Transparency in business in the past years has been a taboo concept. People in days gone by used to keep their business secrets to themselves, like employee salaries, company policies, Terms of services, and more. The reason for that is that the opaquer your business practices are to the workforce or general public, the more you will be successful.
Everything is changing in business nowadays; the more you conserve when showing your company policies, the worst image you will create of your company in the corporate world. This practice has started to backfire, discouraging employee engagement and muffling the brand’s reputation in the marketplace.
Transparency is the new and innovative standard that businesses and business owners must apply. It has been reported that new companies sharing everything are doing well economically and reputationally. Throughtransparency, they have shown how much money the hierarchy makes, the practices and policies they have in their business, to where and how they source their materials.
Here is why transparency is essential in your business;
- Transparency is a sign of trust
After analyzing 55 independent businesses, the current meta-analysis found that the higher the level of transparency among the company’s employees, the better their performance they put.
Through transparency, every employee in your company will have complete clarity about their actions and decisions and be able to own their mistakes. This will also make people less stressed and develop trust in each other because of the open sharing of information, making them face obstacles rather than running away.
- Transparency creates loyalty
If a person is working in your firm or organization, it is their or right to know that whatever effort they put into it matters. They want to include their effort and hard work to pursue and work on the company’s vision. All they need from theircompany is to validate their contribution. With transparency, you can practice everything mentioned, making your employees loyal to your company.
- Transparency increases your employee’s accountability.
If you reveal your employee’s goals and incentives, it will increase their chance of staying accountable.Transparency makes employees take responsibility for the success and failures they will have/ If they succeed, it will motivate them. Still, if they fail, they will work on the obstacles, blockers, and mistakes tobe more careful in the future.
The new generation of leading entrepreneurs has made practicing transparency in their businesses a non-negotiable rule. In every aspect of their organization and business, they ensure that every process is transparent to the employees and the clients.
Moreover, this has created a distinct image of their business and its work ethic in the corporate world. When listing all these new-generation business owners or entrepreneurs, that list will be infinite. However, James Ward is the most prominent among them. This entrepreneur, based in Watford, England, has practiced transparency in his business.
CompareYourBusinessCosts is using transparency as a way forward
It all started when Ward began working in telecommunications; he noticed how slow the quoting process of telecom solutions was, so he left his job and founded his website where people can instantly compare the prices of their operating costs such as energy, insurance, internet, and finance and strategize their business accordingly. CompareYourBusinessCosts.com is a website for companies that want to compare prices of their operating costs such as energy, insurance, internet, finance, and much more. The website has become the most prominent business cost comparison website in the UK only in nine years.
Ward’s website is the only Leading business cost comparison website that won best website of the year in 2015.
It all happened because of the transparency of their work processes to their customers. This will also let them know what to expect when running a comparison free simple and easy website that should help people. James’ partners in his business include companies like Talk Talk, Go Superscript, LoveEnergySavings, Fund Onion, XLN, and Aspire technology solutions.