In the business section of the online forum Quora, I recently came across a post titled ‘Deception’. “How can I create the perception that I make $100k a year, when I actually make more than $1million,” it read.
The poster – an anonymous 24-year-old – went on to explain that he didn’t want his friends and family to know how much he earned. He wanted to spend his sizeable income on investing and scaling, without having to take into account anyone else’s opinion.
This post, which had a few interesting answers, made me think. In the start-up scene, when so much emphasis is placed on democracy, authenticity and transparency, just how much should you share with friends and family, and even your colleagues?
As a business leader – and a natural oversharer – this is a topic I grapple with on a weekly basis. Whether The Collective is celebrating a win or commiserating a loss, should I gather my team to share in the joy or the disappointment?
Although I work hard to create a ‘we’re in this together’ culture, is it really wise to be totally transparent?
In my experience, the best option is to find a happy medium. You don’t have to, metaphorically, strip off and streak across the office. You can show the ‘real you’ whilst still preserving your modesty – and integrity.
As a business owner or leader, if you suspect you might be giving away too much (or too little) then here are my top tips:
Don’t fake, create
I have always, purposefully created companies where our brand is bigger than our means. What does that mean?
Well, as an outsider, looking at the profile of The Collective magazine, you might grossly over-estimate how much revenue we generate. We are in a constant state of expanding, creating and collaborating. Does this mean we’re rolling in money? Not quite. Our finances are constantly one step behind our expansion but I don’t think that’s necessarily a bad thing.
They always eventually catch up.
Who needs to know?
Dharmesh Shah, the co-founder of HubSpot, said at a presentation at Culture Code, “Today, power is gained by sharing knowledge, not hoarding it.”
I couldn’t agree more, but I do think it depends on the time, the place and most importantly the people you share with.
Whenever we’re developing a new side project for The Collective, I don’t swear my staff to secrecy. Although certain concepts are confidential, I also want to give them the freedom to discuss an idea with contacts or experts who could give us insight into how to develop it.
Savour secret social media
Although I have a public Facebook fan page and I post pretty much everything that goes on in my life on Instagram, I also still maintain a private Facebook page as well, which is locked from the eyes of strangers.
Although it can be time-zapping to handle multiple social media channels, I think it’s wise to maintain one private account – even if you don’t post on it often.
Let’s face it – certain news is still best shared with friends and family. Do the general public really need to know that so-and-so “feels anxious” whilst checking in from a networking event? I don’t think so!
Get on board
In The Collective office we’re old-school with how we share information. In the kitchen we have a big white board where the advertising team writes their big wins.
I know we could set up a Trello board or Google Doc to share this information, but I quite like the fact that, while waiting for the kettle to boil, these statistics are in my employees’ eyeline.
What better time to spend two minutes brainstorming ways to add to our wins? I’ve had some of my best brainwaves while hovering between the fridge and the recycling bin.
Who wants to know?
We’re assuming that every employee wants to know everything.
But do they really or is ignorance bliss to some team members? Does your intern, for example, want to know every transaction in your bank account? Or are they just happy to have an overarching view of your company and not know the finer details?
Think of it this way: as the boss, I bet there are days when you wish you didn’t know so much about your own shaky finances. But, you (hopefully) have enough experience to know that one bad day at the office doesn’t mean the end of a company.
A younger staff member may not have that experience. You’re not deceiving them – you’re shouldering the burden.