The 3 Areas of Entrepreneurial Transparency

 

Transparency is one of the biggest buzzwords in business today. But in my opinion, it’s importance can’t be overstated.

Without transparency, leadership is untrustworthy, visions are compromised and a team disconnect occurs. I consulted to top entrepreneurs and the Fortune 500 for 20 years and identified three areas of transparency that have proven to be vital for business owners, entrepreneurs and leaders in general.

Self

This is the foundation for a transparent life because team alignment begins with the leader. And if that leader is unrealistic about the company’s capabilities and goals, success will be extremely difficult to find. Transparent leaders are brutally honest with themselves. They have a clear understanding of the vision, they know which metrics matter for their business and they know what they can realistically expect from their team.

Others

Transparency with others means not only sharing the results you’re looking for, but why you’re looking for them. Everyone should understand how the current strategy will ultimately achieve the vision. Team members should understand this vision and they should fully appreciate the role they play in making it happen. Outline individual team members’ importance so that they know the specific result they’re driving toward.

Your Company

There should be no secrets when it comes to the performance of your company. All team members need to be fully aware of the company’s financial successes and shortcomings. If they’re not, you’re playing a game without a scoreboard. It’s the leader’s responsibility to track metrics and financials daily. This is the only way for them to assess where things need to move forward and who can help make that happen.

When entrepreneurs fully embrace transparency in these three areas, their lives become easier and their businesses become fully leveraged. I’ve seen it time and time again. Although this can be a hard habit to adopt, we’re at our best when supported by a fully congruent team. And the fastest way to build that is with transparent communication.

If you’re interested in hearing more business growth strategies, check out this free preview of Constructive Company where you can sign up to see me personally teach these strategies live.

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