What you need to know about business ethics
Although decisions in business are made by individuals or groups of people, they have been shown to be highly influenced by company culture.
Benefits of business ethics
It is important for any business to have ethics. Benefits include:
Attract customers: When customers know that your business has a good reputation, they buy more products and services from you. This will cause you to have an increase in sales and, consequently, profits.
employee retention: We can all agree that employees drive business. If your company is known for its excellent reputation, employees will want to stay with the company. This not only increases job turnover, but also increases the productivity of the company.
employee attraction: Nobody wants to be associated with a bad company. When you have a great reputation, you attract high-quality employees to your business. In most cases, you receive requests even when there are no spaces available. A good reputation not only helps you acquire talented and determined employees, it also lowers your hiring costs.
attract investors: Not only do you attract customers and employees when you run your business ethically, but you also attract investors. This makes your company have enough money and the stock price stays high.
You must have business ethics.
For your business to be considered ethical, your employees and business ethics must have a set of ethics. They include:
Honesty: All your staff must be honest and truthful in all their dealings. They must not deliberately mislead or mislead customers through selective omissions, exaggerations, partial truths, or any other means.
Integrity: Clients and investors must trust your business. If customers order a product, they must receive it in the agreed time. In case of problem, you will have to return your money or replace the product without complications. When it comes to contracts, the company must not interpret them in an unreasonable technical or legalistic way.
Integrity: This is integral as it determines the reputation of the company. In the business world, integrity just means doing the right thing even when there is an opportunity to do otherwise. Business leaders must be upright, honorable and principled. They must not be hypocritical or unscrupulous.
concern for others: Your company should be made up of caring, kind, compassionate and benevolent employees. It is common for clients and investors to file complaints. Employees must show concern and attend to their needs in the shortest time possible.
law abiding: Laws are meant to provide order in both business and personal life. Some rules govern any business, and it’s up to you to make sure you follow them. Follow them even if they are as small as how to dispose of garbage. If you are in the health and safety business, there are many laws that you must follow. Follow them diligently.
Conclution
This is what you need to know about business ethics. As a business owner, it is your duty to instill the values in your employees. The best way to do this is by training them.