What is transparency in relation to business? In the simplest terms, it is when an organization makes its practices, decisions and progress available to the public. Imagine being asked to put money into a box but not knowing where the money was going or why you were donating. Most people would hesitate, but transparency helps eliminate this hesitation. It gives employees and clients the information and insight they need to fully commit to your business. Take a look below to see more of the benefits of transparency.
Increased confidence from employees
If it seems like an organization is hiding things, it won't be long before employees start to get frustrated. When a worker dedicates time, efforts and skills to the success of a company, he or she does not want to be shut out from major decisions or have information withheld from him or her. By being open with your plans for the business, inviting employees to participate in discussions about the future and communicating any organizational information clearly, your employees will likely feel more dedicated to the company. Transparency may also increase employee loyalty as your workers could feel more included in and important to your organization.
"Communication is the easiest way to provide transparency."
Stronger trust from clients
Perhaps the most important time for transparency is with clients. Refer back to the money-in-a-box scenario. Clients are not going to pay you for your services if they don't know how their investment will be handled. With clients, communication is the easiest way to provide transparency. By actively communicating all of the goals of a project and the resources dedicated to accomplishing those goals, you can build a stronger foundation of client trust. Business process management software can be extremely helpful in when it comes to managing communications. A good platform will allow businesses to track all communication between clients from any device that can connect to the web portal and will store old communications so they can be available for future reference.
Better business practices
Overall, transparency encourages businesses to perform at their best. It acts as a sort of self-imposed watch-dog feature and promotes honest tactics, keeps projects on schedule and improves the relationships with clients. By working to make your company transparent, you could see vast improvements in the way people perceive your organization. Adjusting to a transparent business model may take some getting used to but the return will make all your efforts worth it.
Though some managers hesitate to be too transparent, it is an important quality for businesses. With well-communicated, honest practices and clear communication, organizations may see an improvement in client relationships, employee retention and public opinion. Try implementing a transparent business model in your company today and see the difference.
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