How Important is it to Have a Concrete Code of Ethics?

Does your business have a concrete code of ethics? If not, you could be unknowingly deterring customers from doing business with you. These days, the majority of consumers care about the effect businesses are having on the environment. They’re also more aware of their own impact on the environment, leading them to make much wiser purchasing decisions.

Here, you’ll discover how a concrete code of ethics can benefit your business and help you to establish a great reputation.

Giving back to the community

When you have a concrete code of ethics in your business, it shows you care about the local community. Consumers today actively look for businesses which do their part for both the local community and the environment. Your company values set out in your code of ethics could actually make the difference between whether a potential customer chooses you or your competitors.

So, if you want to use your code of ethics to improve your business reputation, make sure it sets out ways in which you help the local community. You could run community events and give money to local charities for example.

Showing you are a responsible business

Your code of ethics can also help to show that you’re a responsible business. No consumer today wants to buy from a business that only cares about making money. Instead, they want to see that a business does its part for the environment. It could be making sure you’ve got a good recycling policy in place, using a company such as First Mile to handle your waste management.

Showing you are a responsible business can go a long way to building up your reputation. You could also combine your eco-friendly goals with community values, setting up events to clean up the local area.

Setting you apart from the competition

Your code of ethics is what sets you apart from your competitors. It’s a chance to show why your business is better than the rest. What do you do for the local community that your competitors don’t do? While at one time consumers weren’t really interested in code of ethics, these days the majority of consumers do their research to ensure they are buying from a reliable, trustworthy and responsible business.

As you can see, having a concrete code of ethics in business can prove extremely beneficial. So, if your brand doesn’t currently have a strong code of ethics, now’s definitely the time to change that.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.