Why you should embrace ethical business management?
Why you should embrace ethical business management?
Ethical behavior and corporate social responsibility can bring significant benefits to a business. Here are more reasons why every business leader should hastily activate positive set of you rule that respect the society.
Sustainable growth:
With effective business planning, an entrepreneur will build an infrastructure he can scale when it’s time for that; not the one he will be darting up and down until he loses ownership of his business. Future disaster, disagreement or dispute that emerge when growth occurred, can also be prevented through effective business foundation.
Long lasting positive development: When a business is ethical, losses are reduced, confidence is found, and any growth therein remains forever because of effective management. All these rise and fall things you see in today’s enterprises are out of unethical approaches. Trust me, that the most successful business people in the world today are the ethical entrepreneurs.
Long lasting bond with customers: If you are somebody that tries to hide your greed from prospects, don’t worry, on the day of pressure, your real character must come out, after all your hypocritical treat for to your customers, then you will lose them. But one thing I love about ethics is that it is habitual, and can’t fade. Ethical businessmen don’t know what hypocrisy is, and can never suit that position.
Makes employees want to stay: If your employees have become used to your ethics, they won’t find it easy leaving that lifestyle. One thing about ethical employees is that what they do at work, they also do it at home. Do your employees suit your ethics? You can see that through how they behave outside work.
For small retail business bosses, you have to teach you apprentices your business culture, ‘your battle scars’, as well as your ‘saving lords’. Make them your team not your servant, they are not, or rather servants than slaves. When they have learnt your ethics very well, which works for them, they will work for you. But if your ethics are inapplicable, your employees and apprentices can’t be comfortable with them. But if simple, why not stay with the simple way of life and make money? They will ask.
Attracts more customers and thereby escalates sales number and profits margins: Ethics are all the powers that entrepreneurs have; it offers them the best strategies to win in every try and leave audience at awe. It the charm with which the highest sellers attract and keep largest number of prospect and make the highest number of sales and also turn out great profit. There is nothing customer love more than knowing how you do things, so that they understand you and stay around you. So when you have attracted great number of customers, how do you approach them, through their list? Are you able to satisfy them all? Have you taught your workers whether to serve by the ‘first come’ means or the ‘first paid’ means? How do you handle upfront payment from customers?
Post Referral:-
Reduces labor turnover and thereby increases productivity: For traders and refurbishing companies, passing where you have already passed before is never easy for anyone. So, authenticity is the sure way to perfection. Your boys or girls won’t use sub-standard materials for work if you didn’t teach them to do so. And when your work failed, you will repeat and thereby waste time. Therefore, anything that can cause your laborers to learn mismanagement from you is hereby bind and cast.
Attracts more employees wanting to work for the business, and therefore reducing recruitment cost: Many Nigerian graduates don’t want to work within Nigeria here because of the way companies here sack, the way they pay, how they approach employees and many more other reasons.
But if your big businesses have made a good name that applicant understand, they are no-longer coming to work with you only for the money you pay them, but also to share in you good name.
Attracts investors and Keep Company’s share price high, thereby protecting the business from takeover and many more… company with good function parts is regarded to be a growth stock, because out of lucrative functionality, a lot of growth can be expected over short time, but if the a company is only standing with one leg, will you go to push a falling building?
Now, assuming Nigeria is a company, it is how we believe within us, how we behave within ourselves, how we approach other people, those that go into business with us that will determine what is coming to us,--what we earn from the world. Nobody determine our currency standard than our politicians kept us in this condition, through the ways they treat entrepreneurs, by nonchalant restriction from common liberties of the world.
These prohibitions and restrictions all over the countries operating system is out of arrogance and pretense. Those people who restrict poor Nigerians from having access to some liberties, such as certain online transactions, travels, businesses dealing with foreigners and make money online barriers etc. those people setting those boundaries are the cause of Nigerian economic problem.
Now if they say they are doing it for our economic benefits, let them put stop to vandalizing our federal natural resources and looting our public funds in the political system. That's how Nigeria can be helped.
(b) Another reason why investors are fleeing from this country, Nigeria is unethical business management taken by the entrepreneurs out of hunger, stupidity, and ignorance. They forgot that the most successful parts of the world are those who operate in ethics.
Any part of the world you travel today, Nigerians are regarded as phony, and me I don’t know why. But I think we should admit this that we carry ourselves to these people who insult us, so much! But if we Hone our self-confidence as an independent nation, these countries that are chasing us out of their countries will come to reside with us. So be it.
Now let's look into unethical business management that is currently heading this nation down-hell.
I plead with the government to help us with change of attitude, and then support. How? We will look into that after seeing why unethical business management must be eliminated.
Read here about how unethical business management can be eliminated from our society. Thank you for reading.
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