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Businesses are run by humans, and as human beings, it could be a really tough decision choosing between doing what is right and doing what brings in the most profit. Yes, profits are really important to keep businesses running; however, ethics such as fairness, honesty, and integrity are what build trust between business and client.
So the big question is, 'Should businesses prioritize profit or ethics?' and is there a possibility of balancing both?
Before we decide, let me remind you of one amongst many tragic events that have occurred due to following unethical practices, all in the name of saving cost or getting more profit: There was a very tragic incident that occurred a few years ago: a 21-story building under construction crumbled in Lagos, Nigeria’s financial capital and Africa’s largest city. This was due to unethical practices by the contractor in order to cut costs and gain more profit, which led to the collapse of the building and the loss of life of the workers on site, residents, and even the contractor himself.
Source: https://punchng.com/ikoyi-building-counting-the-losses-one-year-after-collapse/
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In construction, engineers and even contractors decide to do things like reducing the amount of reinforcement in the foundation, not using the proper soil, patronizing cheap labor, or even purchasing substandard materials. These unethical practices lead to the loss of lives of innocent people and also tarnish their reputation. And this not only applies to the construction industry; a lot of other sectors also have ways they manipulate the system just for quick gains.
So can there be a Balance? ⚖
Absolutely!
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Set Ethical Principles: Businesses must have a code of conduct that guides the behavior at every level, from CEO to even the blue-collar employees. There is nothing wrong with chasing profit, but your brand and business should be built on core principles and work ethic. Whether it's fairness to workers, honest pricing, or even putting safety first before your gains.
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Put People First: Loyal customers will always return, and loyalty is built on a quality that can't be traded: trust.
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Give back to society: Practices like following the local content act (hiring the locals), donating to the community, and creating training programs go a long way. People support businesses that help the local community.
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Avoid short-term greed: Your reputation is your ticket to retaining loyal clients. Cutting corners to build quick wealth usually ends in tears for the business. You could face legal troubles and potential customer loss.
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Own up to Mistakes: Everyone makes mistakes, but the ethical thing to do is to own up to it, fix it, and grow from that error.
My Take
Businesses built upon ethics tend to become more profitable because they've earned something that even money can't buy, which is 'trust.' Neglecting ethics in your business and practice could cost you more than the profit you yearn for. Be disciplined with your business and chase money, but don't sacrifice your business's integrity just because you want to make a quick buck.
Thank you for reading ♥
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