Why is running an ethical business so important?

If anyone is going to run a truly successful business for the long term built on solid foundations, then integrity and ethical practises are of fundamental importance. Why? Just take a look at the cracks that currently surround the Murdoch empire and the investigation into various unethical practises carried out by some sections of the British media attached to his business. Eventually those whose ethics are ‘questionable’ and ‘dubious’ will finally get tangled up in their own web of deceit.

What are the benefits of running an ethical business?

Solid business relationships

Repeat business

Referrals and recommendations

A growing client base

A solid reputation built on honesty, trust, integrity and value

Increased profitability

Sleeping soundly at night!

Remember people are not just buying your product or service – they are buying you!

What is ethical business?

Ethics are in the eye of the beholder so whatever ethics may mean to one person, may mean something completely different to the other.  Ethics and integrity are governed by values. Your values shape your conscience and your beliefs around what is morally acceptable or not. Everyone has different standards to which morals, integrity and ethics are measured against. Your values develop from a young age and may change at different stages throughout your life, dependent on circumstances, age and whether you choose to develop yourself personally.

To run a business ethically, you may  consider the following factors:-

Practising what you preach and walking your talk (and hopefully it’s something positive!)

Meaning what you say and saying what you mean

Doing what you are say you are going to do

Be a shining example to others

Fulfilling and exceeding your clients’ expectations

This may seem like common sense and seemingly minor things but people REALLY remember them! The above 5 factors can ultimately make or break relationships and forge close ties or dissolve them.

What’s the golden rule? That old saying, “Do unto others as you would have them do unto you” is so true. That’s the golden rule and that’s where it begins and ends. However, some people thrive on being treated badly but that’s a whole other issue and that’s usually to do with unresolved subconscious emotional problems.

In today’s economic climate, there are more people than ever who seek to build their business and get the results they want. This could be attracting high quality clients and an increase in profitability. Challenges can arise for those who run their own business as they are ultimately responsible for attaining business and keeping their finances healthy.

For some, a ‘survival’ instinct can kick in and that means that they will do ‘anything’ to get work. Perhaps stamping all over others to get that promotion or a new contract or behaving without a conscience or integrity. And the thing is – this attitude never works in the long term. The natural laws of the universe are such that eventually what goes around comes around.

A truly long term and sustainable and successful business is not just about how good at sales and marketing you are. Or how good you are at running a business (although that’s important too!) It’s also about how people feel when they interact with you. Do they feel good about themselves when they are in your presence? Do they feel that you have their best interests at heart or do think that you are mainly motivated by pound signs?

Your ability to form healthy, mutually beneficial and successful relationships with people are key to a long-term successful business. People need to feel that you are trustworthy, especially if you are a one-man-band. Having a solid reputation will eventually get you more referrals and recommendations than you can cope with over the long term!

What’s this all about ultimately? Your reputation. And word travels. Fast. A broken piece of equipment can be fixed. But a broken reputation takes years to mend, if ever.

And so take heed Mr Murdoch and Mr Murdoch. There are lessons to be learned.

Here at Mind Fountain NLP we take pride in drumming ethics and integrity into our delegates – only use a tool if it’s a win-win for all. For more information about how you can succeed in business through our courses, give us a call on 0845 388 8213 - why delay! Ring us today!

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