When considering how to increase your sales and win over a bigger share of your market, ethics may not be the first thing to come to mind. And perhaps it shouldn't be the first thing, either, but it certainly ought to achieve a decent position in your list. First of all, let's quickly define what I'm talking about when considering ethics from a business point of view. It can include;
• Fair trade
• Equal rights (for ethnic minorities and women within the company)
• Carbon neutrality
• Eco-awareness
• Community relations (e.g. giving back to the town/s in which you are present)
Ethics
There are of course further aspects, but the above 5 make out the foundation. Taking a stand, as a business, and publicly showing your commitment to all or any of the above ethic areas will have a positive effect on the way your organisation is viewed by society at large. An excellent example of this principle can be found in The Body Shop who famously made an incredible impact on the world of cosmetics with its fair trading policies, and quickly grew to become one of the major players in its market (however it has since been bought by L'oreal).
Even if you don't choose to take a firm stance and make ethics one of your main selling points, completely ignoring it can be incredibly bad for business, especially if your main competitors take a different approach. In fact, ethics and morals have brought entire markets to their knees; fur trade, for example, has been severely damaged by the lack of ethics involved. This is not a rule without exception, of course, as aptly demonstrated by Ryan Air who, while one of the biggest airlines in Europe, are famous for their complete disregard of ethics.
Further, it is very important that you are aware of the differing ethic priorities in different markets. What is OK in one country may be very against general acceptance, or even the law, in another. As such, always research ethics before entering a new market.
Why Ethics Matter
If you liked this article, and wish to read other articles like it, check out my blog at [http://www.EntrepreneuRealism.com]
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