Transparency in business is important in every business organization and even other organizations where there is dealing between one or more individuals.. It's a principle where all the activities pertaining to the business operations must be openly disclosed to the stakeholders. Being transparent in disclosing the daily activities and transactions is an important facet as it develops trust and confidence to those manning the business.
Business Transparency
- Thread starter relcap23
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Transparency in business helps to strengthen accountability, by making business data available and known to the employees, the public , business owner can make sure their business is accountable by making sure every steps the organization take if not private is known to the public.
Any organization that is not transparent would lose customers. There are banks that used to make some deductions from customers' accounts without reasonable explanation. People dumped their accounts with those banks.
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- #8
That is true. Example for food products business manufacturing companies should indicate ingredients used and if it has passed regulatory procedures...Some religious sectors also requires some special requirements.
I have already written this post on Business Transparency. I am wondering why you are able to post the same topic as men. I wrote this topic weeks ago. Maybe it was mislooked by the moderators.
Transparency is good to both business owners and the customers. Transparency delivers trust and reliability. Transparency negates cheating, fraud lines and poor services. For effective result, there must be a transparency between the management and the workers.
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- #12
I didn't see your post but anyway the content may be different.
Definitely, being transparent is benijg honest snd this builds trust and confidence in the business owners. Customers. have the right to know the components of the products. The stockholders of the corporation have also the right to know what is happening to the company by way of being presented with. the financial performance of the company.
It is good to be transparent in each and every business that you engage in because transparency is a key to developing a business . The customers will trust you.
Transparency on the business forms a very crucial aspect on the basic operation of the organisation. All the stake holders must clearly see all the day to day transactions for the business and this can help build trust among the business managing team.
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You're absolutely correct, and I can relate to this very well, when you are very transparent or apply transparency in your dealings in business, it actually has a way of boosting your confidence, knowing fully well that you can stand anywhere to defend what you have recorded or transacted.
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- #16
Very true and you are always prepared when there is audit or when the stockholders ask for. records relating to the company performance.
Yes. But it Is not every situation you apply transparency. It depends on prevailing conditions. As a marketer you cannot be 100% transparent to your customers pertaining to the sales of the products. Doing so would cost you your employment.
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- #19
That is absolutely true. Good business management is maintained if all concerned are open with each other. Any hidden agenda of anyone will.just ruin the scenario and leads to collapse.
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yes, Accountability you hit the word. Everyone with a stake in the organizational has the right to know what is happening. There's no room for hidden agenda when everyone is entitled at.
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That's right I agree with you. Transparency in business is very important to increase the trust of employees, customers and investors. So, there is no need to keep every business agenda secret.
