Public Relations 101 – Transparency in Business

At the end of the day, people are going to do business with people they feel they know and trust. While the aforementioned statement may initially seem like a no-brainer, transparency in business is one of the key determining factors for the longevity of a business; however, many still struggle to achieve this without saying too much.

So what is transparency in business anyway? Does business transparency mean that companies must disclose every little detail to current and potential customers and clients? By contrast, transparency in business is less about how much is disclosed and more about the frequency of disclosure and how it is achieved. For example, if a manufacturer of goods discovers that there may be a problem with the construction of one of its products, obviously the company must immediately inform consumers of the problem. It may not be necessary to say why the problem exists or how exactly the product gets into the hands of the consumer despite quality and warranty checks, as this may induce unnecessary panic. However, it is essential that the company remains in almost constant contact with the consumer during the crisis situation so that the consumer feels that the company genuinely cares about their safety, and not just about the company’s bottom line. Depending on the magnitude of the crisis, weekly and sometimes even daily updates may be necessary.

While company size is often a determining factor in outreach, several approaches can be taken to ensure that the right information reaches consumers in a timely manner during a crisis situation. Press conferences are an option for larger companies, while “conferences” or similar announcements can be made on company websites or even on sites like YouTube and Twitter for smaller companies. Email announcements, newsletters, and brochures are always great ways to show consumers that the lines of communication are open. Finally, press release distribution can ensure that your company’s message reaches consumers and other key stakeholders through mainstream media outlets.

Remember, transparency is more about frequency than full disclosure. Always be honest and truthful, but be careful to correctly construct the message you want consumers to receive, as that press release may be your only chance for redemption.