“Being good is good business.”- Anita Roddick
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, youll do things differently.” Warren Buffett
Why I am quoting these thoughts of popular business personalities? What I want you to pay attention to the aspects to enhance your business?
Okay, let’s be clear.
When we talk about business, we talk about its goodwill, its brand reputation, and its trustworthiness. And, this is the sum of an organized and successful business name as well as fame. That is all we need to grow our business: Ethics, morale, and honesty.
As we all know, we are on shaky ground as the virus rushes across our country and dismantles our economic growth. People have lost their jobs, health insurance, and potentially even their retirement savings. Some have lost their loved ones to the novel coronavirus, while others are concerned that they or others will become ill.
Now, this is the rising challenge of our current market economy to cope up with the effects that the virus had left on our industries and their economies. We demand an immediate series of events in which speed is critical in making decisions, as well as two key specifics: honesty and ethics in business. Sometimes societys moral integrity and some leaders blind aspiration will not even contemplate these qualities.
However, here's why they can be the two most influential leadership traits in your decision-making phase:
Employees generally regard effective leaders as trustworthy. They keep everyone up to date on what is happening in the workplace, both good and bad. Leaders who encompass all grounds are far more recognized than leaders who withhold information that could easily be conveyed.
I’ve shared this statement with my audiences during influential speaking: “If you never lie, you will not have to remember what you said.” An honest leader will never diverge from honesty and will never share information in a less-than-direct manner. Hedging exposes one to the risk of being caught sharing inaccurate information. We dont want to be the bearers of bad news, so telling the truth and being honest can be challenging. However, in the long run, honesty wins, gaining stronger employee assistance and allowing suitable alternatives to be utilized to address problems.
Another substantial benefit of honesty is that it fosters trust, which is one of the most essential aspects of effective leadership. According to poll after survey, a low trust factor curtails bonding and fellowship. It is demonstrated and built on a leaders behavior, decision-making quality, and open communication. Avoid using the phrase "trust me in your message delivery. Using these phrases is likely to increase employee distrust. Leaders must earn the trust of the people; they cannot demand it.
The route to true leadership at the organizational level is a journey from blind adherence to insightful acquiescence, and then to self-governance. Because of the pandemic and its aftereffects, it is extremely critical to speed up this journey.
The decision to core business decisions on ethical leadership concepts should never be motivated by a desire to increase profits, but there are multiple performance perks to ethical leadership: 74% of respondents believe their coworkers would perform better if managers relied more on moral superiority than formal power.
According to one definition, organizational ethics are the rules of conduct that portray the organizations identity and perceptions. The use of ethics then facilitates the establishment of organizational standards of integrity, loyalty, and honesty.
An article in Forbes has this statement: “Companies find that ethical business practices increase their competitiveness in their respective industries, helping to further substantiate the notion that a culture of ethics is crucial to sustainable excellence.”
How do you and your company rate in terms of honesty and ethics? Are you topping the list, or are you on the verge of chaos due to a deficiency in both?