Doc V Moyo

Business Integrity:

What does it mean, and why does it Matter?

Honesty/integrity in business is about telling the truth and being a trustworthy company.
It’s about following ethical business practices and acting in the best interest of your customers or clients, even when it means owning up to errors or mistakes

What is business integrity?

1. It’s the practice of incorporating ethical behaviors throughout your organization.
   
2. Aside from the fact that integrity is always the right choice, there are valid business reasons for making it a priority.

It’s helpful first to identify what integrity isn’t.

Integrity isn't about the superficial  doing the right thing because it makes you look good or because you are under public scrutiny.

Business integrity means

Closing any gaps between your intentions and actions, ensuring your interactions with

1. customers,
   
2. employees,
   
3. suppliers,
4. investors
   
5. and regulators are aligned with your stated aims and purpose.

And finally, making sure that organizationally, you always behave in an upstanding way. 

Examples that illustrate what telling the truth looks like:

EXAMPLE 1
Immediately own up to mistakes. 
If, for example, your company misses a deadline to a customer, be honest, forthright, and fix the situation to the best of your ability. Don’t try to lie or sweep it under the rug.

EXAMPLE 2

Keep your clients’ best interests in mind. 
Don’t say something is “free” if it isn't. 
Don’t offer bundle deals that don’t provide added value to your customers. 
Remember that your customers are the reason you’re in business, and being honest and truthful will keep them loyal.

EXAMPLE 3

Approach issues with vulnerability and truth. 
If and when an issue arises, rather than thinking your company knows and understands everything, listen to your customers, tell the truth about your shortcomings, and try to grow.

WHAT ARE THE BENEFITS OF HONESTY IN BUSINESS?

Companies reap many benefits from telling the truth, like:

• building a workplace culture centered on honesty,
  
• creating a positive reputation,
  establishing meaningful relationships with customers,
  
• and standing out from the crowd.

BENEFIT 1
Workplace Culture 
Looking to create a workplace built on honesty and integrity? 
Start by telling the truth. 
Workplace culture is driven by the values, missions, and beliefs that drive a company. 
Be transparent with your team members, solicit feedback from them, and encourage them to be honest in all their dealings with customers. 
Telling the truth starts internally, and it starts with leadership.

BENEFIT 2

Meaningful Relationship
Companies spend years and thousands of dollars establishing brand loyalty with their customers or clients, and dishonesty can break that relationship in mere moments. 
Almost half of buyers won’t do business with sellers that provide misleading information. 
Tell the truth and build strong relationships built around trust instead.

BENEFIT 3
Positive Reputation
We all make mistakes, and businesses aren’t exempt from this. 
But once the mistake is made, your reputation depends on how you handle it. 
Companies can regain their trust if they admit to a mistake and handle it appropriately. 
Your reputation depends on telling the truth.

BENEFIT 4
Stand Out
If you’re up against stiff competition in your industry, one way to stand out is by telling the truth, being transparent, and being open about the strengths and weaknesses of your product or service. 
In a world where so many businesses lie, transparency and honesty can set you apart from the crowd in a good way. 

WHAT ARE THE CONSEQUENCES OF TELLING THE TRUTH IN BUSINESS?

There are certainly consequences of telling the truth in business, which is part of the reason companies lie so often and so easily.
Telling the truth:

1. can scare people off.
   
2. You might offend your customers.
   
3. You might alienate your customers.
   
4. You’re likely to lose one or two in being dedicated to transparency.

“But if they’re clients who are turned off by truth-telling, maybe they weren’t your ideal client, anyway.”

‘But at the end of the day, dedicating yourself to telling the truth in business can make or break your company…and your customers will be watching.’
Having realised the vast advantages of increasing integrity and truth telling in business one should consider it more.

Advantages of increasing integrity and truth telling in a snap

Integrity in business enhances your reputation 
This can

• help attract and retain customers,
  
• engender employee loyalty
  
• and become a more attractive investment proposition.

Business integrity is strongly correlated with financial performance.
It can help you steer clear of regulatory noncompliance with its accompanying penalties.
All of which are compelling reasons for any organization to prioritize an improvement in business integrity.

CONCLUSION

 
Combine changing societal values with connectivity made possible by social media.
Your customers can hold you accountable of a non-existent phenomenon in the past 30 years or so. Consequently your business decision must be in honest, come clean when mistakes are made, work to earn trust by the business consumers, employees and communities.