their best interests in mind, but also that of your customers. When your employees understand your values and how they fit within your organization’s long-term plans, they are willing to work harder for your business’s growth. Share your vision of the company’s future, and work to deepen your connection with your employees.
Related Article » Why You Should Reward Your Staff for Productivity
2. Attracts Better Candidates to Your Organization.
When you are trying to fill your open positions with new people, you want to be sure that you are only attracting individuals who fit with your established culture. You can do this by sharing your company’s culture on your job opening post. Let potential candidates know what is in store for them if they are hired. This helps them analyze if they are a good fit with your organization before they even sit down for an interview. If you do this, you are ensuring that only qualified candidates are applying for the position.
3. Makes Your Team a Part of the Decision-Making Process
Sometimes the best ideas do not come from your executive team. Your employees may also have good ideas in their head, but you will never know if you create a hostile environment and come across as unapproachable. Make sure that an open atmosphere exists, where everyone feels encouraged to speak up when they want to share a solution. This is how innovation is created, which leads to business growth.
4. Encourages a Flat Hierarchy and Leads to Better Decisions Being Made
Decisions being made at the top usually lose their true intention as the information gradually makes its way down the hierarchy ladder. The best decisions are made when input from all is being provided and everyone is on the same page. This helps to establish a strong working relationship that is based on trust and a more connected team. A team that works well together is able to overcome any challenge. You want to ensure that your team builds this type of relationship. If so, it will perform as a united front and with a single goal in mind.
5. Helps to Set Realistic Goals
As a business owner, you sometimes set aggressive goals because you want to meet a specific financial benchmark or provide faster service than your competitors. What usually comes along with aggression are goals that cannot be possibly met, or they are met due to unsavoury practices being practised. You do not want to put your employees under this type of pressure because it usually harms your business as a result. Openly talk about your goals with your team to see if they feel they have the ability to achieve them. There is nothing wrong with expecting your employees to take on challenges. However, never make the challenges so enormous that they cannot possibly succeed.
6. Makes You Relatable on Social Media
In today’s world, social media is a powerful tool that builds relatability. Today’s customers prefer doing business with organizations that provide a human element — being open to sharing what is going on within that organization. They want to know how your products are made, the story behind your founders, and how you give back to your local community. This is all information that can be shared on social media, which spreads to more and more people who become potential customers. The simple act of being transparent can help your business build a more engaged following, leading to more sales being generated as a result.
Related Article » Social Media and Other Low-Cost Marketing Strategies
7. Helps Your Operations Run Smoother
No matter how hard you try, business operations are not always going to be predictable. The key is trying to catch problems before they arise. This is especially true when it comes to your employees. They should be encouraged to speak up about any problems they are having. This allows issues to be promptly resolved instead of swept under the rug until they become too big to ignore. The smallest problems can eventually compound to become massive problems that disrupt your operations.
8. Keeps Your Business Out of Trouble
No matter how long you get away with deception, it will eventually come to light and it can destroy your company as a result. Therefore, it is important that you follow all the rules and procedures, so your business is kept out of trouble. It may be tempting to toe the line, but the short-term gain will never outweigh the long-term rewards. Stay focused on doing what is right, and you will be rewarded for your efforts in the long-run.
Related Article » Learn How to Avoid These 7 Common Business Failures
9. Builds a Better Relationship with Customers
Your customers want to know the values that govern your business. This is important to them because they want to support organizations that align with their own values. For them, it is not just about getting a good deal. Rather, it is about supporting a business that has its values in the right place. Ideally, your business should align with a social cause that you believe in. This helps your customers know where your values lie.
10. Results in More Profitability
Transparency equals more money being earned for your business. The reason is that customers are interested in doing business with companies that are honest about their intentions. This helps to attract a loyal customer base that supports your efforts because they identify with your ideology. As a result, you have a loyal customer base full of customers that keep coming back.
If you want to build a business where both employees and customers are happy, you need to be sure that your organization is operating with transparency. Doing business in this manner will help to ensure that the problems you experience are minimal and solved quickly before they get out of hand.
Transparent and efficient company incorporation services
At Rikvin, we too believe in providing upfront and easy-to-understand company incorporation services. Our customers always get what they see and enjoy efficiency with clear and straightforward processes.