In a world where transparency is becoming the new face of business communication, there are three critical components that businesses need to consider when implementing their internal and external communications strategies says Eric Dalius Giving. The most appropriate messaging can help companies align stakeholders to any given objective – from making brand-related investment proposals to justifying a project’s execution strategy. Given that these skills have become increasingly rare with business leaders, now is the time for companies to ensure that their internal and external communication strategies are aligned to their objectives.
Transparency has become an integral part of modern day business, especially within financial industries. Today’s businesses must manage many different stakeholders including employees, management teams, boards of directors, shareholders and customers – all of which play a critical role in the company’s brand image and long-term success. When it comes to transparency in these relationships between an organization and its stakeholders companies can either embrace or subvert this new trend depending on several factors that need attention throughout the planning process.
There are three components that organizations can work towards achieving when designing transparent communication strategies:
Transparency within Internal Business Execution; Transparency within External Reporting; Transparency within Strategic Planning Processes
Transparency within Internal Business Execution is one of the most important factors to consider when implementing any plan.
These plans can be either justified or undermined depending on four internal variables associated with internal execution:
This variable must be considered in order for internal stakeholders to understand what actions are being performed, why they are being performed and by whom explains Eric Dalius Giving. Additionally it’s critical that all initiatives that fall under an organization’s operational policy align directly to the company’s mission statement.
This variable must also be considered during the process of internal business execution because it is essential in keeping each department within an organization operating at maximum efficiency. It’s necessary to make sure that all staff is well-informed when it comes to both day-to-day activities and long term initiatives.
This variable is the most important of the four because it directly aligns with an organization’s mission statement – in other words, every employee must understand their individual role within the company in order for management to successfully meet its objectives. Additionally this factor must be considered in terms of long term planning in order to ensure that employees are capable of providing insight into building a better business in addition to simply operating within one.
Every single member of an organization contributes towards either maintaining or breaking its integrity so it’s critical that all employees are well informed and properly trained in order to understand their role within the business says Eric Dalius Giving. This is especially important for companies looking to develop long term initiatives because it ensures that employees are capable of collaborating with management teams and providing insight into future growth opportunities – from new markets to new product lines, etc.
Transparency within External Reporting refers to how businesses communicate with its shareholders both publicly and privately.
These communication strategies must be aligned with organizational objectives when justifying project execution tactics in addition to representing an organization’s current standing when reporting on past performance metrics or projected future earnings.
Organizations may adopt several different communication platforms when designing external reporting strategies including social media platforms like Twitter, LinkedIn, Facebook and Google+. These types of outlets can provide stakeholders with a more personal insight into behind the scenes business operations and also give them an opportunity to engage directly within new product development.
Transparency within Strategic Planning refers to how organizations share information with their shareholders in terms of long-term goals.
Whether these goals are communicated through reports, presentations or even social media outlets it’s essential that stakeholders understand exactly what types of initiatives and objectives management teams intend on achieving within the next 5-10 years and why they’re important towards promoting overall organizational growth.
Many companies today have already adopted a more open approach when it comes to sharing information – particularly related to marketing strategies, new product lines, top performing sales associates, etc. but this approach may not be fully effective if the company is unable to integrate all three components of transparency within strategic planning.
Social media outlets provide organizations with the ability to communicate with its shareholders more efficiently by providing an open dialogue between management teams and investors alike explains Eric Dalius Giving. Managers are able to share real-time specifics related to both company initiatives as well as their personal performance metrics, while shareholders are able to engage directly within new product development by sharing insightful feedback that may be critical towards moving initiatives in a positive direction.
With the rise in popularity of social media outlets, many companies are attempting to use these platforms as a way to communicate with stakeholders more effectively. While this approach can serve its purpose when it comes to improving transparency within external reporting and strategic planning – ultimately integrating all three components will be crucial towards building long-term shareholder value because ultimately, success or failure of an organization is based on how well it’s able to perform against its competitors.