Business Ethics Articles, For the Clothier Pricing
In our last issue we talked about “SweatShops” and how you should do your due diligence in making sure that your supplier or manufacturer is not one or engaging in the use of them.Pricing
Now I know this can be a touchy subject to those that may have a closed ear to it. However, I will address this subject from the view of “being fair and reasonable” in determining your price structure, while maintaining competitiveness and profitability. I am sure your already thinking “Hey buddy, I’m in business to make a profit”. While this is true, how you apply ethics in your business practices, will, and I mean will, determine or have an effect on how you price your products.
While I try to maintain a balanced worldview in how we should do business as children of God, I must take you to the book of Deuteronomy, as the word of God is my foundation; here’s what is says, “You must use accurate scales when you weigh out merchandise, and you must use full and honest measures. Yes, use honest weights and measures, so that you will enjoy a long life in the land the LORD your God is giving you. Those who cheat with dishonest weights and measures are detestable to the LORD your God.” (cf Deu 25:13-16 NLT) In essence, we are to be just in the pricing of our merchandise so that we wont bring reproach to the name of the Lord.
Utilizing this approach in business will help us in avoiding consumer accusations of dishonest and misleading business practices, as God has a strong displeasure in dishonest business dealings. So, when pricing your merchandise, after determining your CIF (Cost Insurance Freight) and overhead, do some research to determine what the market can bare, then add your profit according to the goal of your business plan and/or your promise to shareholders, if applicable. Then with Godly wisdom and commonsense, determine your profit margin, keeping “fair and reasonable” in view in the final price to the consumer.
I know that this standard is not easy. This is why we must seek wisdom from the Lord in doing business to the glory of God. We must not envy other merchants that may, for the moment, appear to posses a larger market share than your own, as we may not be aware of what they did, be it ethical or un-ethical, to get where they are. As you know, God’s word says that , “He (God) will reign on the just (those outside of Christ) and the unjust (those who belong to Christ)”.
Allow me to encourage you with these words from Prov 23:17-18; notice it ends with a promise: “Let not your heart envy sinners, but continue in the fear of the Lord all the day. Surely there is a future, and your hope will not be cut off.”
Product Quality
With product quality, the same essential truths applies as noted earlier.
There is a saying, you may have heard it, “You get what you pay for”. Although, due to unethical practices, some merchants, do not always give you what you pay for. There are those that give less – waaayyy less, than you pay for, we’ve all experienced this one at some point in life. Then there are those that “go beyond the call of duty” in exceeding our expectations. These are those merchants that practice Biblical ethics, even if it is unintentional.
Let it be said that the later applies to you and your company in the community in which you do business. When you can, offer your customers the highest quality possible for your purchasing dollar and price structure your known for.
Keep Christ at the forefront in your business practices, and you will reap the reward of credibility, integrity and honor every where you go – but especially, before the face of God.
Article Source
Bobby E. Miller – EzineArticles Expert Author
Tags: business, work, ethics, cloth, cost
