Becoming transparent both internally and externally as a business is extremely important, these are a few ideas of how you're able to carry this out.
In recent years there has become more focus on businesses being clear with their consumers. In the banking sector particularly, many customers have become tired with how the banks aren’t open about how they operate. As a result of this, businesses comparable to Anne Boden’s have been producing business models which are fully open and clear with their customers. This is among the greater examples of transparency in business, as consumers are increasingly shifting towards using these companies which are disrupting the industry as a result of this. If your customers have faith in you as a corporation, they’re also more likely to recommend you to their buddies; this is the best way to make your corporation grow organically! If you’re operating in an industry where a bunch of competitors aren’t as transparent, you’ll find that this will give you a huge competitive edge over them as well.
One form of transparency which your company should employ throughout their procedures, is being clear with your work force. If you have successful corporate transparency with your employees, this builds employee faith and develops a wonderful working atmosphere. Being honest with business operations will make your company more attractive for prospective staff, so your hiring process will become much easier. Another thing you'll find about transparent companies, is that it keeps staff turnover down. If you manage to keep hold of your staff, this not only saves funds on educating new staff members, but it also means your current employees will be very experienced on the organisation's aims and values. On top of all this, if all employees in a business are in the loop with the aims of a corporate, this gives every person more of a chance to provide any recommendations they may have. Askar Alshinbayev’s business are heavily concentrating on transparency in their operations, which has been very beneficial for them.
Being honest and open about your companies’ supply chain is an instance of transparency in business ethics. If you make it clear to consumers that you’re finding your raw materials in an ethical manner, this can make you even more attractive to potential customers. On top of this, regulatory companies are cracking down on unethically made produce nowadays; if you’re honest about your supply chain process, you will receive less pressure from these regulatory businesses which makes life easier for you! If you check out Ginni Rometty’s company, you’ll see an example of a business that are trying to develop supply chain transparency. Also, it is never a bad thing to use ethical sources when making your products, as having a fantastic level of sustainability will help the natural environment.