When I hear the term ‘startup transparency‘, it’s financial transparency that springs immediately to mind. Recent years have seen a deluge of SaaS companies adopt the ethos of open, honest and publically available financial records. Typically, these take the form of monthly revenue streams – charting the company’s month-on-month progress.
This type of financial honesty can be a powerful tool for attracting people to your business:
- It’s a powerful form of social proof, demonstrating the health, growth and confidence of your business.
- It creates urgency, encouraging potential customers to get in on the ‘ground floor’ of your journey.
- It fosters genuine trust between your business and your customers.