Every business is established for a particular purpose. While some businesses are established to meet customer satisfaction or to solve some particular problems, others may be established for profit making purposes. For example, non-profit organizations may prioritise ethics over profit.
I remember when I got called up to provide trucks to be hired at the ongoing coastal road project that will span from Lagos to Calabar, ten (10) new Howo trucks were demanded but there was competition and the contractors were trying to fish out scammers that had already taken over the space. Quickly, I made contacts with folks around the truck business and got the number of trucks that was demanded for. It would amaze you that despite my sincerity, some ambitious people came in between to split the cost I presented.
Before long, I was summoned to reduce the price or lose the contract. After all the plus and minus, I decided not to adjust the price and left until I was called to pick up the contract document a week later. This was because my competitors were not ready to sign some of the clauses included in the contract. Business owners must first develop business psychology which I adopted at the interview.
Short term financial pressures can make businesses to cut shut ethical corners to drive revenue. A business that does not make revenue may soon go out of market. In today's competitive business environment, companies may feel pressured to maximize profits quickly in order to stay afloat or climb on their competitors.
As much as it is crucial to build ethical boundaries while establishing a company or business firms, one must also consider the need to make their business attractive to shareholders. Companies often prioritize profits to satisfy their shareholders, who are primarily concerned with financial returns on their investments. This pressure can lead companies to make decisions that prioritize profits over ethics.
There is also the corporate culture within a company that may prioritize profits above every other thing, leading employees to prioritize financial gains over ethical considerations. The truth is that most times, the deployment of ethical laws is to push for profits to the organization.
On the other hand, organizations build an ethical environment where their name becomes a household brand due to what the public considers about them. Also, the name of an organization may be less known or known for actively engaging in unhealthy business policy which may reduce patronage from the public.
Some years ago, I went to a new generation bank in Lagos to effect a transaction. There was a long queue which was not moving at all. I patiently waited to ensure that the transaction was done for me to get evidence. There in the queue, stood a man who was observing the teller. His driver sat at the reception but the security excused him but the man, who is the boss of the driver asked him to have his sir since he won't be allowed to stay in the car outside in the parking lot.
Then an argument ensued. The man shouted on top of his voice because he was not being treated like he would be treated in his bank overseas. He complained bitterly and swore to close his account.
When the manager heard the shouting and ranting, he emerged from his office to tell everyone on the queue that they were struggling with their data network. Until the man shouted, none of the Steelers or a staff of the bank made us aware that they were having such issues. The man grew angrier and demanded that his account that has tens of millions be closed and all funds be transferred to another bank.
This was practically due to the inability of the bank to define work ethics over profits. It is good to work in an environment where the ethics are well spelled out but without profits, an organization may not be able to compete favourably in the market space.