“All’s fair in love and war,” but what about business? Think about this… if what’s financially right is at odds with what’s ethically right, what do you do? Take that one step further. What if you could guarantee that nobody would find out?
Morality, What’s in it for you?
A strong moral code may be easier to apply to your personal life when dealing with people that matter to you the most. Roy Murad, Entrepreneur and Business Consultant, advises that the same ethics should apply to your business dealings, especially when trading the most important commodity of all, knowledge.
“To me it’s a really simple concept,” says Roy. “Knowledge is a critical commodity to move any business forward, and if you have achieved specific knowledge based on a relationship the you have built with a client or vendor, you shouldn’t then turn around and use that knowledge at the expense of the relationship.”
For example, you have learned that your supplier uses a proprietary technology to create a widget that you need for your business. You also have dealings with another supplier who creates a similar widget. It would be unethical to let company B know what company A does to create a superior widget, even if there is a benefit to you in doing so, regardless of what that benefit may be.
While some would say that’s just how it’s done in business and it’s not personal, Roy believes that your reputation is your most valuable asset and that it should never be compromised over dollars and opportunism.
Watch Roy Murad’s Video on Morality in Business
The sharing of knowledge in any relationship requires an element of trust that the information being offered will be respected and will only be used for the benefit of both parties. In a business relationship, whether that means between colleagues, or between a vendor and customer, or between competitors, respect and loyalty for the protection of information is a requirement to sustaining ongoing trust and developing a positive reputation.
Business relationships must ultimately be based on trust. It is often argued that ultimate success in business can only be achieved at the expense of others. While there may be short term gains, eventually an “I’m in it for myself, take no prisoners mentality,” will lead to failure.
Roy Murad is a father, husband, business consultant, investor, advocate for new business ventures, and consummate entrepreneur. Over the course of 35 years building businesses, guiding companies and identifying strong investment opportunities, while nurturing a thriving family, Roy Murad has amassed a wealth of experience; experience, that may be of value to others who are looking to shape a balanced and successful life experience.
Are you interested in business morality? Follow Roy Murad on Twitter @roymuradca to find out more about morality in business and how it impacts you personally.