In today’s world most businesses have lower barriers to entry than they did in the past. That means that consumers have a much greater range of choice than they did before.
Those of us engaged in business ourselves need to consider that people are becoming more and more aware of the fact that the choices they make have an impact on the world. Increasingly they are choosing to make that impact a positive one!
Let’s look at some of the benefits of doing business ethnically and choosing ethical business partners. You’ll find that there are a multitude of reasons to not make the bottom line the only thing that counts. You may seek ESG advisory services to help transform your business and implement initiatives on sustainability and giving back to the community.
4 Great Reasons to Do Business Ethically
- Trust –When we do treat our customers ethically we build a relationship of trust. Trust, as many know, is the key to all relationships. The relationship between customer and business is no different.
When your customers can see that you are an ethical, caring business they will continue to use your product or services because they trust you and often want to support you. That means more business for you.
Greater trust also leads to longer term retention. Every great business owner knows that bringing new customers in is much more expensive than keeping current customers satisfied. In the long run only the ethical survive.
- Brand Enhancement– Every businessperson knows that brand image is everything. As the old saying goes “reputation is everything, guard it with your life”. When you do good things in the world your reputation is enhanced and people will naturally want to do business with you.
A good example is Dharma MSP, a merchant services company based in San Francisco, who have built a reputation on doing business with compassion. They have reduced rates for nonprofit organization’s and run with fair honest transparent price models.
While it shouldn’t be the only reason to do good, everybody wants news of their company to travel far and wide and everybody wants to stand out from the crowd. In a world where so much is wrong, doing right can be the best way to stand out.
- Reduction in Costs– Did you know that doing business the right way can actually be cheaper in the long-term?
Not counting the savings on costs associated with bringing new business in through advertising, businesses can save a fortune by doing good in a multitude of other ways such as managing waste properly (thus avoiding fines), taking the time to source goods from a reputable source (thus avoiding scandal down the line which may cause customers and partners to flee), and receiving awards, mentions and recognition in trade journals and industry magazines (free advertising).
Every business wants to reduce costs and maximize profits, but few know that doing business the right way can actually be the best route to take.
- It Feels Good –Doing the ethical thing feels good. Nobody can deny that.
When we feel good we will exude that, rub-off on others, delight customers, feel more motivated by what we are doing and feel a sense of purpose in our business. All of these things can drive us to new heights and levels of success.
That’s what we’re all after in the end……isn’t it?
Doing good is good for business. This article is just the tip of the iceberg, but we hope it has introduced you to the idea that doing business with ethics is the smart thing to do.
