A code of ethics is common among large corporations. Many smaller businesses have realized the value of developing and establishing a code of ethics. In today’s competitive market place, potential customers will lean toward a company that displays its code of ethics over a company that does not have a code of ethics.
A code of ethics is a method of establishing an occupational or business identity. It is also an indication of business maturity and commitment to conduct business in an ethical manner. Many businesses use the established code of ethics on marketing material. This promotes the businesses commitment to provide and to adhere to ethical business practices.
A well-developed code of ethics will define behaviors a business deems as unacceptable and establishes a guideline of acceptable behavior. This provides employees with clear direction and guidance as far as what behavior is expected. This also conveys to your customers you are committed to honest and professional business practices. It will help a business establish trust with current and potential customers.
Establishing a code of ethics benefits the business and its employees. The ethics provide a benchmark for employees to use to ensure their conduct meets the needs and requirements of the organization. A strong code of ethics provides a structure for the responsibilities and professional behavior of a business and its employees. It also informs employees that misconduct is unacceptable and will not be tolerated within the organization.
Even the smallest of businesses can benefit by establishing a code of ethics. You do not have to hire a professional or spend money developing a code of ethics. It is an invaluable marketing tool as well a method to convey to potential customers the business is committed to exemplary business conduct. This simple tool will also help a business brand its services and establish its professional reputation.