Businesses in the modern age are no longer driven by self-interest but rather ethical behaviour and good conduct.
Doing the ‘right’ thing goes far beyond looking good for your latest press release. Businesses, both large and small, have a responsibility to treat everyone the same way they would want to be treated. This covers everyone from employees and clients, to leads and customers.
There are five main principles of ethical behaviour: integrity, objectivity, duty of care, confidentiality and professional behaviour. You must be law abiding, as well as transparent with every person you interact with.
While ethical behaviour is not required by law, it reaps many benefits for businesses of all sizes.
Competitive Edge
If you’re operating in a saturated market, your ethics can help you to be seen in a positive light, compared to your competitors.
For example, the shoe brand, Toms, have a promise that with every purchase, they will help a person in need so as to reiterate their message, ‘One for One’. This type of marketing stands out from others like Vans that focus on their image rather than philanthropy.
Good Publicity
While any publicity is good publicity, you still want to come across as the best business you can be. By showing you care for both your local and wider community, you will spread the word about your goodwill which should hopefully pass from person to person. This is also a great way to attract socially responsible customers too.
Customer Loyalty
It is far easier to retain an existing customer than to attract a new one. So why would you want to do anything to harm that relationship?
There’s many stories in the news regarding frustrated customers who have been mis-sold certain products or who have received appalling customer service. Don’t be one of them. Work on building a lasting relationship by being fair and equal with all of your customers.
Positive Work Environment
Spreading happiness makes for a happier workforce. You want every employee to be the right ‘fit’, essentially they should be a team player. If their behaviour is unethical, this can have a knock-on effect for the rest of your team as well as your business’ reputation.
Retain Good Employees
One of the main principles of ethical behaviour is duty of care. If a manager isn’t looking after their juniors, then staff turnover may increase.
Every employee wants management that are clear and honest with them. Businesses that treat their staff fairly are far more likely to retain the best team and subsequently gain a trustworthy reputation.
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