Remember: For any organization serious about sustainable growth, ethical business behaviour must be a firm part of the organization’s day to day activities. We shall therefore reveal to you, five ways in which operating ethically can result in huge pay-offs for your organization. We will explore the first two today and conclude on the topic next week.
So, why bother with ethics?
- Customers choose ethics.
Customers will base their decision on whether or not to do business with you partially on ethics. Think about it this way – if you had a choice between two car salespeople, one who has a reputation for selling stolen vehicles and one who has a reputation for ensuring that the customer gets all the information about a vehicle’s past, which would you choose?
2. Customers appreciate ethics.
Let’s say you’ve purchased a television from an electronics store. The company then calls you back the next day to let you know that you actually overpaid for the TV and that a check for the overcharged amount would be sent to you. You’d probably be amazed, wondering “who admits their mistakes, especially when it costs them money?” The next time you want to make an electronics purchase however, you would probably remember that incident and go back to that store. Customers reward ethical companies with loyalty.
It becomes clear that loyalty and a higher repeat customer rate are but a few of the benefits of ethical business practice. In whatever way you find your ethical standards waning, fix them and begin to tap into the benefits of ethical behaviour… … …Today!