The ethical route is a more profitable one

Here are some views on taking business decisions which achieve success, while sticking to good ethics.

Define your code

The first step on the road to becoming an ethical enterprise is to establish a set of standards to abide by. Defining guidelines for your business is important to ensure your staff are on the same page as you, and to establish a clear way for issues to be handled going forward. An example: to what extent are you willing to compromise your product to deliver on time? If you're willing to rush through production to meet demands, but pay little attention to quality, you're risking your reputation. This could also lose you clients.

Be the best you can be

Make sure that as the owner you lead by example. If you're going to consistently be late for meetings, your staff may adopt the same approach. Establish yourself as a leader and take an ethical stance in your own life. Once you've achieved this your personnel can follow your lead. This in turn will help your business become more efficient, and when your enterprise is operating at its optimal level you can expect bigger profits.

Have an open book policy

When a company has nothing to hide it's good for business. Clients will take notice of this open book policy and will become more interested in your offering. If a consumer of your product knows how much work and money goes into it they'll be happy to pay for it. It's as simple as that. Customers want to be able to trust the companies they are engaging with.

Start adopting the ethical solutions

This can be an extra expense to absorb but it will be worth it in the long run. Contracting a recycling service, integrating an environmental solution into the production of your product, or fitting the office with energy efficient systems, will help establish your company as one that cares. This is the right thing to do, but could have the knock-on effect of attracting clients who appreciate these values.

Partner with causes that have the same goals

Companies need to be involved with charities in their surrounding area. Choosing the right cause to help is important and is a commitment not to be taken lightly. Make sure that you've partnered with a charity that shares similar values to your company. If you're an IT repair store, team up with an educational organisation that is promoting learning solutions through tablets. This will make your relationship stronger with the charity, and your clients.
At the end of the day your business image is everything.