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The importance of outlining your business ethics

Last year was a learning curve for business owners. How do ethics come into play as we take stock for 2021?



by
Software development, strategy & technology
 

What matters to your business most? This is a question that every entrepreneur should know the answer to.  By knowing your business ethics, you’ll be able to outline clearer goals and align your operations with your ideals. Here are the benefits of knowing the ethics of what you do, and how to implement them.

 

Customer choice based on business ethics

In recent times, more customers are looking to consume from businesses that resonate with them, and share their own values and ethics. A study by Bazaar Voice published in August last year found that 72% of shoppers say they are likely or very likely to continue to shop at independent stores either locally or online above large retailers such as Amazon. In a time where the rise of sustainability is prominent, and more individuals are concerned about being environmentally friendly, it’s worth considering if this is a value you are passionate about.

We’ve even seen Amazon jumping on the sustainability bandwagon with their eco-campaign, proving that they see merit in incorporating a more ethical voice into the brand.

 

Research B-Corp companies

Certified B Corporations are businesses that strive to meet high standards of public transparency, social and environmental performance, and take more legal accountability. By using your business as a force for good, becoming a B Corp can allow your business to drive an ethical, global movement. Companies that are part of this movement include well-known UK brands JoJo Maman Bebe and Innocent drinks.

To learn more about becoming B Corp certified, it is worth checking out the B Corporation website which contains a wealth of information.

 

How you can communicate your business ethics

Being sure of your business’s morals is all well and good, but you won’t be able to appreciate the full benefits without communicating it to your audience. Here are some key steps to take when communicating your ethics:

  • Add a page to your website: You likely already have an ‘About’ section on your website, full of information about your business’s mission and offering. Consider adding some more information outlining your key business ethics, or better still, add a new page dedicated to this. This shows that they are important to you, rather than just a front.
  • Speak to your social media followers: Your audience will appreciate transparency and personal posts, so this is a great avenue into speaking a little bit more about your ethics. For example: “We really enjoyed seeing @Innocent’s recent sustainability campaign – it’s fantastic to see more businesses working to leave the planet better than we found it.” A post like this communicates a passion for ethical values, which may be the trigger point in a customer’s buying journey which could mean taking the plunge and reaching out to your business.
  • Put it into practice: Actions speak louder than words, so if your business is passionate about honesty, make sure you’re being completely transparent with customers and outline this in case studies and testimonials.

 

In these times, we’re increasingly seeing customers embracing local businesses, individuals becoming more eco-aware, and many people doing their bit to look into the values businesses are publicising. 2021 is set to be year of perseverance and coming together, so clearly defining and communicating your business ethics will hold real merit.