As a business owner, Donald Sonn fully respects the responsibility that he has to run an ethical business that is capable of succeeding in the modern world. His company maintains a code of ethics that every employee must abide by and he has identified the following reasons as to why this is important.
The simple fact of the matter is that failure to operate your business in an ethical manner can often result in the company having to tackle legal issues that may damage its reputation. This is particularly true when it comes to accounting and similar aspects, which is why it is vital that the code of ethics covers the conduct expected of the professionals who handle this aspect of the business.
The morale of your employees can be seriously affected if they start to notice that the people who are in positions of power are acting unethically. At best, they will simply grumble about their management amongst themselves, but at worst you may find that your employees no longer want to work under the conditions that you have created, which can cause serious harm to the business.
Donald Sonn points out that trust is vital in every single aspect of business. If customers and clients don’t trust the service you provide, or feel that they are purchasing from a shady company, they are likely to take their business elsewhere. Similarly, if the other businesses that you have relationships with start to sense a lack of transparency in your dealings, they may end the relationship in order to protect themselves, harming your company in the process.
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