In the contemporary highly competitive business environment, business ventures should strive to create a relationship of trust with their existing customer base to retain and attract new clients. Companies with a reputation for being dependable and treating their customers and employees fairly have a substantial competitive advantage over their direct competitors. It can be argued that transparency, corporate citizenship and responsibility, and follow-through are the main principles a company should adhere to in order to become more trustable and successful.
Transparency in a venture’s business operations is key to creating trust with the customers and becoming efficient. According to Fraser and Van der Ven (2022), being transparent about their practices helps companies secure a more beneficial reputation. Furthermore, transparency can serve as means of reaching new target markets and increasing revenue and efficiency (Fraser & Van der Ven, 2022). For example, transparency in supply chain operations can help detect unnecessary expenditures through communication with the community, reduce costs, and improve the public image. In addition, customers trust companies that are actively involved in social issues and positively impact the economy, environment, and society. Yohn (2020) notes that corporate citizenship and responsibility are expected of modern businesses. It helps build a stronger organizational culture, create shared value, and manage the employee experience, resulting in a more effective organization (Yohn, 2020). Furthermore, the principle of follow-through is crucial in creating trust with the public. If a company fails to perform its obligations and follow through on its pledges, it is unlikely to build a strong relationship with its customers, partners, or employees.
In summary, business ventures should follow the principles of transparency, corporate citizenship and responsibility, as well as follow-through to secure the public’s trust and become successful in the modern competitive environment. By being honest about its operations and business practices, contributing to society in a meaningful way, and consistently following through on its promises to consumers, collaborators, and employees, any organization can create trust with the public.
References
Fraser, E., & Van der Ven, H. (2022). Increasing Transparency in Global Supply Chains: The Case of the Fast Fashion Industry. Sustainability, 14(18), 1–24.
Yohn, D. L. (2020). Brand authenticity, employee experience and corporate citizenship priorities in the COVID-19 era and beyond.Strategy & Leadership, 48(5), 33–39.