Today’s immediate access to knowledge and data has created a demand for transparency in business. Consumers are increasingly concerned with authenticity, as well as ethical business and buying habits. The labor force cares about how an employer’s values align with theirs. Business leaders who hold themselves to a high standard move to front and center in a world where we see business corruption on level after level.
What Does Business Transparency Look Like?
Transparency in business means a lack of hidden agendas or conditions, accompanied by the availability of the information required for collaboration, cooperation, and collective decision-making. It is an essential condition for a free and open exchange whereby the rules and reasons behind regulatory measures are fair and clear to all participants.
Practicing transparency in business means being straightforward, honest, and open about your mistakes. It sounds a little daunting, but in reality, transparency reveals your competency and integrity. Additional benefits include –
- Increasing customer loyalty
- Inspiring team innovation
- Promoting employee retention
- Establishing trustworthiness
- Curbing potential fraud
Transparency might look different for you than it does for the business across the street. Because of different consumer bases, not all the same information needs to be shared with all the people. Of course, transparency never includes confidential or proprietary information. Your employees and consumers do not expect that; they care about –
- Honest price breakdowns
- Ethical internal processes
- Production resources
- Diversity/inclusion data
- Salary differentiation
While these may sound like private information, there are ways you can incorporate transparency without saying too much.
- Start Internally: Keep your employees informed about the company and their jobs. Let them know when changes are going to occur and how this affects them and their salaries. Be honest about your vision. Perhaps send out a monthly newsletter to your team to keep them up to date. It is best if they hear things straight from you rather than the rumor mill.
- Don’t Cover up Prices: Don’t throw in hidden fees. Don’t spring totals on them at the very end of a job. Let them know price breakdowns and what they can expect to pay. Give full disclosure, but do not use complicated language. If they trust you with their money, they will trust you with everything else.
- Avoid Weak Excuses: When you are behind schedule or something didn’t go as planned, be honest with your customers. Give them good reasons, not weak excuses. Be upfront about timelines and what it takes to get the job done. Communication with clarity is your best friend. (Even if it doesn’t make you look good in the short run).
- Stay Current: Technology allows the consumer to constantly research products and services. Constantly. You must keep your prices, services, and products up to date online. If a customer reads one thing but then experiences another, chances are their trust will plummet.
- Ask for Feedback: Asking for and accepting feedback demonstrates transparency. It shows you care about people’s perception of you and your company. You may be the most honest person in the room, but if your customer does not perceive you that way, then it won’t matter.
At Hamilton Connections, we work hard to be open about how we do things. Relationship is everything to us! So, if you are looking for a staffing agency you can trust, call us today, and let’s get started!