Why transparency should be the core values of every business?

Transparency in Business

A business has its objectives set in earning maximum profits. But only profit earning as an agenda doesn’t make a whole good business. The incomes and profits inside business keeps fluctuating, but the thing which strenghthen business in all times are the core values. The core values of organisation are those key areas which is the important priority for business. These values of an organisation must be created in such a way that the business could achieve its goals. Transparency in business is one of those important factors which must be the core values of every organisation. Organisations maintaining transparency are always more trusted among the people. But the organisation without transparency is often avoided by the interested parties. 

The importance of making transparency as the core values

Transparency has its own importance in business. Though it is a non-financial factor, but it has a major impact on the finances and growth of business. Here are the major importance of making transparency as core values in business:

  • Attracts investors towards funding:

Businesses maintaining proper transparency ensures that they will be working in a legal order. The investors are often shared with the actual business insights which assures them that the system is working as per the order. This makes the parties feel that the money they invest will deliver the desired output as per their deal. 

  • Creates a honest brand identity:

The companies who do not maintain transparency can hardly be trusted by people. As the detailed report is not made available, so they are often worried about the internal matters of organisation. But, on the other side, organisation with transparency creates a honest brand identity among the audience. A honest brand identity has its own advantages and goodwill in the market.

  • Attracts more customers:

If the brand maintains proper transparency on its pricing and charges, then the consumers feel safer in taking those services. Where as if there are any hidden charges, then they won’t be returing back and negatively influence others too. Consumers feel safe if they pay a reasonable amount whose record is transparent among them. 

  • Attracting potential talents:

Transparency is killed when the employees are forced to leave the organisation without reasons. The companies not maintaining transparency with employees often end up losing them. This act also stops others from joining the organisation too. And so the talents often escape working in such organisation. On the other side, the organisation who keep everything transparent with employees are more trusted among them. 

  • Creating positive work culture:

Maintaing transparency with working members creates positive culture inside organisation. It also makes the employees aware about their company matters and functions which may invite many ideas and feedbacks from them. The ideas and feedbacks will help the organisation in the current events easily. But if nothing is made transparent, then the employees participation and attachment with organisation will be lost. 

Besides multiple advantages of transparency, there are the darker sides too. When we maintain transparency, our competitors becomes aware too. They also come to know about the organisation and it can become a threat to business. Therefore, transparency should be maintained but represented in such a way that the meaningful and important datas should not be leaked out in public. 

Cover Image by Gerd Altmann from Pixabay

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