Business Risks 2025
John McHail in his Forbes article on the biggest risk for business in 2025, is clear. Clear that how a business manages its reputational risks, and particularly its transparency with its customers, is a matter which will have a big impact on its long-term survival and success.
So, what does he really mean?
A conclusion reached is that reputational risk can be destroyed, in part, when a business is not transparent. Yes, not transparent. The research highlighting that, transparency in 2025, is seen as critically important to business success and customer creditability.
Do you prefer doing business with a transparent organsiation?
The article makes it crystal clear that businesses, to protect and develop their brand must be transparent, acknowledge that they are not perfect, and understand their own positive and negative attributes.
Yes, we should listen to our customers, acknowledge their concerns, and continue to work collectively to strengthen relationships.
What happens if a business is not transparent?
The suggestion is that if a business is not transparent, is unlikely that it will not stay in business. Simply put, we have no choice.
The article indicates that, the lack of transparency, is a turn off for customers, which is a massive risk in a world where loyalty, is considered hard to come by. The article points out that consumers prefer to do business with those organisations and people who are transparent.
What are your thoughts? Do you think its detrimental for a business if it does not openly and transparently engage, listen and learn, with and from its customers, its stakeholders?
Do you agree? Do you disagree?
The article also talks about the critical 2025 risk associated with leadership gaps, where CEOs do not take a stand on critical issues and where succession and transition plans are not in place. But that discussion can wait for another day.
