Having up-to-date, accurate information in a shared environment creates accountability and makes for a more engaged employee. And that, in turn, helps create a successful company. An open form of governance and compliance helps ensure participation and trust. It’s a good operational principle.
More than likely, you have a process for managing vendor relationships. You may even have a sophisticated process with a centralized vendor repository, risk assessments, due diligence, contract review, careful onboarding and ongoing monitoring. But how many of your employees know the process? And more importantly, how many of them understand how they fit in?
I’ll admit it, when you’re starting a business, one of the last things you want to think about are corporate policies. Your focus is on getting your product or service to market and growing a solid team, not on some collection of dos and don’ts. Besides, that’s what large, stodgy companies do, right?