Now that we know what integrity in business is, let’s see why it matters and why you should care about running your business under its banner.
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It Gives Your Business a Competitive Edge
Trust is not earned easily these days as clients are becoming warier of the businesses they choose to interact with. For that reason, big companies put plenty of effort and resources into proving they conduct business in a morally sound way.
Most of the time, people just know better.
In search of an alternative to corporate vendors, many clients turn to small businesses, just like yours, to source products and services. That’s why it’s even more important that you run your business with integrity and meet that demand.
Companies that live and breathe their values are the ones people are willing to spend their money with. If you deliver quality, play fair with your clients and offer transparency on top of that, people will keep knocking at your door.
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It Helps Save Face During a Crisis
Back in 2017, United Airlines got entangled in a series of slipups that gave them plenty of bad press. It all started with a passenger who was injured when he was forcibly removed (the company called it “re-accommodation”) from an overbooked flight.
Instead of owning up to their mistake, the CEO attempted to attack the passenger in a public statement and blame him for causing the ruckus. After a video of the incident went viral, the airline was hit by a wave of criticism with many boycotting United flights altogether.
Had United acted with integrity and admitted wrongdoing, they could’ve avoided much of the aftermath and saved face. The alternative proved highly detrimental and left the company scrambling to regain reputation.
Whenever you find yourself in a situation where you’ve made a bad business decision, don’t try to sweep it under the rug or avoid responsibility. Suck it up and let your clients know you’ve learned your lesson.
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It Makes Difficult Decisions Easier
Imagine a cloak-and-dagger scenario in which you receive an e-mail from a former employee of your direct competitor. The person claims to have insider information that could potentially ruin that company’s public image.
Would you be willing to play dirty and use that intel to your advantage?
A business owner with a solid moral code would never consider accepting that offer. Someone lacking professional integrity, however, might be torn between the allure of potential benefits and the moral repercussions that come with the package.
Each time you face a difficult business decision and choose to follow your moral compass, it’s a positive step. The next time you need to make a similar judgment, it becomes a tad easier and results in less decision fatigue.
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It Costs Less in the Long Run
At the outset, running your business with integrity may seem like a costly investment. Why refund a dissatisfied client if it means losing profit? Why accept project feedback if it means time-consuming corrections on your part?
Some business owners are more than willing to violate their moral code to secure immediate gain or delay consequences. The truth, however, is that lack of integrity can only lead to short-term wins and never lasting success.
Instead, focus on building strong relationships with your clients that are based on honesty and mutual respect. Don’t wager your clients’ trust to earn a few extra bucks today and lose thousands tomorrow. It’s just not worth it.
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