FMD feels that if anyone is going to run a truly successful business for the long term built on solid foundations, then integrity and ethical practises are of fundamental importance.
FMD shares what they feel are the benefits of running an ethical business?
Solid business relationships
Referrals and recommendations
A growing client base
A solid reputation built on honesty, trust, integrity and value
Sleeping soundly at night!
Remember people are not just buying your product or service – they are buying you!
FMD explains what an ethical business means to them:
Ethics are in the eye of the beholder so whatever ethics may mean to one person, may mean something completely different to the other. Ethics and integrity are governed by values. Your values shape your conscience and your beliefs around what is morally acceptable or not. Everyone has different standards to which morals, integrity and ethics are measured against. Your values develop from a young age and may change at different stages throughout your life, dependent on circumstances, age and whether you choose to develop yourself personally.
To run a business ethically, FMD recommends considering the following factors:-
Practising what you preach and walking your talk (and hopefully it’s something positive!)
Meaning what you say and saying what you mean
Doing what you are say you are going to do
Be a shining example to others
Fulfilling and exceeding your clients’ expectations
In today’s economic climate, there are more people than ever who seek to build their business and get the results they want. This could be attracting high quality clients and an increase in profitability. Challenges can arise for those who run their own business as they are ultimately responsible for attaining business and keeping their finances healthy. For some, a ‘survival’
A truly long term and sustainable and successful business is not just about how good at sales and marketing you are. It’s also about how people feel when they interact with you. Do they feel good about themselves when they are in your presence? Do they feel that you have their best interests at heart or do think that you are mainly motivated by pound signs? Your ability to form healthy, mutually beneficial and successful relationships with people is key to a long-term successful business. People need to feel that you are trustworthy. Having a solid reputation will in turn eventually create an increase in referrals and recommendations developing and growing your business.
FMD appreciates that business solely comes down to your reputation. And word travels. Fast. A broken piece of equipment can be fixed. But a broken reputation takes years to mend, if ever. Most small business owners are aware of the importance of business ethics, but many feel it is difficult to demonstrate on a daily basis. However, it is possible to do well and own a lucrative business.