Every business’s goal is to run a sustainable model that helps its products’ value chain to grow and stabilize in constantly evolving markets. While focusing on ensuring that they have seamless processes, customer satisfaction is also very important. This is where accountability and transparency become important in maintaining good relationships with clients. Here, we’ve highlighted a few ways you can provide transparency to clients while bringing them value:
4 Ways to Provide Accountability and Value to Your Target Clients
As a company, accountability starts with having clearly defined goals and objectives for your organization. Every company needs to have several methods for providing their target clients with accountability and value. This provides your clients with a fundamental guide on your activities and the products/services you’ll provide. Once you’ve gotten your values (mission and vision) in order, then you can be held accountable through:
Implementing Reporting Systems
When The IIRC merged with SASB, they created a united organization called the Value Reporting Foundation (VRF) which provides investors, clients, and potential shareholders with information about how companies are maintaining their value chain and the standards they are upholding to do so. Non-profits like The International Integrated Reporting Council governance handles companies reports so that they provide relevant and unbiased details to clients. Now that they have partnered with the SASB, they provide more detailed information and added transparency.
These systems come in the form of software and organizations that provide clients with detailed reports on the value that your company offers.
Create a Culture of Integrity
Sustaining value while maintaining transparency is very difficult. This is why integrating a culture of integrity into your business is very important. Providing detailed price breakdowns, a price list, step-by-step reports on products and services, or even detailed labels with information on manufacturing techniques or products can be the difference between your organization and others. Integrity culture means maintaining a relationship of complete honesty and trust between you and the client.
Regularly Audit Your Business
Using external auditors and either televising or simply recording the auditing process is a surefire method for maintaining accountability in your business. Auditing provides detailed information about finances that also breeds a trust culture with shareholders and investors.
Holding Stakeholder Meetings Often
One important way to make sure you’re always providing the best to clients is to regularly engage them. This can be through meetings depending on your type of product/service, campaigns, and outreaches, or regular surveys whose results you can publicize. Engaging in these meetings not only helps to increase your business’s value but also provides a way to boost client engagement and loyalty by showing them that you care.
Conclusion
Accountability can now easily be maintained with multiple methods and with the use of technology. Without proper transparency and the use of regulatory organizations, most companies will not be able to achieve financial sustainability as a result of customer dissatisfaction. However, with the aid of proper audits, marketing, and detailed reports from relevant bodies like the VRF, transparency problems can be a distant problem when proper tools and mechanisms are being applied to business processes.
