Independent Thinking Blog

Building Trust via Business Transparency

I had a very revealing conversation with one of the officers on my condo board yesterday. Turns out that for the past year the board has been trying to restore a business focus to our operations. They’ve fired two poorly-performing vendors and read a third one the riot act. And that was just the beginning.

It’s about time:

1. Time we again had a board that understood business processes and financial management. (Because it was very obvious to me from the projects that never seemed to end and the foot-dragging over problem-solving that we’ve had a few years without appropriate oversight.)

2. Time someone told me they were taking steps to remedy the problems.

Transparency is a hot topic these days. And it’s not just Wall Street that needs an infusion of openness. The more you tell investors, customers, and other stakeholders what you’re doing for them, the more they will trust you.

My confidence in my condo board went up tremendously yesterday. How can your business be more transparent today?

Photo by mediavrog (Flickr).

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