Ethical Business Conduct There have been many examples of unethical business conduct in the media over the past few years particularly from some of the very large corporate organizations. With today’s average customer being a lot more information savvy and aware of their rights, unethical conduct can spread like wild fire and make media headlines. Doing the right thing may be more expensive short term however fixing a problem that has gone wrong can cost you more if you ignore it. Do the right thing and make sure your business doesn’t end up in the spotlight for the wrong reasons. Key areas for where ethics can be challenged – Service processes Product / service quality standards Price Delivery Legal Issues Compliance and regulations Fair dealings Conflict of interests Confidentiality Financial handlings Faulty goods and services Recommendations and referrals Partnerships / Alliances Tips for conducting good ethical business: Set up standards, systems, polices and processes to service your customers professionally Train your team to follow your businesses policies and processes Ask customers for their honest feedback on your products and services and integrate into your services and processes to ensure you are providing a service that best meets your customers needs Use mistakes as opportunities to improve your business Show good business qualities like honesty, respect, flexibility, an open mind and professionalism Deliver on your promises and commitments in a timely manner Follow rules and policies that are set in place Ensure your business meets all legislative and compliance requirements Maintain a close monitor on your financial situation Do not misrepresent your business in any way or make false promises Provide your customers with forms, documentation, processes and agreements that outline Avoid poaching staff from a competitor details clearly Treating all people with professional respect and express sincere thanks for leads, opportunities or support provided to you and your business Respect and reward staff for their input and support Avoid plagiarism and copyright infringement of customer, competitor and supplier information Partner with suppliers and develop alliances with businesses that are ethical and share your business standards. Avoid overpricing and not providing value for money Return to FREE RESOURCES list page.

Current as at:1-Feb-07. © Important & Imperative Business Solutions (I&IBS), 2006.

The writer, Wendy Fogarty, is a Business Growth Consultant who has almost 25 years experience and a dedicated focus on business development through strategic knowledge management. Wendy has worked with many successful SME’s and been involved in aspects of their business development in the Illawarra and beyond. Wendy runs a boutique business consultancy focused on delivering a range of business growth services. Call Wendy today at I&IBS on 0242832221 to find out how she can help to develop and grow your business.

Disclaimer: The information published in the above article is subject to copyright and may not be reproduced in any form without written permission from Important & Imperative Business Solutions (I&IBS). The above article is intended as general information only and should not be relied on in place of specific legal or professional advice. I&IBS accepts no responsibility or liability for any damage which may be incurred by any person acting on this information provided.

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