5 Ways Ethical Business Practices Save You Money

As a business, regardless of your segment, the goal is to land more customers, generate more sales, and grow exponentially. But to do that, you also have to create and maintain a business practice of operations and procedures to facilitate those sales and growth efforts. And in today’s marketplace, the businesses with the most dedicated ethics and strong ethical business practices win big. See how ethical business practices can save money and inspire company growth. Moreover, discover how beneficial an ethics hotline can be to your plans for ethical business practices and operations.

1. Builds Customer Trust

Your customers will only buy from you if they trust you. So much of your company’s marketing and branding efforts are rooted in building that consumer trust. But when you’re also able to commit to ethical business practices, you reinforce that trust as buyers prefer brands that operate ethically. Be transparent about your ethics policies and share your ethics hotline reporting availability with everyone who encounters your brand.

2. Inspires Repeat Business

Another pillar of your company’s sales and growth efforts involves driving repeat business and generating working relationships with loyal customers. Nothing drives away existing customers like an ethics violation or unethical business practices. So, when you dedicate your operations and publicly commit to zero tolerance for poor ethics in business, you can solidify those existing customer relationships and inspire repeat business ongoing.

3. Improved Employee Productivity

Ethically responsible companies, with robust ethics policies and an ethics hotline in place, tend to have equally strong company cultures. When employees feel heard, encouraged, and safe in the workplace, they’ll be more productive in their roles. And the more productive your teams are, the more successful your company’s productivity will be.

4. Reduces Regulatory Fines

With an ethics hotline and correlating ethics policies in place, you essentially deputize anyone who works with or encounters your company to report suspected or witnessed regulatory violations. Since you, as the business owner, can’t be everywhere at once, there’s a chance you’re not seeing ethics risks firsthand. But with an ethics hotline, your teams, vendors, and customers can all report anonymously, bringing those risks to your attention before they become costly fines or expensive litigation.

5. Improves Negotiations

Part of your business model might involve regular partnerships with other businesses, vendors, or third-party contractors. Another way to save money with these partnerships is by prioritizing your ethical business practices. You’ll secure better vendor relationships with equally ethical enterprises. And you’ll have better negotiating power when you’re coming to the table from a position of ethical strength as an organization.

Discover all the ways your company’s commitment to ethical business practices can both save and make you money. And go beyond the traditional methods of ethics policies and implement an ethics hotline. It’s the additional layer of protection to reinforce your company’s commitment to ethical best practices. It’s also the channel with which you can improve your company communications, ethics, and compliance. When you’re ready to take your ethical business practices to the next level, let Ethical Advocate be your partner in establishing and facilitating an ethics hotline!