Modern companies must be transparent to meet certain compliance requirements. But it’s also just good business to lead with integrity.
Transparency has become more and more of a buzzword across industries, for both small businesses and large enterprises. Business leaders are increasingly being held accountable for their actions and honesty (or lack thereof). A big part of paving a way forward is through integrating transparency into policies and practices. It’s no longer enough to simply be compliant – business leaders must exhibit integrity and transparency in their actions and decisions.
So, how do you start creating more transparency and better business policies? We’ll be covering:
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What it means to be a transparent business
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Why leading with integrity is a must
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How to incorporate transparency into your business plan
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Ways the Franco Blueprint team can help
What is a transparent business?
A transparent business has a few key characteristics. Namely, they know how important building trust really is with both its employees and its customers. They understand that honesty and decency should drive behavior across the company, in each and every team.
Additionally, a transparent business focuses on:
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Openness in business operations, pricing, and bottom line
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An accepting and positive company culture
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Accountability at all levels of the business
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Integrity and honesty as core business values and drivers
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Building strong relationships
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Asking for feedback regularly and incorporating all workers’ opinions
Transparent companies are aligned across teams and executives about values and desired outcomes. It’s always clear where every employee fits into the larger picture: Why does their role matter? What are the domino effects of their tasks and actions?
Everyone’s opinions and feelings are appreciated, no matter how low-ranking someone is in the business hierarchy. In fact, hierarchy is merely a roadmap for potential ascension and not a representation of how employees are valued.
Transparency is not just good practice for employee or customer support. It can also lead to a better brand reputation, a competitive edge in the market, attracting more top talent, and long-term growth and success.
Why lead with integrity?
Transparent businesses understand how honesty and trust go hand in hand. This is why business leaders must focus on owning their mistakes, admitting failure, and being vulnerable. Only then can they show their audiences that they are always striving to be better. Their employees will trust them and want to stick around to help the business improve and grow. And, customers will also want to support the business.
Some business leaders may be wary about sharing information and like financials with the company at large. But doing so can show employees which areas bring in the most revenue so they can try to work harder for the business. It also empowers employees to fight for what they’re worth and opens new opportunities for advancement.
When everyone has a better idea of where the business stands financially, people will feel like they’re a major part of business success. They will feel more ownership over their work and be more engaged, which leads to greater job satisfaction and productivity.
What to include in your business plan
When creating or updating business policies and procedures, compliance should be top of mind. And transparency helps businesses meet their compliance requirements. One example is eliminating bias in decision making. By being transparent in hiring, firing, compensation, and other HR matters, the business exemplifies that its practices are not discriminatory.
Risk management is another area of compliance to focus on. Transparency ensures that all steps to addressing risks, including identifying risks and prioritizing threats, are planned carefully and taken seriously. Leadership should be familiar with every policy change and update and communicate them to the company.
Departments and teams in charge of compliance should create policies that encourage ethics, integrity, and openness so that transparency is ingrained in the business’s culture and procedures. This requires a balance of outlining what behaviors are unacceptable as well as rewarding those actions that exhibit strong character.
How can Franco Blueprint help?
The team at Franco Blueprint can help you improve your business strategy from accounting systems to budget to compliance. We help you understand government processes and your responsibilities for successful corporate compliance. Laws and regulations can be challenging to understand, manage, and implement, so allow our team of professionals to assist you.
Our business formation and compliance services include helping you with structuring and articles of incorporation, business licensing, annual reports, corporate bylaws, IRS communication, and much more.
When you need assistance with compliance and are unsure where to start, contact Franco Blueprint for a free consultation.