Being radically transparent in business has many benefits – both for individual employees and for the employer. It’s especially effective in written form.
Here is how full business transparency adds value:
Ray Dalio of Bridgewater Associates is one of the richest and most influential businessmen in the world. What is the meaning and importance of transparency according to this very successful business builder? He writes in his recent book:
Being radically truthful and transparent with your colleagues and expecting your colleagues to be the same with you ensures that important issues are apparent instead of hidden. It also enforces good behavior and good thinking, because when you have to explain yourself, everyone can openly assess the merits of your logic. If you are handling things well, radical transparency will make that clear, and if you are handling things badly, radical transparency will make that clear as well, so it helps to maintain high standards. | Radical truth and radical transparency are fundamental to having a real idea meritocracy. The more people can see what is happening—the good, the bad, and the ugly—the more effective they are at deciding the appropriate ways of handling things. This approach is also invaluable for training: Learning is compounded and accelerated when everyone has the opportunity to hear what everyone else is thinking. As a leader, you will get the feedback essential for your learning and for the continual improvement of the organization’s decision-making rules. And seeing firsthand what’s happening and why builds trust and allows people to make the independent assessments of the evidence that a functioning idea meritocracy requires. Source: Principles: Life and Work p. 323-324
How can you apply transparent practices to your business?
At LiteBreeze we embrace radical transparency within many areas of our business. Everyone defines business transparency differently, but this is what it means to LiteBreeze. Examples of what we share widely:
Radical transparency is one of the core principles at LiteBreeze.
A person’s success in life can usually be measured by the number of uncomfortable conversations he or she is willing to have. -Tim Ferriss