In today’s business world, “corporate transparency,” once the sole focus of Non-Government Organizations (NGOs), is now a common, and more expected, practice. The concept applies to your outward business practices as well as your internal corporate culture. You must demonstrate outward transparency in your business dealings and practices, while keeping your employees engaged in, and knowledgeable about, the business’ goals. The former type of corporate transparency focuses on clear financial reporting, which can translate to winning more trust from customers and investors. In a nutshell, companies who are transparent in their operations are viewed as having nothing to hide and more likely to tout their successes, which in turn leads to more customer and investor trust. For those companies still on the growth track, whether to their 100th employee, 1st million in sales, or IPO, there are still ways to benefit from being transparent as well as expecting openness from your vendors and suppliers.
A recent Gallup polls shows that a whopping 70% of workers are not engaged at work. Clearly this is an alarming number that employers need to address as staff turnover wastes both time and money. Empowering your employees doesn’t require a committee to implement changes or a separate budget. Something as simple as creating an open workspace can make a huge difference. In addition, by maintaining direct communication and clear definitions of company direction and goals, as well as employee expectations, you can connect with your employees and improve job satisfaction levels practically overnight.
So now that you’ve worked hard to keep your financial picture in sharp focus for your customers and investors, and ensured that your employees are fulfilled and productive, what’s next? The next step is to ensure that your vendors and suppliers are practicing what you preach. For example, many vendors and 3PLs fail to provide itemized billing because their technology and systems aren’t sophisticated enough to pull specific order-by-order date. Imagine if you received a cell phone or utility bill with a total amount due and no line item break-outs by services or usage—would you simply pay it without asking for further clarification? We wouldn’t! And yet, many companies do receive such invoices and do pay them without batting an eye.
At Fulfillment.com (FDC), our technology powers a client-centric dashboard with the capability to filter account expenses by year, month, or day, as well as broken down by specific service, from kitting, picking, and fulfillment fees, to packaging and postage costs. You can even zoom in on a granular level to determine postage for a single order! We offer real-time reporting 24/7 and our invoices clearly break down any expense charged, while still offering industry-low pricing overall. This commitment to transparency is just one of many ways we differentiate ourselves from our competitors and save our customers time and money. Think about the above “lump sum bill” scenario and how much time you would have to spend calling customer service for a fee break-down (and we all know time wasted is money wasted!).
The choice is yours—do you want to do business with a company that has nothing to hide or one who just might be trying to misdirect your attention with vague or inflated pricing?