One lesson for you from the Hayne Royal Commission

One lesson for you from the Hayne Royal Commission

Final Report of the Royal Commission into Misconduct n the banking, superannuation and financial services industries

I don’t read the news. But I did read about the Hayne Royal Commission.

The issue at the heart of this groundbreaking matter was that companies were taking money and not delivering services that people paid for.

It sounds like a recipe for business disaster, doesn’t it?

Well, in insurance and superannuation it was a recipe for huge profits.

Until it wasn’t.

See, it became an issue because buyers didn’t know they weren’t getting what they were paying for. It wasn’t because they weren’t diligent, necessarily. It was because the non-service-delivery was designed to be misleading.

This is a gigantic, clanging alarm bell for everyone in a services business

How do your clients know what you’re doing for them? Do you tell them?

Can they see it? What kinds of fees do you charge, and is it super transparent? How do they know what you’re doing, if they pay today but get nothing from you over the next six weeks?

Lack of transparency is a problem in many industries, not just in finance, insurance, or superannuation. It’s in everything from web design to sales.
(Especially in Australia, which doesn’t have a service culture.)

You don’t have to put out into the world everything you’re doing. But you can. Some companies, like Buffer, take it to the next level and publish where every dollar you pay them goes. It’s bloody brilliant.

Would you put everything out in public?

It’s not exactly the most comfortable thing to do. I know. I’ve done it.

But you can go a long way with the type of material that you publish. If you’re mindful about the types of topics you include, you can structure every interaction – from random reading to support content – to make your world visible.

Or you could publish case studies that put everything on the table.

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Leticia Mooney

The Brutal Pixie is Leticia Mooney. Race: Eladrin, Class: Publisher. --- Leticia is Australia's foremost authority on publishing in a business context. She ghostwrites for, and advises, entrepreneurial individuals in the professional services.

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