Business transparency is a big factor among entrepreneurs and businesses. This is to stay open and at the same time, informative of vital points of information. This includes things like:
- Goals of the business
- Its history
- Operations and;
- Performance
According to a study performed by experts, around 94% of consumers showed that they’re likely to stay with a brand that is offering transparency while 73% said that they’re more willing to pay for products that are offering complete transparency.
But why is it so Important?
Transparency isn’t just important to customers. It’s equivalently important to the company’s employees too. This only indicates that the company has got nothing to hide and it’s helping consumers to come up with smarter decisions. With this being said, a company that has revealed details in relation to its supply chain for example have better odds of being chosen than its competitors that are keeping information hidden from clients.
Yet, there’s Limitation
While transparency is praised highly, there are still limitations to it. This ensures that the company will not be taken advantage of and that the information released will be used for good and something not to tumble them down.