If you are a business, market news might provide insight into stocks, acquisitions, or business gossip. There are many ways that as a business you can find ways to avoid gossip yourself by reading over other business news, by seeing what other companies have done and learning lessons from them.
You can even use business news as a sounding board for ideas your company has. Looking for gossip, a scandal, a cover up, it seems that almost all modern journalism seeks to uncover something nefarious at every turn. Social media certainly assists, providing a means of communication between companies and their stakeholders to support those scandals.
While certain company mistakes, mishaps, or setbacks you read about in market business news might seem better when covered up because they are small or might be misunderstood by the public, the act of secrecy itself is often tantamount to scandal. No matter the reason behind it, hiding anything equates to treachery and deceit.
Transparency as a key to trust
That said, transparency really is the key to modern business relationships and reputations. Building trust begins with this transparency. By operating as an open book from the start, stakeholders learn to trust in the openness of the company.
Being vulnerable with both the good and the bad, modern businesses can maintain more respectable reputations by being honest. Consumers and stakeholders alike are looking for more honesty in the companies with whom they engage. They want to know what is happening at all times, not to be kept in the dark.
SpaceX and Musk
Knowing that, SpaceX and founder Elon Musk have capitalized upon transparency as the springboard for conversation and for innovation, particularly with the public. Failures happen for this company the same as any other but instead of providing excuses or sweeping it under the rug, the company embraces their mistakes publically, engaging the public in an attempt to find a solution.
Engagement leads to collaboration
This engagement, too, is another way of maintaining a solid reputation. Failures are often the end of a company in otherwise good standing because of how poorly they are handled. With SpaceX, failures present an opportunity to re-address preventative measures.
When things go wrong, the public engages in a conversation about it, an open and honest conversation, so that collaboration takes place. Finding solutions, preparing better prevention techniques, and changing existing plans is best done with collaboration, especially from all stakeholders.
SpaceX epitomizes crisis management planning with its transparency. Honesty is what motivates the company forward toward progress. When the Falcon 9 failed, for example, the issue was presented to the public immediately. Conversational language helped the reader understand what was happening when things went wrong.
- For Musk, being genuinely concerned for employees and overall company safety before profits demonstrated to the public that Musk was operating as a good citizen, one who balanced economic, environmental, and social needs.
- That said, SpaceX is truly an example by which other companies can work. Rather than waiting for something to go wrong before being transparent, all company actions and conversations involve their stakeholders.
- Such public involvement allays doubts when things invariably do go wrong. It also prevents journalism from pouncing on a mistake as their headline, instead leading them to write about the steps being taken to move forward.
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Interesting related article: “What is Brand Management?”