Foundation Of Everything, Running An Ethical Business

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22 Jan. 2019. It’s a different landscape now; the modern entrepreneur needs to operate inside and outside of the business. Not just in terms of making the company a great place to work, or operating with an ethical mindset, but making the entire business ethical, from the employees to the products, to the practices. But, what are the best ways in which to do this, especially when you are not used to this approach in the first place?

Aligning with non-profit organizations

There are so many charities that can give you inspiration. For example, the foundation of HH Saud bin Saqr Al Qasimi works on so many levels for the emirate of Ras Al Khaimah in the UAE, from the social perspectives, economic development, as well as the culture. There are so many different ways that you can a line with a non-profit organization or charity, and this isn’t just a great way for you to spread your wings, but it’s a very good PR exercise.

Changing the internal culture

The best way to communicate and ethical business is to work from the inside out. The best way in which to do this is always to change the internal culture. If your employees aren’t happy in the environment, this translates into a lack of productivity. So, in this respect, it’s in your best interests to alter the culture, because this will transform the business from a stagnant entity into one that is thriving.

Speak to the customers

Finding out if you have the image of an ethically conscious business is quite difficult to acquire. But if you have customers that buy from you, you need to know why they buy for you in the first place. If there’s something you’re missing, or there are gaps in the market, and you’re not filling these gaps because you are perceived as being unethical in some way, finding out how you can improve, such as through market research, will help to gain insight into your failures. Failures in business is not a bad thing, it can help you to find-tune your processes. By speaking to the very people who consume your products, all those people that don’t, you will know how best to progress.

Altering your products

If your ideal customers aren’t buying from you because you don’t have an ethical product, then it’s very simple, you need to alter this. There are customers willing to spend more on ethical products because of how they are sourced, and this is a great way for you to win more trust with the consumer. While it’s more expensive to acquire these products, this is then represented in the cost, but you know that you are selling to a certain caliber of the customer. You can then appeal to their best interests through marketing and your relationships with them.

To be ethical is to be the foundation of a business that operates with a considerate mindset. Becoming ethical is not something that happens overnight, but it has to be molded and cultivated. You need to imbue it into your culture, but also make it a part of your entire operation.

Editor’s note: The opinions in this post are the contributor’s and not those of Science & Enterprise.

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