BUSINESS CORNER
T
he last thing any company
wants is a misstep that
hurts the trust it has
built with customers.
This is especially true for smaller
businesses, which may not have
the resources to recover from a
reputational setback. To prevent
mistakes, bad decisions and
wrongdoing, smaller businesses
can take a proactive approach to
developing ethical business leaders
and business cultures. In doing so,
experts say businesses can achieve
benefits for their bottom-line, their
employees and the common good.
It can happen anywhere
Often, leaders at small businesses
with few employees feel protected
from or less susceptible to fraud
or unethical conduct because
of the close-knit nature of their
teams. But research shows the
issue of unethical behaviour is
more widespread than they realize,
and certainly isn’t confined to
one type of business. According
to a 2017 Ethics and Compliance
Initiative survey, nearly 47% of U.S.
employees at companies of all
sizes said they personally observed
workplace conduct that “either
violated organizational standards
or the law.”
with 80% of customers saying they
are more loyal to a company with
good ethics, according to a recent
survey from Salesforce.
The benefits of ethics The same qualities that attract
customers will also increase
your ability to attract and retain
outstanding employees. When
you’re able to establish ethical
standards as the foundation of your
company values, you foster a more
positive, meaningful work culture
for your employees.
While it’s difficult to determine the
true cost of developing an ethical
culture within your organization, it’s
clear there are a number of tangible
benefits. For starters, practicing
ethics can help you avoid costly
legal issues while enhancing your
company’s reputation. It will also
help you build customer loyalty, Promoting ethical conduct and
compliance doesn’t have to
be expensive. By utilizing the
resources available and cementing
strong ethical standards as a
critical part of company values,
businesses can establish an ethical
company culture that benefits
everyone involved.
20 SL-YOU | It’s All About Business
www.slyoumag.com | September-October 2019