How Can Businesses Achieve Success in an Ethical Manner?
Business growth mostly impacts working with ethics and integrity and we all know that. More often than not, people tend to think of successful businesses as ones that take advantage of a couple of things, including ethics and integrity.
You will find that in most successful companies, things aren’t good from a moral point of view. Companies earn while crushing their employees. Employees are the most important aspect of a growing company but they are used like abiotic resources in order to grow better. Environment and wealth of materials are two other important things that don’t get enough moral care.
Questions about democratic and ethical business practices and how they are related to business success are now being talked about too much.
As a business coach I am often asked about doing things ethically while growing in the market. Answers can be different depending on the sector or sectors a brand is in.
The following are a number of ways in which businesses can achieve success in an ethical manner.
Follow the Triple Bottom Line
Business models that do not cater to an ethical framework tend to be driven solely by the bottom line. In other words, they are driven solely by drawing a profit, no matter what the method. But, in order to build a successful business ethically, it is necessary to re-define this business principle. Thus, many successful, ethically-minded businesses follow the principle of following a tripartite bottom line that seeks goods in three forms. These forms are good for the company, for the country and the community.
Focus on Growing Your Business in a Sustainable Fashion
It stands to reason that if a business is not sustainably grown, it does not properly take broader environmental factors into account. Broadly speaking, a sustainably-grown business will try its best to incorporate new technologies into its business practice in a way that is environmentally advantageous. This might mean saving energy or using reusable materials in some of the products your business manufactures. In addition, you might want to integrate some social responsibility into your business practice. This might mean, for example, giving a portion of your proceeds back to a local philanthropic venture.
Look at Successful Examples of Ethically-Minded Businesses
There are a wide range of ethically minded businesses that have garnered various levels of success. Look for such businesses within your own community as sources of inspiration, and to glean ideas for building your very own ethically-minded business. Additionally, you might want to look at examples of bigger businesses, and even corporations that have achieved their success in an ethical manner.
If you are skeptical about the possibility of building your business in both a democratic and sustainable fashion, look for evidence to the contrary. There are a number of philosophies, principles and businesses themselves that provide hope for the future of both profitable and ethical businesses.