Business Ethics 101 - Part II

Published under Helping Your Clients, Personal Development, Starting & Running a Practice

Ten Guiding Business Practices

What is left when honor is lost? - Publilius Syrus

Integrity without knowledge is weak and useless, and knowledge without integrity is dangerous and dreadful. - Samuel Johnson

A handshake.It’s important to practice good business ethics; most clients can sense integrity without seeing any evidence of it. It also protects you from ill-intentioned clients. A few weeks ago we ran the first part in this series on business ethics. We discussed the following five practices:

  1. Work hard and smart
  2. Honesty IS the best policy
  3. Take care of your employees
  4. Always consider the well-being of others
  5. Participate in your community

This week we’ll discuss the final five guidelines that will help you run an ethical tax practice.

6. Comply with laws, legal and moral
You must decide to always abide by legal and moral laws before encountering any situation that might tempt you to compromise them; it makes it easier to respond ethically if you’ve made the choice to do so in advance.

7. Respect others, even the competition
There’s something to be said for showing everyone respect regardless of who it is and whether or not they deserve it. Everyone you interact with, be they clients, colleagues, peers or employees, must be treated respectfully. It speaks volumes of your character. The way you treat people is a reflection of the kind of work you do. Because wouldn’t you want a tax preparer that you knew would esteem your return just as highly as any other client’s?

8. Give back
Your local community supports your business. It’s important to give back when you have the opportunity. Participate in community events, provide service when you can, and support other local businesses when possible. The nice thing about giving back is that it is good karma; you’ll find that what you send out will return tenfold. Your business will also get more exposure and you’ll find that practicing good business ethics will draw more potential clients your way.

9. Only institute fair business practices
Whether it regards marketing, policies concerning employee treatment, or even the description of your services online, you must institute and observe fair business practices. One wrong step and you can ruin your reputation as a trustworthy tax preparer. Once that word gets out you’ll find potential clients questioning your integrity, and as a result, the quality of your work. But if you’re dedicated to observing fair business practices, you’ll enjoy a healthy reputation and word-of-mouth marketing will work to your advantage.

10. Create your own Code of Ethics
The wonderful world of business ethics is not necessarily a place with clear, delineated boundaries. At some point you must determine what is considered ethical to you. In order to run a practice where everyone’s on the same page you must create your own code of ethics in order to communicate what your values are and how you expect to uphold them. And if you have employees this helps them to understand which behavior is acceptable and which isn’t. You’ll also have a standard by which you can measure their performance.

It’s important that you consider whether or not you run an ethical practice. When you observe ethical standards, those you associate with will sense your integrity, a characteristic that potential clients are looking for in a tax preparer. Once you establish yourself as an ethical business owner, you’ll be on your way to building a solid reputation. And often a good reputation is a form of marketing that you just can’t pay for.

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