Right and wrong. Everyone knows the significance of integrity—and so should businesses. Here are five reasons ethical businesses prosper more than their immoral counterparts.
- Potential Avoidance of Fines
An ethical business essentially doesn’t have to worry about fines at all, because they care too much about following regulations, down to the letter. Any business who stays in good standing with the government, thereby protecting its customers, will count higher profits than the business who skirts regulations, potentially making its business unsafe for consumers. - Better Reputation
The business that does its best to keep customers happy, healthy and safe is a business that people can trust. We have all heard what bad reviews online can do to a business, and why reputation matters so much in today’s digital age. Businesses who pride themselves on their integrity reap the benefits (and profits) of a good reputation. - Customer Loyalty
When you can count on your customers to come back repeatedly for what they need, and send their friends, you’ve got a good thing going. Customer loyalty is developed through attentive customer service and ethical products. If your customers trust you enough to come back to your store, your business is sure to profit. - Confidence of The Investor
An investor that can trust a company to become a leader in their industry, a leader in innovation, a leader in growth in their field and a leader in sustainability is more likely to grant a larger amount of funding to the company. An integrity-driven company that can impress investors is a company that will take off quickly and become successful. - Smart Business Practices
We’re not saying ethical businesses have it easier; they certainly don’t. But, a company that employs best business practices is often a company that gains a better reputation, customer loyalty and finds success in a more meaningful way.
