Transparency. It’s a growing and important trend among businesses. It goes beyond the simple idea of openness and can have a significant impact on the life and vitality of every small business. As Mike Paul said, “Trust, honesty, humility, transparency, and accountability are the building blocks of a positive reputation.” It is clear to see that today’s forward-thinking small business leaders embrace the idea of transparency, which empowers everyone to work hard for the success of the startup.
What Does Business Transparency Involve?
- Providing sufficient information
- Making information easy to find and understand
- Not hiding agendas or conditions
- Being open and honest about both business positives and negatives
- Matching timing to actual events (not artificially delaying information)
Why Transparency is Important
The Dali Lama said pointedly, “A lack of transparency results in distrust and a deep sense of insecurity.” Today’s employees feel a stronger need to be aware of what is real and true. They don’t want unpleasant surprises and they value open and proactive leaders.
5 Things Happen When Leaders Are Transparent:
- Problems are solved faster when employees know the truth.
- Unified teams are more easily built. They seem to work smarter together, more openly sharing opinions and perspectives.
- Real relationships grow better because teams address and solve problems together.
- More trust in leaders is generated.
- Higher levels of employee performance result.
Ways to Achieve Business Transparency
- Provide monthly updates. Let employees and key stakeholders know what is going on.
- Don’t disguise or “sugarcoat” financial information.
- Don’t hide problems. Provide clear, honest and helpful information.
- Engage and empower employees in problem-solving.
Why Has Transparency Become So Important?
- Unfortunately, the distrust of corporations has grown.
- Rating and review sites have increased demand for transparency.
- Social media visibility has grown.
- Information availability has flourished.
Seek Expert Financing Assistance
Contact Affinity Capital Funding, based in Benicia, CA for customized and transparent financing for your startup. Having access to commercial finance solutions is vital to your company’s growth. We specialize in providing business loans to help businesses of all sizes flourish.