Why Ethics Will Always Be Good for Business

The aim of every business establishment is to make money. That's simply their first top priority, even in hospital settings, if we can just be sincere.

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For some companies, nothing matters to them aside from profit mentality—no form of ethics, just a way forward on how to make this money by any means. But then practically, I, as a customer, will always stick with a company that treats me well rather than being after the money in my hands or what I have to offer to them. That's just the practical truth, so when ethics doesn't matter to a business establishment, they will still run and make profit anyways, but at what length? Will they still retain their customers or employees for a long time?

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Let's first of all understand the meaning of ethics in business. It simply means observing transparency, being fair to your customers, treating your customers or employees with respect, truthfulness, maintaining integrity even when it seems difficult, and much more.

Imagine a customer or an employee receiving all these good treats from a business establishment; that automatically creates a happier customer, but will the business still make a profit if they consider ethics? The answer is a big YES; the secret is in striking a balance.

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Both ethics and profits are important for any business to thrive. I know of a business that started with a high standard of business ethics. The owner trained his workers in a way to treat all customers with respect and fairness. Every new staff intake must go through a thorough two-week training before officially resuming a job in that company. You needed to see how they were making massive sales. I was one of their top customers because I love it more where customer satisfaction is not overlooked, and the same with many other customers.

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If you live in Ajah, Lekki, and you haven't visited that company for shopping, then you are still on a long thing, lol. That was how we viewed it then. Most of us, their customers, became their advertisers indirectly. Like we were advertising their business without being told and without being paid, I personally loved their package and how they treat customers , and so I never withheld sharing the update with my friends, and that's how that company kept growing bigger and better because people talked about them more often in a positive way. Before we blinked an eye, they bought more land behind their old building and expanded the business in a massive way.

But then...

After they had grown their business, they started messing up. They forgot their early beginning, and due to how much they have grown, business ethics didn't matter anymore to them. They began acting rude to customers, selling at exorbitant prices; fairness became a thing of the past in their business dealings, and there were many more complaints from people. It didn't take long before customers started expressing their dissatisfaction and withdrawing their patronage.

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In the same way people advertised their business for good, rumors spread about their nonchalant attitude to their customers, and gradually, the business was folding for real. To date, each time I drive past the company, it surprises me how they went back to square one. This is just a practical example I witnessed to explain the relationship between ethics and profit in business.

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In conclusion, customers bring value to every business. Good customers have the capacity to bring in more profit to your business, just like what I explained above. So, you can never go wrong with ethical considerations in your business. No need to be greedy and lose your customers; with ethics, retaining your loyal customers is guaranteed, and that's more profit to you. It's a win-win.

Images were taken from canva