Ethical Business Practices For The Modern Firm


It’s essential for all firms to adapt for the trends of the modern market, but also to look ahead and develop for the needs of the future. This can, in some circumstances, also remain bundled with the universal needs of business, that which is yet to fade and once established will likely remain the norm. In this case, we’re talking about the habit, policy arrangements and developments regarding ethical business practice.

This can help any firm sustain their reputation surely, but also have a positive impact on the world around them. All firms, small and large, have a responsibility to the world around them, particularly in industries that use plenty of resources to generate a product. For this article, we are going to assume your business is moving from a small to intermediate size, and that you wish to handle this growth with the best moralism and practical changes you can make in order to ensure your presence is one that has a net positive effect on the world around you. For this effort, you can only be admired. Consider the following:

Dedicated Staff

Dedicated staff, as in those who are primarily focused on vetting your ethical processes, on inspecting the methods your business takes, and of researching the best ways to go about things can help you avoid missing the important factors when it comes into consideration. For example, using analysis and projected data, an employee might figure out that actually, giving back and the marketing attention that receives can potentially completely offset the cost of doing ‘good thing X,’ and applying that to your firm might become something worthwhile to do. Even if you only have one or two staff members focused on your best practice, this can really help you avoid making any missteps or not quite vetting processes as they are applied.

It’s very well and good to wish to implement an excellent strategy, and it’s quite another to do so in the most informed way possible. Ethical parameters can often be quite ambiguous, and so hiring a practical planner, or giving someone on your team the role of implementing these considerations can help your firm continue to take positive steps forward, and will hopefully mean everything you try has a form of merit behind it. For example, this staff member might feed your marketing team relevant statistics and information about why this move is so important, or look into the history of a charity you’re hoping to support, or figuring out just how much waste you have compared to the competitors in your industry. With just these three considerations alone, it’s easy to see why this might be a full time job. Perhaps a luxury one yes, but one that can work wonders for your PR.

Vetting Suppliers

Suppliers are important to vet. It might be that you have a longstanding relationship with a firm, but you haven’t inquired into how materials are sourced, or you have yet to question just why their prices are lower than anyone else’s. Of course, this is quite an on-the-nose analogy to make, and something that sounds only like the beginning of a thriller movie. But in many different ways, it might be that you wish to consider your suppliers more carefully, or try to cement your relationship with them further.

It might be that a firm has a great product, sourced ethically, with nothing but pure transparency about their methods. But then, through mistake or some other form of idiocy, a racist remark of some sort is posted to their twitter, perhaps even in light jest in response to a customer. Continuing to trade with a supplier like that can show a condoning of that statement, if shoddy context or an explanation is given. This might sound like you simply taking measures to protect your image, but it can be more than that. The suppliers you work with are often seen to be a statement that your firm trusts theres, and that connecting the two is important to do. Again, this example is heavily on the nose, but it suggests that there are matters more complex to consider when vetting your suppliers.

Of course, you might not take issue with every small thing that you find, as your firm might not have the cleanest trading history. But in order to be better you have to connect yourself to better, so this could be a great place to start in the first instance.

Specialist Services

Specialist services can be extremely important to integrate with, especially if they have exceptional processes when adhering to a certain standard. From construction aids such as Eastern Plant Hire to the catering services you use, it’s important for them to submit to the environmental and health protection laws and even take steps to optimize how they stay within legal guidelines. This can help you, during the large expansions and growths of your firm, to continually do so within a smart framework, and to give your firm more breathing room. There’s no reason as to why expanding your firm should only mean you add toxic and wasteful processes to keep it afloat. If you focus, and make deliberate decisions, your firm can become much more streamlined as it grows, causing nothing but potential for all those involved.

Champion Causes

It can be worthwhile to champion causes, ideally those that are affected by your business operation. Of course, ensure that the cause is worthwhile and intellectually sound first. For example, while LGBT causes should absolutely be championed and celebrated, it’s quite an obvious tactic, some might even say exploitative, in order to gain marketing. Consider how many people celebrated and purchased Coca-Cola when it sported the rainbow flag on its bottle. All it took was a day of graphic design to celebrate a massive boost in sales, without much in the way of actual charity or development in any fields. Some might say the exposure was enough to get people talking and accepting, but some might also say this is a predatory method of profiting from the social issues people live through. For this reason, whatever you choose, make sure you choose practical means. Marketing is fine, but it mustn’t be the only intended result.

With these tips, applying ethical business practices for the modern firm is sure to be worthwhile, and keep you in moral business.

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