There is a school of thought that says that businesses should focus on legitimately making money, while other people believe that if businesses should make money they should do so ethically. Any company that implements business ethics to the latter will attract significant growth and improve their company’s reputation.
There are other benefits of sticking to positive business ethics and this is what this article seeks to highlight. Find below the top three benefits of business ethics:
#1. Provides a competitive advantage in terms of customers
One of the biggest benefits of business ethics is that it provides a competitive advantage in terms of customer service. When a company imbibes business ethics, the business will attract not only high paying customers, the customers are likely to remain loyal.
#2. Improves employee happiness
Employees working in an organisation whose business ethic is high will feel happy working in that environment simply because the company is behaving ethically. Today’s employee do not want to be involved in any unethical practices that will put their organisation’s reputation in disrepute. From seeking for new customers to offering quality and exceptional customer service to customers that may have one or two complaints, employees will feel at home working for an organisation that has a high-level business ethics.
#3. Attracts more investors
Institutional and retail investors prefer to work or invest in an organisation that display a high level business ethics. Having or implementing business ethics to the latter is an advantage to a company because investors will not stop funding your operations. Please remember that having an attractive or solid business ethic will help you attract high-capacity investors who will leave no stone unturned ensuring that the company receive the best funding as possible.