Bad Press is Bad Business: Why Transparency Should be the Norm for Everyone
Eleonore Fritz, Executive Chronicles | Transparency should be the norm for every company and industry. The more transparent you are, the better you will be able to run your company, and the more trustworthy you are to your customers and clients. Transparency should become the standard around the world. It’s the only way companies can improve, especially in areas they don’t see any problems with. Being transparent is great for business, because it allows you to:
- Not Get Caught in a Scandal
One of the best reasons to be transparent is that it forces you to look at your company critically. You do, of course, want to ensure that your company is as wholesome as can be before you become transparent, even if you do let people know that these problems once existed.
No one expects your company to have always been a champion by today’s standards, especially if you are an old company. If you have been around for over a hundred years, it’s only natural that you once only hired women as secretaries and gave them a lower wage. It isn’t what you have done in the past, but what you did and are doing to change it. If you’re transparent, then you cannot be caught in a lie. Be open and honest about your business, so your customers know who you are and can trust you. Publish huge changes, such as a company buying out your business or if there’s a change in CEO. For instance, if you search “Who Owns Smithfield Foods?”, their information is open to the public.
- Be the Shining Knight in Armor
Similarly, if another company in your industry is caught in a scandal, you can then emerge as the knight in shining armour for their customers and business partners. These are the people who still need a company in your industry, but who also want a company that they can believe in. Being transparent means you won’t have any skeletons in the closet, and will allow you to be the industry standard that others will flock to.
- Be the Better in a Comparison
When the scandal happens, being transparent is also great for publicity. That is because people love comparisons. It is easy to make excuses for bad company policies when everyone else is doing it, but when one other company goes against the grain, then people take notice. When a scandal occurs, you will be the comparison made. You and your policies exist, after all, so there is no excuse for the poor policies that your competitor has chosen.
All of this publicity is also excellent for increasing your ranking on Google’s SERPs. That is because industry, business, and even international news take notice when a company becomes transparent, because it is such a bold move to do. Be the talk of the town in a positive way, and you’ll feel the increased traffic immediately, and as a result of being at the top of search results later on.
If the industry leaders became transparent, everyone else will follow, but for now, no matter how big or small your company is, you should aim to become more transparent today.