By Jason Thompson, CPA/ABV, ASA, CFE, CFF
Partner and Director of Valuation and Litigation Services
[email protected]
We take ethics seriously here at Sponsel CPA Group. In fact, we regularly undergo ethics training, and must pass an ethics exam before obtaining a CPA license. But the fact of the matter is that EVERY company should conduct their business in an ethical manner. Ethical behavior is a critical foundation for all stakeholders, especially your team of employees.
Business ethics are really no different than the ethics you employ in your personal life. Always ask yourself, “Am I doing the right thing?” You should do the right thing regardless of pecuniary consequences — that is the hard part! If a customer returns a faulty product or expresses disappointment with a service, making it right with them is the only solution. This investment in the customer experience is the right thing to do, and long term benefits will be richly achieved!
If you’re giving out refunds, you may find yourself worrying about your short term financial results. Think about the long-term benefits instead. You’re establishing your business as one with integrity, one that cares about its customers and stands behind their product or service. Those are the businesses that stick around for the long haul. Your customers know that you will do them right!
Your employee group will also rally around this honorable habit. They will be proud to work with a company that values the customer experience and is profoundly focused on the relationship with its customers. In many cases, these same companies have an above average relationship with their team of employees, as people like to work in environments with which they can take pride in being associated!
If you operate with best practices, employees and customers will respect you and pledge their loyalty. Think of the regulars at mom-and-pop coffee shops. They would probably prefer the convenience of a drive-thru Starbucks, but they keep going to the family-owned store because it has a sense of history and character. They like the people pouring their coffee. That personal touch. They value the trusted relationship.
A business can’t run effectively without a strong sense of ethics. If you’re not doing what’s right for your customers, employees and other stakeholders … what are you doing exactly? Stay focused on what’s right, and your business will keep booming.
If we can assist you further with achieving success in your business or personal affairs, please contact Jason Thompson at (317) 608-6694 or email [email protected].