Three Reasons Greater Transparency is the Key to Success

 

Transparency should be the norm across the world, for every industry. There simply isn’t a place for closed doors policies in the age of the Internet. Not only can this lead to problems, it can also allow outdated practices to fester. Policies that you might not think twice about could be ruining or stunting your company’s growth. If you aren’t careful, these policies could come to light and hurt your public image.

Transparency doesn’t just include with the public, either. Being transparent with your employees and amongst teams can also bolster your company’s efficiency and allow everyone to work towards a better goal. You don’t want to feel the backlash of the Internet when something comes to light that doesn’t adhere to today’s standards, like an unequal pay-gap. Not only can this occur, but it can also come up because of your own mistakes. There are so many avenues of communication that it can be easy to let something slip.

Being transparent is not only how you can improve your company, it is how you can:

 

  • Rectify Misconceptions

 

If your company has a black mark on it, but that black mark occurred years if not decades ago, being transparent can help erase that. This is especially true if you make overnight changes (with planning, of course). It is also how you can ensure that credible news agencies don’t cause a negative backlash from the company. For instance, after one of the largest purchases of an American company, consumers and news agencies have every right to ask, “Who owns Smithfield Foods?”, and to be provided the answer. Being transparent about positions, names, and responsibilities will help alleviate concerns that a once-American company has been completely taken over.  

 

  • It Allows People to Trust You

 

Being transparent is the only way to get people to trust you. It allows more informed customers to believe in your company and your values, yes, but more importantly it allows the news media to trust you and for business partners to trust you. If you have no skeletons in your closet, then they can’t be used against you.

 

  • You Won’t Associated with Bad Industry Tactics

 

Similarly, if you are transparent, then your company won’t be dragged into the mud when another company in your industry is outed. In fact, you can use that opportunity as a chance to gain great press, new customers, and even new business relations. You can do this because people who were associated with said company and the customers who are now aghast at their policies will be looking for someone to fill the gap. If you not only compete in terms of quality, but are also the champion of good practices, you can come out a winner.

Being transparent is the way to go, because it is the only way to ensure that your company is doing the best it can. It can be the added value that gives you a larger market share, simply because people want a company they can trust and believe in.

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