Honesty and transparency in business are not always guaranteed. Integrating such principles in an organisation’s culture is very important. Being honest and transparent with firm’s stakeholders helps to establish long term relationships built on trust; the core of business success.
As business professionals, we all know that trust for colleagues, associates, clients and business partners is built over time, however, it only takes seconds to be lost.
It is sometimes the case that we might face some difficulties or changes at work that might cause delay in delivering a project or getting back to the client. This might be due to changes in resources, internal hold-up for approvals or delays from third parties etc. Trying to hide a situation claiming misleading reasons to a client might create a feel of confusion, uncertainty and mistrust. The point we miss here most of the times is the fact that, being transparent with a situation and honestly explaining the reasons behind it is more acceptable by a business professional than causing uncertainty and not giving any valid reasons for it.
Gaining a stakeholder’s trust through transparency will help establish a strong relationship between the two parties. It will also help to avoid any rush decisions taken in panic that can have a very negative impact for the firm.
Never forget to consider the long term impact your actions might have. It will help you make smarter decisions!
