Why Business Ethics Matter

 

 

ethics

 

In a fast paced, cut throat business world, the importance of value, ethics and morals are seen as all the more important. High competition and sales targets can drive some to some unethical practices, and if you want to separate your brand from this bad press and promote something more valuable, positive and trustworthy, you’ll want to ensure your business makes all the right steps.

Many Benefits

There are many other reasons why you need to value business ethics. As suggested by Corporate Compliance, the diversity in the workplace and in your customer base, from different ages to different religions, gender and backgrounds, will mean that everyone will have a different opinion on the way your business operates. You’ll want to ensure you come across well to all groups. You won’t want to upset anyone, annoy anyone, or cause anyone reason to complain. Your brand matters, so it is vital not to underestimate the importance of business ethics. Your customers have plenty of other choices to shop elsewhere if they don’t think you’re doing enough.

Examples

Many companies have stepped up in terms of their ethical practices. This ranges from small companies to large corporations.

Starbucks, as an example, that received relatively bad press about their un-recyclable coffee cups and tax avoidance, tried to rectify their brand image lately by offering discounts to customers that used their own coffee mug when they get a refill, as well as making the paper inside of the coffee cups recyclable. It takes a long time to fix a brand, though, so this will be a long mission for Starbucks.

Smaller companies also focus on environmental factors as part of their ethical responsibilities. Fruitful Office, a Dublin-based fruit delivery company, has a ‘Plant a Tree Campaign’ which they regularly update their customers on, and also ensure all their fruit baskets that they deliver are fully recyclable. They advertise this all over their website, and they seem pretty proud of it.

But it’s not just the environment which can improve your ethical brand. Intel, the IT company, also value their brand reputation and make a point of investing in STEM education for young people, nurturing the future’s next generation of engineers and scientists. Microsoft donates a lot of money to charities, and to show a different example, Internet giant Google is openly supportive of gay rights.

Your Unique Stance

So you can be part of a business ethic movement by supporting, promoting or donating money to a cause you believe in, a programme your customers also believe in, and something that makes you stand out from the crowd. Don’t do something just for the sake of it, though. Your customers will see through that and it won’t be believable or sustainable. This is an ongoing mission, so be sure to adapt your business ethics around what your company is doing at the time.

- Peter Unitt, Business Owner Marketing and Web Development