7 Principles of Business Ethics
Annette Buchanan-Phillips, MA, PhD
One word says it all: Veritas. An old Latin adage says this "In Vino Veritas." That phrase means the same as People tell more truth with a little wine. However, in business truth builds trust; and trust builds customer satisfaction, retention, and referrals. It is the repeat customer, who happily shares their experience with three others, that builds business success.
Value drives selection. I don't choose to waste my time, my money or my experience. The customer is just like me, no matter how they made their money, they want to believe that every purchase is a benefit. More than that, their pleasure is believing that hard earned money is well spent for a good or a service.
It is important to keep focus and remember that all of my goals are within reach. My values restrict my behavior in favor of demonstrating my product and my services with integrity. False claims about my business will come back as ghosts to haunt my future endeavors. While it is important to make sales, I want to build lasting relationships as integral to the process.
As an Independent, or an employee, I define my presentation, and my customer's first impression. I define my ethics, and I establish my protocol for my actions. I define what my expectations are of others. No one can be a better expert on me, than I am in all honesty.
Earning trust is my primary motivation in my sales process. It is the root of Ethics in Business. No team can be built without a trust built on reliability. If I can stand behind my product, and say it with an eye to eye contact, I am perceived as truthful. If my product, or service fails to meet the standard and expectation that I attested to in my presentation; I will loose credibility if I fail to make it right. I will honor to replace, repair, or refund; because it pleases me to please my customer.
My business stands or collapses on that crucial attitude of integrity in consumer relations. The same standard applies to employee and employer relationships. Happy people, return to the place of their pleasure, and so do employees, connect with and honest employer. It is a proud
Branding is essential in the Corporate and the Consumer experience. We become known by our labels, unless we do not agree with that view of ourselves. There are countless examples of how a household name, became trashed with one unanswered slander, libel, or slight in perception.
Reliability is my responsibility. I want to arrive a little early, rather than fashionably late. It creates an expectation, and a reputation for punctuality, and respect for the value of our budding relationship. It delights the established customer, to know that I value them, their time, their patronage and their resources, entrusted to me.
I am careful with their personal information, their privacy, and their power to build or destroy our communications, and team. It is important to them that my contribution to the team effort works as it should. I don't want to be their cause of disappointing their consumer to supplier relations loop.
All of those concentric circles of supply and demand are like gears in a Grandfather clock, turning in sequence to produce an output of time together. I always strive for an amicable parting of the ways, to leave another entry through that door as a possibility. My Mom always taught me not to burn my bridges, and remember to keep honey as a better attration than vinegar.
I had so many words for "R" that I did not want to break a cardinal rule of presenting, to be brief and direct. We could string them like hurdles in a relay race; results, reputation, responsibility, relationships, reliability, reciprocity, and they all culminate as Repeat Business and Referrals.
Inner locus of controls, creates an intelligent, responsive approach to fulfilling a business need, and drives one toward success. Although I value the input and experience of peers, I understand that they are my lateral competition. Whatever, my innovation or my service someone has produced or built a previous version upon which I have built a next generation.
Integrity is my watchword; my reputation rests on it. My information needs most to be accurate. My referrals are the result of great contact and good communications as well as a desire to limit my negative approaches, and product experience and accentuate the positive interactions with my peers, employees, employer, suppliers, and public.
Failure to supply a benefit to fulfill a need and ascertain how to best fulfill it will diminish likeability. I want to communicate well the benefits and value of my services to my suppliers, peers, and consumers. Why do they need me anyway? I am just the best, that's why. I smiled when I said that.
I want you to have a lasting good impression, and no one is excluded. Yes, from myself to the last person of every day. My information is accurate, relevant, and forthcoming. I want promote to create an expectation of excellence, reliability and good value.
Truth is easier than fiction. Taking the High Road rather than the Low Road is as simple as telling the unvarnished truth. Choosing to act ethically, is to minimize collateral damages. To paint a more sustainable image of product or service capability is to maximize essential benefits over liability. There are many more roads paved with unsavory intentions than good intentions. They also get better press release coverage.
Try to present yourself, your consumers, your brand, employees and public in their best light. Remember to keep communications concise, clear and brief, but understandable. Be willing to answer questions and accept feedback. Trust your experience, your product knowledge and your customer preferences. You will never know if you never ask them.
Take the time to survey, and teach the process, then solicit responses, to perfect it.
Accountability is paramount to avoid litigation. It is not enough to post the laws and regulations on a bulletin board or in the fine print. Time must be spent, communicating then educating people on the rules and regulations.
Adhere to laws; and accept all applicants without prejudice based upon their skills and willingness to learn your way of doing business. A simple illustration, cartoons, and coloring exercise on sexual harassment and employee theft could save your reputation and your business.
Award with branding as often as possible; and enlist the creative efforts of your people and your public to illustrate of act out key strategies that will keep you out of court. Insure key employees against loss, and provide incentives and loyalty perks as often as budget will allow.
I really am small now, but when I grow up to be a conglomerate, I will thank Mom and grandma who taught me to smile, be polite and respectful of others, rights, value and benefit as an irreplaceable Human Capital and Resource. All of those talents and skills are yours during those hours of employment, and sometimes longer with a non-compete clause.
Accountability, awareness and accessibility; are measurable tools for profitability. Use and handle all assets with care. Assets minus liabilities equal Capital; is my first Journal accounting lesson. Avenue Car Wash; my first business case in accounting and analysis. Strengths, Weaknesses, Opportunity and Threats; are the basis of all SWOT Reports. Analyze, to perfect process and potential for profits.
Success is measurable customer satisfaction; and profits are directly proportional to sustainability. Strategy, and application of knowledge will be the winning combination to create a profitable enterprise. My learning style combines, visual, auditory and experiential. I acquire, assimilate, accommodate, apply, evaluate, integrate, and assimilate, evaluate and apply; then reevaluate and assess for profit or loss.
Innovation rests in the ability to communicate, process and predict possible or potential outcomes. Accountability relies on sales, and supply data and trends, to order and inventory process and product viability.
Point of sale, can record legitimate sales, but shrinkage still occurs, insurable or not. Inventory controls and security is an important requirement.
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