Integrity is so important in business. Integrity affects all of your relationships from your business contacts to your customers. What is integrity? Integrity is defined as having strong morals and principles. It also means doing things with honesty. Integrity builds trust and trust builds business.
We have all had some experience with the business owner that has left us feeling scammed or defrauded. It could be as simple as promoting an inferior product that doesn’t live up to expectation or promoting an inferior product at too high of a cost. Every business owner wants to make a profit, but the customer should always feel as though their money was well spent. If this business owner had integrity, then he would promote the product for exactly what it is at a cost that matches expectation.
Breaking a contract leaves a mark on your integrity score that may be difficult to turn around. Always attempt to complete any contracts in the event you decide you do not want to do business with that business again or you found a company to do a better job. Breaking a contract, even when it is legal to do so, can leave your business with a bad reputation. Sometimes it is not possible to complete the contract, but your business should always try to complete contracts. It will help raise your integrity score even with past businesses that you do not do business with any longer.
Word of mouth promises that are broken can leave you and your business in the dust. When you are doing business, always keep any verbal promises that you make. When businesses lose trust and see your business as lacking integrity, the long-term effects can be so costly that your business may never recover from the bad reputation you have inadvertently created.
Competition can destroy trust, your image and your integrity when handled the wrong way. Blasting a competitor, their employees, or their business in order to attempt to make your business look better can backfire in so many ways. One restaurant owner complains to his customers about a competitor’s restaurant. He claims their food is below health standards. Worse, this same owner complains through his business network. If the restaurant he is trying to tarnish has a perfect A rating, then he could find himself in trouble. Not only will his own reputation suffer but he has lowered his own integrity score. This will not only affect his business contacts but also his customers.
The right way to handle competition is to talk about the differences between your business and your competitor’s business. Creating original space between your business and the competition allows you to not only set yourself apart from similar business but talk about your competition in a friendly way. Networking and creating friendships with your competition can help both businesses reputation. This increases your integrity score and also your business success.
Business can be a dog-eat-dog world. Doing everything with honesty and integrity will not only make you the trustworthy source for your products and services but will increase your business because of your business reputation. Don’t make empty promises, don’t promote inferior products and services as more than they are and offer the best products and services with an honest smile.