Holding a high regard for moral standards, defines your chances of a successful and profitable business. No matter if you're a corporation or a small business owner, your success depends on your morals. However, there's a huge difference between doing the rightthing by following moral principals and just getting ahead in life by doing whateverit takes.
But, before we dive right in, I just want to mention this article is for someone that wants to do the right thing, wants to promote good standards, and wants to be honest in all respects. Therefore, don't read this if you are wanting to get ahead by doing whatever it takes by trampling on someone else, backstabbing people, lying to people or disrespecting someone just to promote your well-being or business.
I have a moral code that's based on integrity and I intend to keep it that way.
How High Moral Standards Defines Success in Business?
It appears that companies have their characteristics on their brochure or "about" page on their website telling others what their company is all about. For instance, you ask what makes a good leader? Right away people mention integrity and hard work.
Employers seek honest employees and vice versa. People seek a trustworthy doctor. Consumers look for honest brands that bring great value to their lives.
I tend to look for the quality in products that lives up to their promises.
So Promising what you say you're going to do is also something I highly value.
For instance, Microsoft has always produced high quality products. It's a brand that's trusted. A brand that has a screen with high resolution and a powerful processor. They always had a high reputation among customers.
Then one day you find out that Microsoft failed to deliver quality, do you think you would buy their products again? After it stated it had all the bells and whistles they promised, you find out it used cheap products and ended up dying.
How would you feel?
I know I would never buy it again. I can't trust them anymore.
But, here's a CEO that built his company by integrity.
For example, Jon M. Huntsman, chairman and founder of Huntsman Corporation owns the largest chemical company in the world worth 12 billion dollars, wrote a book called "Winners Never Cheat." Jon Huntsman's true legacy isn't because he built a multi-billion dollar chemical company, it's because he based his success on integrity, honor and generosity. So this tells me that Huntsman is a man true to his word and is a living testimony based on trust.
Author, Thomas Friedman, who wrote in the New York Times - "The World is Flat," says “We don’t just need a financial bailout; we need an ethical bailout. We need to re-establish the core balance between our markets, ethics, and regulations.” Friedman discovers that our ethics is a big part of how we do business.
We all know the main collapse of the financial institutions a long time ago was the results of their demoralizing effects to uphold honesty.
High Moral Standards Defines Success in Advertising Products
High moral standards defines success in advertising too.
I wanted to know what people are likely to trust when someone is advertising a product or service. The results wasn't totally new to me, but eye opening.
For example, Nielson Global Survey of Trust in advertising conducted a poll of more than 29,000 people across the Pacific, Asia, South and North America and found that recommendations from friends and family were 84% and branded websites increased from 9% to 69% in 2013.
When I think back, I would ask my husband for his opinion about a doctor he just seen for his gout. My husband told me that Dr. Bauer listens to him and he didn't wait a long time to be seen. In addition, he told me that his doctor was nice and likes to talk.
I thought I haven't met a doctor that likes to talk. Usually I'm in and out of the office in 5-10 minutes tops. They're so busy and don't take the time to know the person.
I immediately said, "sign me up for that doctor." I got Dr. Bauer's information and switched right away.
For this reason, word of mouth from friends and family really matters to your quality of service and trust.
Take another example, Felix Rohatyn, an American investment banker responsible for the brokerage of large mergers and acquisitions from the 1960's through 1990's, said "You should come to business with a moral code. You’re certainly not going to learn it later on. If people conduct themselves in ways that could be deemed immoral, I wouldn’t really blame Wall Street, I would blame the individuals themselves who by and large should know better."
As a result, the power of a trustworthy source for a business goes a long way to the success of a product or service.
High Moral Standards Defines Success in Leaders
Anne Mulcahy, CEO of XEROX from August 1, 2001 saved the company from bankruptcy with more than 17 billion dollars in debt. She immediately raised 2.5 billion in cash, cut capital expenses by 50 percent; shrunk administrative costs dramatically by a 3rd and reduced the debt by half.
What was behind all of this?
Mulcahy mentioned it was effective communication and honest feedback that gave her the confidence to turn things around. Also, in the beginning when she first took over, in the first 90 days of traveling to different offices she did more listening to employees and customers to see what was going on. Mulcahy said,"if you spend more time listening as to talking, that's time well spent."
I couldn't agree more.
The Cost of Being Unethical
I've recently found the negative effects of being unethical among drug companies that had tremendous fines. Some of these were staggering.
Thus, being unethical can do more harm than good.
Take for example the biggest business scandals of 2016
Wells Fargo creating fake accounts by employees, which resulted in $2.6 million in fees and a $186 million fees owed to the government
Lawsuit against CEO of Fox News Roger Ailes by news anchor Gretchen Carlson for $20 million dollars for sexual harassment
High Moral Standards Defines Success in Who We Are
Having high moral standards defines success and the way we live. It appears that if you're an honest person it not only affects the success of your business, but the longevity of your business as well.
The consequences of corruption and lying can have a debilitating effect on your business. Therefore, adopt high moral standards, so your conscience will be clean and your business will always run smoothly.
If you have success stories of having high moral standards that defines success in your business, please leave me a comment below or email me at