Transparency: A Key Value in Business

In everything that one does, honesty and trustworthiness must be at the forefront and that includes business as well.  It is very important to create and maintain good business ethical standards and transparency in business relations as this helps keep customers coming back for more.

Transparency, especially as it relates to business, is defined as being open, honest, accountable and having good communication.  As a business, a promise is made to all stakeholders including customers, employees, directors etc. to maintain high ethical standards which are based on transparency.  Below are a few reasons why transparency is vital to all business.

  1. Transparency helps to create and maintain trust – consumers are more likely to trust you and your business and keep coming back.  Being open and honest and having information readily available will make customers stay as opposed to withholding relevant information which would otherwise drive them to seek goods and services elsewhere.  Customers will also become loyal to the business if transparency is maintained. Employees will also trust and be comfortable with the business which will aid in creating a business environment where there is great teamwork.  Employees will also be likely to communicate more as they trust that their opinions and concerns will be listened to
  2. Productivity is likely to increase – employees are a key driving force in a business and cohesion within the workforce leads to increased levels of production. If employees know what is going on with the business they will then work hard to make sure that the business grows by increasing productivity.  Productivity will also lead to more innovative ideas that will then propel the business to new heights as employees will be empowered and feel like an important part of the business
  3. Efficiency is improved – transparency allows business to be able to look at things from all angles thus generating more business ideas which lead to the efficiency of business operations. This efficiency also translates to a greater competitive edge and better products and services
  4. Accountability is upheld – transparent businesses stay relevant and are likely to stand the test of time if they maintain a level of accountability. Accountability shows that the business is ethically responsible and will make sure that everything is done in an honest and correct manner.

As businesses continue to grow and evolve, transparency also becomes a huge part of how they should operate.  It is therefore very important to stay true as it greatly impacts a business going forward

Transparency in Business

Business Growth | Trust

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