At CodeScience, our commitment to transparency extends to every facet of the business—including finance. Financials? Yes, even finances. In my experience in working with small businesses, it’s rare to find owners or partners who share much. if any, financial data with their organization. Don’t get me wrong, there are good reasons why a company should be mindful of exposing too much information on internal financial processes, but what I’ve learned is that the healthiness of exposing the right data far outweighs the alternative of keeping things hidden behind closed doors. Why should companies be comfortable sharing their numbers on a regular basis? I believe it can be summarized in three main points.
- Financial Integrity
- Employee Understanding
- Creating Consistency
Financial Integrity: By sharing your financial information with your employees, you are showing that as an organization, you are committed to financial integrity. It’s important to be honest through the good times as well as the bad. Not many small companies like to share this information with employees, but here at CodeScience we want our employees to feel confident in knowing that the company is willing to reinvest their earnings back into its resources, which are our employees.
Employee Understanding: Being transparent with the financials helps the employees see the big picture and helps them understand why the executives make the decisions they do. Transparency helps the employees stay mindful that the choices they make will affect the bottom line of the company.
Creating Consistency: When employees are hearing the same message from leaders, it helps keep everyone motivated and by doing this, it helps in not only exceeding client expectations and creating a healthy work environment, but also in having a little fun along the way . Overall it translates into long-term success for everyone.
