Business Ethics 101 – Part I
Ten Guiding Business Practices
It takes less time to do a thing right than to explain why you did it wrong. – Henry Wadsworth LongfellowKeep true, never be ashamed of doing right, decide on what you think is right and stick to it. – George Eliot
The best way to run a worry-free business is to operate in an ethical manner. As Mark Twain once said, “If you tell the truth you don’t have to remember anything.” In that respect, it takes more effort to run a fraudulent company than it does to run an ethical one. And while they teach ethics on university campuses and at business conferences, practicing ethics in your small business is really is just a matter of thoughtful reflection. In this series we’ll discuss 10 guiding practices to help make your business more trustworthy and respectable. Here are five principles to work by:
1. Work hard and smartYou know what they say about an idle mind. Individuals with good work ethics are diligent and industrious. If you dedicate yourself to growing your business using sound and ethical principles, you won’t have the time to engage in immoral and fraudulent tactics. And if you have employees, your work ethic will guide them by example, creating a workplace filled with honest and honorable individuals.2. Honesty IS the best policyNothing can ruin your business reputation quicker than dishonesty. One white lie can loose you countless clients and forever brand you as the dishonest tax preparer. Word-of-mouth advertising can also work against you, and you wouldn’t want potential clients avoiding you because you failed to remember that honesty IS the best policy. People recognize and appreciate integrity. There’s no trait more honorable in a tax preparer.3. Take care of your employeesPractice the employer’s golden rule: do unto your employees as you would have other professionals do unto you. Ethical business owners take care of their employees, ensuring that they’re treated well, paid fairly, and when possible, rewarded with reasonable benefits and incentives.4. Always consider the well-being of othersIn addition to taking care of your employees, you should also consider the well-being of others when making crucial business decisions. While you must make decisions that will profit your business, you should also take into account how those decisions impact others. When taking action think of how your choices will affect everyone involved, either directly or indirectly: clients, employees, members of the community, local business owners, and yes, your family members. Then you can make an informed decision.5. Participate in your communityBecome an active member of your community and you’ll learn how to best contribute to its betterment and growth. And when you give to the community you’ll find that it often gives right back. It’s also a great way to network, enabling you to know which local businesses can benefit you and which businesses you, in turn, could benefit.
As you can see, in most cases practicing good business ethics will benefit your company, enabling you to become even more profitable. Come back next week to read the final 5 principles in building a trustworthy business.
6. Comply with laws, legal and moral7. Respect others, even the competition8. Give back9. Only institute fair business practices10. Create your own Code of Ethics
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