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Being an ethical and socially responsible business is not always easy. Sometimes it is much easier and perhaps even more economical to make the unethical choice or to decide against social responsibility. This will, in the long run (and very often in the short term), be extremely bad for business. Consumers like to do business with companies that follow ethics and those that have a strong sense of social responsibility. Becoming one of those companies is vital to not just acquiring customers or clients, but holding on to them. The last thing consumers want to feel is duped by a company they have given time and money to.
What Are Business Ethics?
Being ethical means being able to identify between right and wrong and making the right choice. “Right” choices may not always be the most profitable in the short term and “wrong” choices may be easier and have a low risk of discovery, and may even make your business look good in the short term, but will ultimately shake the integrity of your business on the whole.
For example, some companies lie about their earnings or about where their products are made or what they are made with. While this may not be perceived as hurting anyone and can improve sales, if the truth were to come to light, it would seriously detrimental not just to your bottom line, but to the perceived trustworthiness of your company.
Knowing ethics in general and the ethical problems in your specific industry can help leaders and individual employees in a business act with integrity and for the good of their business and the world.
What Is Social Responsibility?
Social responsibility is a set of ethical guidelines that dictate how a business should interact with its community and the public. This ranges from giving back in the form of donating to charity, setting up programs to connect with the community, or giving generously to other causes that improve the world on the whole. These sorts of actions are usually expected of companies that are making large profits and can help improve the public image of a company that is looking for more customers. While profits are not the only reason to get involved in a social responsibility campaign, it is a good way to sell these efforts to investors.
Starting a social responsibility campaign is a way of building karma in the business world. Again, consumer like to do business with companies that at least appear to care about the world they live in. Finding a program that matches up with your goals is a great way to increase company profile and build the karma that will bring more good things for your business.
Written by:
Gerard O’Donovan
CEO and Founder- Noble Manhattan Coaching – www.noble-Manhattan.com
CEO and Founder -International Coaching News – www.international-coaching-news.net
CEO and Founder -Westminster Indemnity – www.Westminster-indemnity.com
CEO and Founder – The Alpha Group – www.the-alpha-group.biz
President – International Institute of Coaching and Mentoring – www.iicandm.org
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