Ethics And Values Are Priceless..And Can Certainly Add To The Bottom Line
Your business must stand for something other than making a profit. Of course, we all want to make money but how we make it can actually determine how much we make. Ethics and values are rarely talked about in quarterly and annual reports but there is no doubt they play a major role in the bottom line. They are important in themselves but also play a key role in determining your level of profitability. All the things we report on are fairly useless if you don’t have a culture that inspires confidence and enthusiastic supporters both internally (with your team) and externally (with clients). To me, ethics are vital. A value set. Mine are interchangeable between my business and personal lives...and they’re all about the same things. I refer to (and apply) that value set in every situation which is important to me because it means I don’t have to change my personality when I go from work to home. If you know what your ethics and values are it becomes much easier to make decisions about how you conduct your business which includes how you treat your colleagues and the people with whom you do business. It’s a kind of barometer. It also makes it easier to determine where you want to take the business with your team. Several major companies have taken a strong stand on social issues in recent times and some people have criticised them for it but, to me, those companies are doing both the right and the smart thing. Companies must stand for something and the marketplace should know what they stand for. Of course there will be those who disagree with certain positions but they at least will know what the company is all about. That you are more than just the sum of your parts. And that it’s not just about the bottom line. Mind you, the more that people can associate your business with certain values they share the more likely it is they will do business with you. Potential clients will know that you have ethics and values and, with the rise of social media, that becomes even more important. If you’d like to talk about this in greater detail contact me though any of my social channels. It’s always great to catch up. In the meantime articulate and define your values...and live by them! Tamara.