BUSINESS ETHICS AND HOW IT AFFECTS YOUR BUSINESS GROWTH

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Business ethics actually consists of the actions of individuals working within a business; it is the behavioral actions, of the employees or staff of your organization. Therefore, having a good business ethic should be just as important as any other business characteristics.

Business ethics is the very foundation of success and should be applied from the very moment your firm opens its doors. The business ethics can differ from one company to another due to its differences in

• Cultural perspectives

• Operational structures and

• Strategic orientations

The cultural perspective has affected sales and profit within Nigeria, because of the no-money-back guarantee. Whereas, sales and profit are boosted abroad because: People shopping abroad has the confidence to shop as much as they want because of the return, refund and exchange policy provided within a certain period of time. This kind of policy sets and increases scales because of the trust and guarantee created for the product, it also creates a sense of security with your customers.

Ethics can be summarized as an individual’s moral judgement about right and wrong. Some business owners makes wrong decisions out of fear or competition from their competitors. Therefore, avoid promoting the wrong kinds of people (employees, partners etc.) to protect your business.

Thus, we have the ethical behavior and corporate social responsibility, if your company sets out to work within its own ethical guidelines, it reduces risk of being fined for poor behavior. The ethical behavior and corporate social responsibility can bring significant benefits to your business, such as:

1. Attracts customers to your products or services, which means boosting sales and profits

2. Makes employees stay with you, which reduces labor turnover and increases productivity

3. Attract more employees wanting to work for your business, this reduces recruitment cost and enable your company to get the most talented employees

4. Attract investors and keep your company’s share price high, this protects your business.

Many companies self-sabotage for short term profits, they unconsciously engage in behavior that become habits, and this can bring about wrong kind of business ethics that may reflect badly in your business. Some ways you can stop self-sabotaging in your business are:

• Understand and recognize self-sabotage

• Identify the roots

• Remind the company of the business vision

• Find your inner positive voice, and

• Set achievable goals.

Unethical behavior may damage your firm’s reputation and make it less appealing to stakeholders. This means that profits could fall as a result and may cause lack of referrals. Reputation is one of a company’s most important assets, and one of the most difficult to rebuild should it be lost.

I hope this article will be of great benefit to you as a business owner. Feel free to contact me for more details, and don’t forget to watch the video; simply click on the link provided above. Thank you.