Trust and Integrity Translates Into Profits in Your Small Business With The Ethical Concerns

Integrity is about the most important character trait that a founder of a new Startup Small Business has. Integrity is something that catches up with the small business sooner or later. Both displaying Integrity and not displaying Integrity will have a major impact on the reputation of a new startup business. One’s reputation is everything.

Today one too often hears about bad service and about companies not standing behind their products or services. Imagine that just by doing what you say, actually builds up a good reputation. The 80/20 principle applies also applies to good service. Basically about 80% of companies give bad service. So, if as a small start up business you are committed to delivering only the best service, you only have to worry about the 20% who give good service and are really your competition.

Trust is often developed over time through a series of positive experiences by the customer. There is a common perception amongst the public that business is crooked by design and the public are just led by the nose. These days we hear about the evils perpetrated by the bankers and brokers on Wall Street and this has led to a complete breakdown in public trust and has left the reputation of these companies in shreds. This short term profits only obsession has severely damaged the ability of these companies to survive. Allowing dishonesty to creep into the business and putting profits ahead of all other considerations, has been a disastrous policy and will cost them millions if not billions over the long term. It may take years before the public has any faith in the honest dealings of many of these companies. This clearly illustrates the value of reputation.

As a small business owner, one is in direct contact with one’s customers. This is a distinct advantage over the larger corporation. So make the most of this closer contact to build those lasting relationships. If a customer believes that you are trustworthy and offer great service, they will think twice about going elsewhere, even if your prices are slightly higher than the less trustworthy competition. The grapevine is a very effective means of advertising. So, by ensuring that the customer’s needs are taken care of to the best of one’s ability at a reasonable price, the word will get out onto the street that your small business is the one that they should be dealing with. Those referrals can become repeat business and repeat business from a loyal customer translates into profits.

What is very clear is that integrity and honesty are business issues as well as moral ones. Traditionally profits have always been seen as the only measure of success. As a result, many people have a tough time understanding that by doing the right thing, the business owner is actually helping the business. The ideal relationship would be a win-win situation for both the business owner and the customer, one being happy with the sale and the other with the goods and services received.

Historically it has been proven over and over again that business and honesty and integrity can co-exist and many companies which have been dishonest in their dealings are no longer around. Unfortunately this apparent lesson is not grasped by a fair number of companies, but sooner or later many will not be around. Once again it’s that reputation thing that just never seems to go away!

Please consult Start Up My Small Business how to obtain a report that answers frequently asked questions on Small Business Startup. Also view my blog for other information on Business issues.

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Tags: integrity, mean, profit, person, ethics