Transparency – The key To Business Sustainability

The increase in whistleblowing by employees has caused a significant trend towards transparency by business with the expectation for transparency extending beyond personal interactions, and causing Boards, CEO’s and shareholders to move away from the old style secrecy that many businesses have previously adopted.

There’s a common misconception out there about transparency. Far too often, companies see it only as a tool to be used when owning up to a mistake or righting a wrong. This approach is shortsighted and isn’t an effective way to build a sustainable business. Across all industries, transparency has never been more important to a successful business model.

Cambodia was ranked 156th out of 176 countries in Transparency International’s 2016 Corruption Perceptions Index, earning it the title of the most corrupt country in Southeast Asia and the third most corrupt country in the wider Asia-Pacific region. Read Article – Government is aware of the shortcomings and is taking steps, albeit slowly, to stamp out corruption and demand more transparency across all sectors.

However, as stated in stated by Transparency International, business must take the lead and aim towards more transparent business models. Transparency doesn’t just help businesses become financially successful. It makes them good citizens. And good citizens never go out of business.

Perhaps the best way to remember the importance of full and complete transparency in business is to remain mindful of the fact that a business is meant not only to cultivate a community of people interested in the product or service it offers, but to offer something that benefits the community that contributes to or is affected by that company’s actions. Yes, transparency is certainly the key to business sustainability!
For more information on how you can improve the transparency of your business, please contact SMCS RISK 

 

 

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