The Importance of Transparency in Business

- - Adam Kidan, Business

Transparency is a key element to successful businesses that is often overlooked. Everyone who plays a role in a company should know the who, what, when, how, and why of big decisions so that they can continue to feel important, because the truth is – they are. When employees and others involved with certain business endeavors feel like they are not being included when important decisions are made (or not made), they are less productive. Clarity leads to productivity, and nobody likes to feel like they are being left in the dark.

Adam Kidan

Being transparent is vital to running a company – no matter how big or small. Your customers will also immensely appreciate honesty. An article written by Chuck Cohn and published by AmericanExpress.com created a great analogy; he states:

“Think about the last time you went online to book a plane ticket. Was it annoying to arrive at the last page and then discover all the extra fees that were added on to your final price? It would be simple to put that information at the beginning of the process so the customer feels less ambushed,” (4 Ways Transparency Can Boost Your Business).

That being said, transparency should not be limited to in-house operations (meaning, what goes on internally), extend your business’ transparency to all those who are involved – customers, investors, etc., and your business will sure to have a positive improvement.

Adam Kidan business

In addition, in order to run a strong business, make transparency one of the company’s biggest priorities. According to Chuck Cohn, “Communicate that the more everyone knows, the better you can work as a team. Line up goals with your vision of the company and let everyone see it,” (4 Ways Transparency Can Boost Your Business). This is especially important from a CEO’s perspective so that all employees – new and old – can be on the same page and know that they are working for a singular vision. Transparency creates unity, and vice-versa, so make sure everyone knows they are on the same team, working for the same goals.

For more information on why transparency is a key aspect for running any successful business, please read Chuck Cohn’s article on AmericanExpress.com here.

Adam Kidan