1. Acknowledge efforts
In the latest Bengali TV serial Ki Kore Bolbo Tomay, Karna Sen (played by Krushal Ahuja) plays the role of a man who joins his family business but prefers to do business in a way that is vastly different from that of his father and uncle who established the business. His ways dealing with competitors and clients are ruthless. Karna even went on to the extent of asking a client to strip because he was wearing Sen Creation products. At another time, he decided to under-price his products just to ensure his competitor no longer stays in business. But are these good ways to do business? Will the hugely-competitive Karna succeed in the long run? Or will he mend his ways? Only time will tell. However, ethics is important while running a business venture. Following a proper code of ethics not only helps in smooth functioning but also results in better productivity. If you are running your business, here are five practices that you must follow.
As a business owner, it is your key responsibility to boost the morale of your employees. The amount of hard work put in by them needs to be appreciated in any way possible. This simple gesture goes a long way.
2. Set ethical standards
3. Ensure good leadership
4. Praise positive behaviour
While holding employees accountable for their actions is important, it is equally important to praise them when they show initiative. This works as a positive reinforcement for them as they now feel rewarded for doing the right thing.
5. Be respectful
Whether you are dealing with a client or a competitor, be respectful. Everyone has different ways of doing business. It’s important that you are both on the same page and respect opposing views.
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