Starting a small business is a personal endeavor for many entrepreneurs. It’s easy to be overprotective of a business you founded and have nurtured through success and difficulty. But, letting your employees see how everything works has the potential to make them feel part of something bigger and work harder for every win. The CoLab hosts Megan Marsh and Andres Munar practice open-book management and have tips on how to run a transparent business to share for implementing it at your own business.
The inner workings of a business are often kept closely guarded by leadership. Unfortunately, this choice can create an environment that has the potential to breed misunderstandings and assumptions that can hurt employee morale—and potentially the bottom line. Increasing transparency is a great way to get employees to feel more invested in your business and its success.
It might sound unwise to open your books and let employees truly see your business operations—warts and all—but increasing your business transparency can build trust with employees and help them see beyond their position and into the big picture.
Ready to dive in? Here’s what we’re covering in this episode of The CoLab:
● [01:03] One of the biggest gaps between small business owner and their employees is transparency. Without transparency, you as a business owner are leaving room for assumptions and ignorance to take hold.
● [12:01] Being transparent can help bring employees from working for your business to being committed to your business.
● [16:58] Seeing the big picture is important and getting your team involved in that vision helps them see the end goal for your business.
● [23:17] Increasing your business’ transparency also can help your employees understand the difference between earning and asking and how any decision impacts the bottom line.
● [31:42] Opening up your books and increasing transparency can help employees understand how each part of your business affects the other and encourages employees to come up with solutions for problems across operations.
What about you? Do you have any tips on how to run a transparent business to share with the community? Lets us know!