Although the business world certainly allows for a diversity of profit
models, styles, and approaches, companies desirous of increased profits
over the long term must maintain high ethical standards. A company that
adheres to high ethical standards establishes itself as a consistent,
accountable, and transparent force within the market that it operates.
With high ethical standards, a company can develop a pattern of behavior
and create reliationships upon which other businesses can rely. Over
the long term, high ethical standards creates a notion of dependability
for a company that enables growth and increased profits. Excellent!!
More specifically, companies that choose high ethical standards as their
modus operandi insure themselves against the many deleterious outcomes
that could befall companies with a more free-weilding approach to
business ethics. Cultivating and maintaining high ethical standards can
help businesses avoid spurious or illegal dealings that could
potentially incur fines, governemnt investigation, censorship, lawsuits,
over even bankrupcy. If short-term profit maximization is the goal of a
company, then perhaps these hazards are worth the cost of doing
business. However, none of these outcomes serves to increase a companys
image or profits over the long term. You should say specifically somewhere in this paragraph that investigations and fines would hurt long term profitability. Go a little bit more in depth.
Additionally, a company that maintains high ethical standards cultivates
a reliable trustworthy reputation not only among its business peers but
also among its clientele base. By demonstrating accountability and
transparency in their actions, ethical businesses can expect to attract
a like-minded core of clientele who shares that companys consistent
grounded approach. This clientele base will grow over time thereby
contributing to the companys long term goal of increased profits. Excellent! Beautifully put!
Furthermore, a companys high ethical standards impact the type of
employees who are hired to work there. Talented well-intentioned
individuals will more likely gravitate to jobs with companies they feel
will provide them with greater job security and realistic opportunities
for advancement. A company that exhibits high ethical standards
represents a less volatile working environment for potential employees.
Also, by attracting the brightest and most qualified personnel, an
ethically-minded company can offer superior services to its clients and
anticipate growing profits over time as their employees cultivate
lasting business relationships.
Ultimately, increased profits over the long term are decidedly easier to
achieve if a company maintains high ethical standards. Ethical
standards guard against poor decision making and enstill a sense of
trust and accountability among business partners and potential clients.
They also attract a steady stream of talent to ensure competency and
quality. Over the long term, these factors represent necessary
components to any companys model for increased profits.
The Old Man and the Sea: Chasing and Being Chased