This weekend I had an interesting discussion about the importance of transparency. Though it’s not always popular (or easy), I am a firm believer that the only way to succeed is to have all of the information out on the table. I have found that good communication is impossible between two people when only one of them has all of the facts. Thus, I would much rather receive “bad news” from someone and work together on turning it around than to be side-swiped with it or hear about it after-the-fact and realize that I could have helped come to a better solution.
While I believe transparency comes down to honesty and integrity, some people disagree and feel that divulging information on a need-to-know basis is the best way to do business.
I want to ask your opinion on this: Do you feel that it’s best to be open as open and up-front about challenges as we are the good stuff? As a business owner, do you create a culture of openness and transparency? Why/Why not?