Opening Books To External Stakeholders
– Extending trust beyond the company
This is why the culture that arises from daily acts takes the place of corporate policies. Instead of writing ourselves down in a set of rules, we evolve slowly based on what we do.
In a Nutshell
Companies everywhere would like to reduce costs, step up the quality of their products and come up with the next best idea to improve their processes and products before their competitors do. But that’s not a journey they can take alone. Instead, it’s one that makes them increasingly reliant on their external stakeholders, particularly their suppliers.
In order to survive today’s fast-paced market, businesses need to cultivate long-term and close partnerships with their suppliers, clients and the society at large. Only then can they continuously learn, improve and prosper along with their partners. But traditionally, companies have always maintained an arms-length distance with their external stakeholders, because of a lack of trust. Vulnerable situations that make companies rely on an external stakeholder are the stuff of corporate nightmares and most companies would like to steer clear of such situations.
However, the world of business is full of turbulent situations like mergers, outsourcing, new business models and globalization, that make it necessary for people to take a leap of faith. When companies focus on building a climate of trust with their external stakeholders, it can lead to some extraordinary results that create a win-win situation for all parties involved. But how can you build trust, especially in a relationship that’s often prone to distrust? The ingredients are pretty simple: A long-term relationship, some transparency, a bit of negotiation and lots of empathy.