Why integrity is important in business
 |
| Image credit: Pixabay |
How often have we heard the old adages, "It's just good business" or "It's not personal, it's business", to justify bad business practices? This is simply a rationalization because, in reality, integrity and business are tightly entwined. A company cannot effectively separate integrity and business because in the long run integrity, or lack of, will impact productivity and profits.
Company owners and stakeholders obviously want productivity and profits to soar so the business can grow. Giving birth to a business is an exciting event, so why wouldn't one want to nurture it and give it the kind of foundation it deserves so it can continue to flourish? Integrity should be at the root of any business' formation.
How integrity positively impacts a business
Grows customer loyalty: Customers do pay attention and do take notice of the honesty and integrity of a business. If customers feel a strong level of trust in a business, they'll likely become returning customers. Establishing a firm and solid customer base is more lucrative over the long term.
Solid reputation in an industry: Businesses that maintain a high level of ethical practices also are noticed. The media tends to give positive reviews, and customers, suppliers and even competitors in the community will want to do business or partner up. Once established as a business people can count upon – one that appreciates corporate responsibility and treating people with respect – it is likely to find a prospering growth, along with a favorable reputation, which is one valuable asset to have.
Happy employees: Employees who are treated fairly and with respect tend to take pride in their work and become motivated to do their best. This also directly correlates with success because employers who have staff they appreciate and are happy in their jobs, they will help the business grow Employees may become discouraged and unproductive in an environment which lacks integrity. It's everyone's best interest to practice integrity and fairness.
No matter how you look at it, there is no downside to establishing a strong sense of integrity in an organization. However, lack of it can lead to serious business problems.
How a lack of integrity can harm business
Profit drop: A business that lacks integrity and doesn't stand behind its words is likely to grow a bad reputation. Customers will stop frequenting and, as a result, revenues lost. Business these days is highly competitive and unhappy customers have no problems about moving on to a competitor.
Miserable employees: Happy employees can positively impact your business and, consequently, miserable employees can give a negative impression of your company. Unhappy employees who feel as if they are being lied to, mistreated, or used aren't going to give their all or perhaps not even a good effort. Over the course of time, this reflects upon customer service and paints the business in a poor light. Again, this ultimately impacts profits and the overall success. Customers are also likely to notice poor morale, giving off a negative perception.
Poor reputation: Who wants a bad rep when it comes to business? Once the label of being less than honest or lacking in integrity in an industry and in the community has been given, it can be difficult to reverse. Not to mention peers and others in the industry won’t have respect either.
Integrity is important in business and those aforementioned old adages don't really apply in today's world. If you become known as the company who lacks ethics, a business will fail to prosper. It's really in the best interests of everyone to establish and maintain a solid level of integrity.
No matter how you look at it, it's a win-win scenario.
Comments
Post a Comment