How and why should you make your business more transparent?
Would you trust a company with hidden agendas, false information, and unknown business practices? Probably not. It's clear that in today's society, there is a real need for businesses to be open - with both customers and employees. Withholding or reshaping information is no longer a viable option for this new era of consumers who are savvier than any generation before. To build brand loyalty, companies need first to build trust.
Regardless of what industry you're in, aim to make your business more transparent. Here are few ways on how to get started!
Be personally transparent.
Pick a digital medium (e.g., LinkedIn or Facebook) to share your personal thoughts, ideas, and likes. The concept of transparency must start from the top.
Be internally transparent.
Transparency must come from within if you want your business to be successful. Be an open book company, and always keep your employees informed on progress, risks, and opportunities.
Be knowledgeable in your field.
No one will trust you if you don't know what you're talking about. You don't have to be an expert in every field - just your field. Talk about what you know so others can view you as a reliable source.
If a customer or client sends you a message or comment, aim to respond to it within 48 hours. The sooner that you resolve issues, thank others, and acknowledge areas for improvement, the more customers will feel appreciated.
When people come to trust you through transparency, they'll be far more forgiving when you explain why something didn't work or when a mistake occurs. Don't be afraid to have an honest dialogue with employees and customers alike.
While you're taking care of your business, be sure to review your business insurance
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