Business Ethics
One of the more important attributes for
small business success is practicing with carefully developed principles of
high ethical standards. When practiced throughout the organization it becomes
part of the image of the company and can be an important factor in overall
success and how the community views the business.
In the
research study, "Does Business Ethics Pay?" by The Institute of
Business Ethics (IBE), it was found that companies displaying a "clear
commitment to ethical conduct" consistently outperform companies that do
not display ethical conduct.
The following are excerpts from that study
that I believe merit consideration:
1. Be Trustful: Recognize
customers want to do business with a company they can trust; when trust is at
the core of a company, it's easy to recognize. Trust defined, is assured
reliance on the character, ability, strength, and truth of a business.
2. Keep An Open Mind: For continuous
improvement of a company, the leader of an organization must be open to new
ideas. Ask for opinions and feedback from both customers and team members and
your company will continue to grow.
3. Meet Obligations: Regardless of
the circumstances, do everything in your power to gain the trust of past customers
and clients, particularly if something has gone awry. Reclaim any lost business
by honoring all commitments and obligations.
4. Have Clear Documents: Re-evaluate all
print materials including small business advertising, brochures, and other
business documents making sure they are clear, precise and professional. Most
important, make sure they do not misrepresent or misinterpret.
5. Maintain Accounting Control: Take a hands-on
approach to accounting and record keeping, not only as a means of gaining a better
feel for the progress of your company, but as a resource for any "questionable”
activities. Gaining control of accounting and record keeping allows you to end
any dubious activities promptly.
6. Be Respectful: Treat others
with the utmost of respect. Regardless of differences, positions, titles, ages,
or other types of distinctions, always treat others with professional respect
and courtesy.
Recognizing the significance of
business ethics as a tool for achieving your desired outcome is only the beginning.
A small business that instills a deep-seated theme of business ethics within
its strategies and policies will be evident among customers. Its overall
influence will lead to a profitable, successful company.
I believe there is merit in the values
expressed in this study. Please let me know what you think.
Gerry@polarisgroupmc.com
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