You might recall times in your life when you experienced dishonesty at a business. Maybe the owner promised you a full money back guarantee, only to claim he never said any such thing when you came back to return the item. Or perhaps you paid good money to have a service done around your home, only to find out that the contractor used shoddy goods or highly diluted paint to do the work.
Now that you are a business owner, you probably recall these experiences and are vowing to be honest and above-board at all times. As it turns out, this commitment to honest business practices is a wise choice, and will positively impact your company in a number of ways:
It Creates Trust with Your Customers
If you always strive to be open and honest and live up to your word, customers will definitely take notice and continue to buy your products and services. Just as you have encountered dishonest business owners in the past, chances are good your customers have as well, so they will have their radar up at all times watching for questionable situations and promises that owners will not keep. To keep these customers and turn them into highly loyal consumers, be open and honest about anything and everything, even something that comes up that might shed a bad light on your company.
For example, if you read some negative reviews of your company on social media, instead of ignoring them or firing back with snarky replies, take the high road and use this opportunity to address the issue, explain your side of the story and move on. If you need inspiration on how to do this really well, look to other companies that have successfully handled tough situations. For example, Amway has had to address a lot of rumors over the years, including if Amway is a scam or not. The company decided to address this situation head on and created an in-depth and educational post that acknowledges the gossip and then sets it straight.
Honesty Creates a Positive Work Environment
The culture you establish at work will help to drive your company to success. This culture and environment are based on everything you believe in and how these morals drive what you do—everything from how you produce your products, market them, choose the prices and work with customers. As a company owner, placing a strong value on honesty can create positive culture that will help your employees to feel important and validated, as well as inspired to do a good job for you. For example, instead of having a closed door policy, an honest business owner will encourage feedback from his employees, and welcome them into his personal office at all times. An honest business owner will also explain to her employees why she made a particular decision that affects everyone in the company; instead of hiding from the truth, she will embrace it and be transparent about decisions and actions.
Dishonest Business Owners Lose Customers and Employees
For a business owner to succeed, he or she must be able to be trusted by everyone—customers and employees alike. If people do not trust what comes out of your mouth, they will not follow you and stick with your company. On the flip side, being honest at all times and having integrity means people will believe you and your word and will be inspired to work for and shop with your business. Yes, you might be able to get away with not honoring a sale price, a guarantee or a bait and switch tactic a couple of times, but if you do this over time, customers will realize you are up to no good, as will your employees, and you will create a toxic workplace that no one wants to be a part of.
Be Above Board 24/7
Even if you offer great products and services, if you play fast and loose with the truth with your employees and customers, they will notice and leave you. Instead, strive to be completely honest and transparent in every aspect of your business. You will end up with empowered employees who like to work with you, as well as loyal customers and a successful bottom line.
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