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5 Ethical Business Practices Every Owner Should Consider

Meghan Belnap

January 16, 2017

Businesses, like people, come in many varieties. Some are good, some are bad, and some are more ethical than others. When you own your own business, being ethical is not a suggestion, it's a necessity. It's a necessity that your customers and employees will notice and take note of. Below are several ethical business practices that quality businesses practice daily.

Fair Pay
Paying your employees your state's minimum wage may be appropriate in some cases, but other times, you'll need to pay your employees what they're worth. Too many business owners become greedy and will want to take as much as they can. However, they fail to realize that their employees are the ones that help keep the business running, and employees may become mutinous, quit, and slander your business if they feel they're getting unfair wages.

Fair Prices
Your products and services need to be priced competitively, but at the same time, you should not charge more simply because you can. Charging higher prices for the same products and services casts a dark shadow over your business. People may come to realize that you're ripping them off, and you'll inevitably lose business to your competitors.

Avoiding Bait And Switch Tactics
If your business is all that you say it is, and your customers know that, you'll have no need to deceive them into become regular patrons. However, many business owners feel the need to be deceptive when acquiring new business. Although it may seem that they're doing well, practicing this tactic will catch up with them in a negative way sooner rather than later. Being up front and honest with your patrons is always the safest bet to ensure you stay around for the long haul.

No Shady Deals
It may be tempting to participate in nefarious practices using your business as a shell company or a front, but it simply isn't worth it. Any board certified behavioral analyst will tell you that a business with small transgressions in the beginning will start participating in larger ones down the road. This could mean potential jail time or major fines if your caught. Not only that, but your business will likely fail as word gets out of your behavior.

No Faulty Products
When you think of faulty products, you may think of used car dealerships. Although used car dealerships often have their share of questionable sales reps and defective automobiles, there are other businesses that will knowingly sell a product with defects to make a quick buck, too. Along with potential trouble with the law, people will despise you for deceiving them, and they'll let the world know to never do business with you in the future.

Being a good business owner takes work, and that means doing things by the book. Running an honest business that's not making ends meet is better than operating an unethical one making money hand over fist. Doing things the right way consistently will yield far better results in the long term than trying to short cut your way to the finish line.

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