Is Ethical a buzz word now?
March 9, 2021

IS YOUR BUSINESS ETHICAL?

An Ethical Business is one “that considers the impact its actions, products and services have on the environment, people and animals. This includes the end product or service, its origins, and how it’s manufactured and distributed.”

How do you assess if your business is ethical?. What is an Ethical Business?

Ethical businesses focus their business practices on creating a positive impact.
They incorporate in their business model , Respect for People, Respect for Animals and Respect for the Environment

What steps to take to move towards being identified as an Ethical Business?

An Ethical Business will have as their priorities:

Health and wellbeing in regard to people in the work environment is an essential ingredient when assessing a business as Ethical. Guaranteeing a fair wage and providing training and career opportunities, thoughtful and motivating work environment

Sustainability practices that aims to use all resources efficiently to benefit the business and the community.

Environmental considerations as a business responsibility, an obligation to protect the environment in which it operates.

Community involvement offers many and varied opportunities to incorporate Community and Corporate Responsibility in an Ethical Business. This depends on the nature of the business. Companies may assume community and corporate responsibility through Reducing carbon footprints. Charitable giving. Volunteering in the community.

Corporate policies that benefit the environment.

What are the benefits of being an Ethical Business ?

Consumer Response.

Organic and traceable food awareness is influencing many consumers who desire to know the origin of their food and how its produced.

A Commercial Advantage.

A recent study revealed that 87% of consumers would purchase a product because a company advocated for an issue they cared about, and more than 75% would refuse to purchase a product if they found out a company supported an issue contrary to their beliefs

Ethical food and drink remains by far the largest segment of the market with an annual spend of £12bn last year compared to just over £1bn in 1999.

In a Guardian article December 2019, Jo Whitfield, chief executive of Co-op Food, said: “We should rightly celebrate the growth that we’ve seen in ethical markets in the UK over the last 20 years.”

Being an Ethical Business can be beneficial to your business’ culture, and core values.

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