How to Run an Ethical Business

by Josh Biggs in Business on 8th July 2021

Running a business is hard. Running an ethical business is even harder. If that’s the case, why do so many businesses continue to strive to earn the reputation of an ethical business? First of all, it feels good. Sure, unethical businesses may make money, but they’re not necessarily doing it the right way. By running an ethical business, it’s a win-win: you have a successful business, and you’re doing some good in the process. Another thing to consider is that more and more people are refusing to support unethical businesses, so having an ethical business can help you gain and keep customers. To find out how to do this, keep reading.

Follow the law

Sure, sometimes the law can be an inconvenience, and it can often feel unnecessary. But it’s important to remember that the law is there to keep everyone safe and protected, and by trying to do things illegally, you are putting your business at risk – not to mention that some illegal activities, like fraud, are considered some of the most unethical things a business can do. If your business is run unethically, someone might decide to find an ethics investigation lawyer to uncover the truth.

Have a zero-tolerance policy

If you’re trying to run an ethical business, but you’re allowing your employees to get away with unethical actions, we have news for you: your business is not ethical. This is because a business is only as ethical as its employees, and if you look the other way if an employee is stealing, committing fraud, or sexually harassing someone, you’re compliant, which makes the entire business unethical, even if you were not directly involved in these actions. You should implement a zero-tolerance policy so that if someone commits one of these fireable offenses, they don’t get a second chance.

Be honest

In life, dishonesty is viewed as one of the most unethical things someone can do, and it’s no different in the business world. As a business owner, it’s very likely that at some point, you will make a mistake that affects your business. Many business owners try to hide these mistakes by lying, hiding the truth, or committing fraud because they are scared of their business getting a bad reputation. However, these things have a way of always coming out. Be honest form the start, and your customers will likely appreciate your honesty. You should, however, still be cautious in the way you handle this mistake – a good idea is to put out a press release.

Be careful who you associate yourself with

As a business, it’s important to make sure that you’re doing everything right on your side. Unfortunately, that’s not always enough. People tend to make assumptions based on who you work with – which means that if you partner with an unethical business, they might assume that your business is also unethical. Another thing to consider is your supplier or manufacturing partner. While there are many considerations to make when choosing a manufacturing partner, you should consider whether they are ethical, and the impact that working with them will have on your business.

Categories: Business