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Transparency build trust in business

Transparency is key to building trust in an organization. The more you share with your employees, the more faith they will have in you and the more they will show themselves to be trustworthy. When transparency is added to the corporate culture, employees will be more engaged and committed to the vision of the company.

Few benefits of Transparency

Transparency ensures that information is available that can be used to measure the Team’s performance and to guard against any possible misuse of powers. In that sense, transparency serves to achieve accountability, which means that Teams can be held responsible for their actions.

When companies develop a culture of transparency and trust, employees feel more invested, will ready to give their 100% and the business can thrive. Team members are comfortable coming to leadership with questions, concerns and fresh ideas.

Here are few steps to help you successfully demonstrate transparency and build trust:

  1. Embrace authenticity.

  2. Shared vision from Top to bottom

  3. Invest in your brand and don’t over promise. Always be 100% transparent in business, especially with the risks of the product or service you are selling.

  4. Motivate and reward the team

  5. Effective is your governance structure

  6. Leveraging technology to improve transparency

  7. Disclose all risks to your clients or prospective clients before doing business with them, because if you don’t as they will always find out the risks at some point, which could result in painful litigation.

Remember ambiguity may destroy your reputation if your business compromise on values.

Dr Praveen Srivastava, Business Coach & Management Consultant

Recipient of Philip Kotler excellence award in the area of Consulting and Training

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