Transparency and openness are watchwords that have roots in the rise of the Internet. After all, since there is more information readily available to us than ever before, it almost seems unfair for anyone to keep anything secret, whether the secrets be personal faults or business strategy. In the past, sharing details might be expected only of a close personal friend, it seems that companies today are evaluated as potential friends, or at least potential business partners. In startups, the need for transparency is vital—because the survival of the startup may depend upon its principals’ transparency. 

Transparency Demonstrates Prime Startup Ideals 

Transparency can showcase your individual and company bravery, honesty, honor, conviction, and commitment. Since customers today want to know everything about a company before making the decision to purchase a product. In the past, this was virtually impossible to know—but now that so much is out there, keeping anything secret may seem like cheating. Transparency, then, can be seen as a virtue and can make people or companies look good if they come clean. I admitting something done wrong, they get the opportunity to give their perspective on the issue and to state how they will correct the wrong. It lends an aura of honesty, honor, and humility to the “personality” of a company these days. In a startup, ideally composed of a tight group of people with a shared vision, transparency keeps the culture healthy. 

Implementing Transparency for Startup Success 

Companies that are secretive are often seen as untrustworthy and dishonest. In a small startup, there is no room for these perceptions. Most successful startups desire to be disruptive, not only to their business sector, but to “conventional old-style” business ideals as a whole. This can be achieved through transparency. Startup principals should check in with their staff to gauge how transparent they’re perceived to be. Employee perception may not match what management thinks they are projecting. Experts and successful startup leaders advise that the entire team be given a voice in the company. That means showing them the respect to ask for their opinion, valuing that feedback, and acting on it—as transparently as possible.

Talk to the lender that takes a transparent approach to startup financing. Contact Increase Lending today.