Ethical Businesses are on the rise, what are you waiting for?

In an era that is demanding societal consciousness, we are looking closely at how businesses are operating. Gone are the days of burying our heads in the sand to quickly get what we need. Ethical businesses are emerging, and their practices are becoming increasingly scrutinised to ensure that they are not simply Greenwashing.

Being ethical is not a quick and simple process, so often we find ourselves asking “Who are they really and what do they truly stand for?”.

Is this something that you care about? Where do you stand? How strongly do you feel about this?

Where to start

Ethical businesses prioritise social and environmental responsibilities and fair practices, aiming to create a positive impact on the world at large and on their stakeholders who are often focused on ethical, environmental, and sustainable outcomes. In this article, I am looking at highlighting key practices and topics that ethical businesses prioritise to foster success whilst contributing to a more equitable and sustainable future. Whilst this is not an extensive reflection, those practices sit at the core of ethical practices.

Corporate Social Responsibility (CSR)

CSR incorporates a voluntary approach taken by businesses to social, environmental, and ethical concerns. It is embraced as a fundamental practice that actively seeks solutions that positively impact society and humanity whilst also looking at ways in which to “pay things forward” in order to shape a better future.

Environmental Impact

Ethical businesses understand the importance of environmental sustainability and rejuvenation and these are integrated into their operational governance. They adopt practices that reduce their eco-footprint by minimalising waste, conserving energy, and ensuring their supply chain is sustainable. They might invest in renewable energy and support conservation efforts as well as share knowledge such as environmental stewardship.

Transparent Governance and Accountability

Transparency and accountability are foundational pillars of ethical business practices. Those businesses have nothing to hide, hence their encouragement of transparency in their operations, practices, and impact. They uphold strong corporate governance to customers, stakeholders, employees and investors as well as the general public. 

Ethical Supply Chain Management

In ethical businesses, there is no room for “I was not aware”. They understand the importance of responsible supply chain management and don’t turn a blind eye to poor behaviour or pretend that looking at their process from end to end is too hard. They actively seek out suppliers and collaborators who adhere to the same ethical standards, including fair trade principles, human rights protection and sustainable sourcing by fostering ethical supply chains. This means they also look at how the businesses they work with contribute to the well-being of their people and look at mitigating risks that may compromise their position. Yes, they do the hard work and “look under the bonnet” to ensure that no stone is left unturned rather than looking the other way.

Fair Labour Practices

This is a key component that is upheld as the well-being of employees is paramount. They strive to provide safe working conditions, fair salaries, and reasonable working hours. Ethical businesses also include equity, diversity, and inclusion within their workplace, creating an alignment with their workforce and key stakeholders.

Ethical Leadership and Stakeholder Engagement 

The culture of every business truly depicts who they are and what they stand for. Fostering a culture of ethical leadership, including stakeholder engagement, has to be at the core of every Ethical Business. The problem is, many businesses talk about it, but seldom actually practice it. Many "coast” around the practices but few got to the extent of specifying key objectives so as not to be caught out. Those that are genuine in upholding ethical leadership prioritise integrity, ethical decision-making, and accountability throughout each layer of the organisation and measure it.

Ethical leaders actively engage with customers, employees, and stakeholders addressing any concerns, building trust, and fostering long-term relationships. They hold each other accountable to actively listen and then respond.

Sustainable success in today’s conscious world only occurs when ethics are built within each and every business unit and when that business embraces social corporate responsibility, environmental sustainability, fair labour practices, transparent governance and an ethical supply chain. 

Whilst profit is not a focus point, and certainly comes second to principles and ethical practices, ethical businesses not only tend to thrive financially, they also earn the trust and loyalty of their customers, employees, and the wider community. 

Change is often resisted in business but when ethical practices prove to be a source of success and power, more businesses will begin to reconsider where they are today, and where they want to be tomorrow. 

Will you be a force that stands their ground and walks with their feet to support an ethical business?

Will you be part of the change that shapes a better tomorrow?