Being transparent means to have a vision and then share it with your team. It means allowing them to peer into your thinking and planning process so that they know where you're headed and how they can pack for the trip.
What does that look like?
Let people know what's up. You don't like surprises. Neither do they. That doesn't mean more meetings or lengthy emails. Be clear and concise.
Being honest about market conditions, competitive pressures or corporate dictates can help everyone pull together and become more effective, especially in the challenging times. Don't hide the bad news, unless it's extremely sensitive or legally prohibited.
Reveal your character by admitting mistakes and by encouraging an atmosphere of trust. Let your staff know more of the real you, so that they come to trust and respect you.
Transparency is tough, especially when we've been told things like "keep your cards close to the vest." There are risks, but the rewards are greater influence and success.