Good Business Management Ethics Include an Effort Toward Win-Win Outcomes

Every business should have a stated code of ethics. Contrary to what many believe, that code won’t hold back your business projects, it will push them forward. Clients and customers respect people and businesses who stand for something, so whether your emphasis is on using environmentally sound practices, giving to charities, or helping the community, a strong code of ethics will help establish your business’ reputation, which is worth more than gold.

One excellent thing to include in your statement of ethics is a commitment to strive for win-win outcomes in all negotiations. This is a simple method of working with others that ensures that all benefit and none feel exploited in a business situations. Some keys to creating win-win outcomes are:

• Know exactly what you want and what the other company wants. Be as specific as possible.
• Remain patient. Impatience is a sign of weakness, and it won’t help to advance your agenda. If your negotiating partner knows you have a deadline, he may take advantage of that, so stay with a negotiation as long as it takes to reach a mutually beneficial arrangement.
• Don’t back down. Just because you are seeking a win-win arrangement, that doesn’t mean your negotiating partner is. He may try to take advantage of you and convince you your mutually agreeable solution is a bad one. Don’t let him. If you know you have a good proposal, stand by it.

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