It’s not unusual for entrepreneurs to get wide eyed when cash flow increases leading to an obsession with profit. This can result in someone in the management resort to unethical practices just to raise the profit margin. Sometimes, the higher-ups remain unaware of the corruption within the ranks. It’s always best to practice and preach good business ethics to your employees too.
There is nothing better than knowing you achieved success through sheer hard work and didn’t succumb to any sort of greed. You will sleep better at night knowing this.
Morals and rights
The worst thing is to lower your value in your own sight by committing fraud that hurts other people’s interest even while it brings in profit for you. Respecting other’s rights will prove more fruitful in the long term.
Running into lawsuits
Those who commit fraud think they will never get caught but when it happens, it is a disaster from all angles. Getting sued for millions of dollars is no joy.
The government, commerce bodies, suppliers, investors, consumers, marketers and everyone else aware of your low level of ethics will blacklist you. No one will wish to buy business if you decide to sell it.
Loss of business
Believe it or not, consumers are intelligent and most totally boycott a brand if they learn about unethical practices of any kind. You could lose considerable money.
Marketing is all about conversion but unethical maneuvers seriously damage the goodwill you have built with your consumers.
You are supposed to convince investors that your company can bring them profit but with the bad reputation and loss of business, they won’t be interested.
Trust is extremely important between business associates and partners. Those who supply to you need to be assured they will get paid too.
Quality of team
You will be unable to hire good employees because they wouldn’t want to trust you or work for you because of unethical policies.
It’s best to take the long road to success rather than compromise on ethics.