What if everything you thought was secret about your business was in fact shared? What if your salaries were circulated? What if your manufacturing methods were divulged? What if everything about your business mechanics was open for inspection?
An open & transparent business
Your trade secrets are out of the bag. Your audience, your customers, your suppliers, your competitors… everybody now knows your gameplan. Daunted?
What information would you want to protect the most? Perhaps your P&Ls? The names of your suppliers? The salaries of the key members of staff? On a scale of 1-10, how much detriment would this cause your business? Would it cause the collapse of your business?
If I wanted to know the overall financial viability of your business, I could simply login to my Duedil account. If I wanted to inspect the CVs of the key members of your staff, I’d look them up on Linkedin. If any of your suppliers are proud to be in partnership with your business, I can read the latest updates on their website. Business is a lot more open than you may believe…. or want to believe.
What if our businesses were completely transparent?
In 2000 the Land Registry began to record and publish the selling price for every home sold in the UK. Was there an outcry against the level of information that was no available if we wanted to sell our home? No. Because we suddenly had access to data that helped us too. Buying property was still on a level playing field. The invasion of privacy was quickly diminished as we gathered information that helped our own cause. If the folks buying your house now knew you paid £200,000 for it in 2005, you were assisted by the data which told you that the house you were buying was previously sold for £250,000. It’s swings and roundabouts.
It’s the same in business. Every piece of information you share with your competitor, is, conversely also available to you.
So what is the fear?
Companies still fear sharing what they deem as insider information. They fear setting their staff free on public blogs. They fear that their competitors may suddenly have a better understanding of what makes them tick. ‘Why should we tell the world about our latest findings, or our latest business insights?’. They’re happy to share the company news of their latest awards or client wins. But, insight? ‘No, that’s our’s and ours only’.
There’s a fear that sharing insight can unmask business intellect. That the repercussions of competitor’s replicating our business methods far outweighs the strength of displaying to our prospective clients our business acumen.
This isn’t a question of fear, it’s a question of confidence.
Blogging, ebooks, social sharing, all contributing factors to the growing trend towards transparent business. CEOs share their thoughts, ebooks outline processes, social sharing displays our character.
The web already outlines the designs and blueprints of our businesses, whether we like it or not. If you wanted to enter your business into a new market, you already have access to the blueprint of your competitors. What you don’t have? You don’t have their story.
A confident business, led by a confident boardroom, embraces their story. They know that competitors can analyse and scrutinise their business with all the tools readily available to them. What they can’t do is replicate their story.
Embrace your story
Do the startup team at Casper fear their competitors replicating their methods? I doubt it. Not when they believe in the story they’re creating.
Believe in your business. Believe in your story and embrace your story. In the transparent world, it’s the only thing you can truly call your own.
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