Building a business with solid ethical and moral foundations is more important than ever before. More startups are basing their policies on ethical premises, while established companies are proving willing to adapt and change in order to be perceived as an ethical business.

Other than taking a moral standpoint and striving to improve the environment around us, reasons for this ethical shift vary from attracting new or potential clients in order to boost profits, to ensuring their employees feel more secure and settled, reducing staff turnover. Whether a startup or an established firm, here are just a few ways that you can run your own small business more ethically:

Green Is The New Black

A good way to begin your ethical journey is by shrinking your carbon footprint. Going green in the workplace helps the environment as well as reducing your energy expenditure. Manchester-based recycling company Emerge practices what it preaches: its aim is to encourage recycling within the community by supplying schools and businesses with recycling services. Emerge also encourages the community to participate in recycling by providing advice on how recycling schemes can be implemented.

Recycling waste material within the home has become compulsory in some councils across the UK. With a little effort, you can also make your workplace a little greener:

· When purchasing printing paper for your office, opt for recycled paper with minimum chlorine bleaching. Encourage your employees to print on both sides of each sheet and use any misprinted sheets for notes.

· It’s not just eco-friendly paper and envelopes that you can purchase. Office supplies such as pens and pencils can also be made of recyclable materials. Refillable markers are a greener alternative to disposable ones, while eco-friendly printer cartridges are less harmful to the environment than their conventional counterparts.

· Avoid wasting energy by turning off the lights in unused rooms. Ensure that all computers, televisions and projectors are switched off at the end of the day, not just left on standby.

By reducing waste in the workplace you can both lower overheads and attract pro-green customers and investors.

Document Your Words

An ethical constitution is a document that outlines the values and purpose of your company. It can vary from one company to the next, but the general idea is to write in detail the principles that your company will strive to uphold. Moreover, by having an ethical constitution, you make partners, owners, employees and customers aware of your positive credentials. As well as this, if you choose to publish the document on your company website, clients and prospective clients will be able to gain a full understanding of your values.

While other high street banks have been exposed for their unethical actions, Reliance Bank takes pride in its authenticity and boasts an ethical banking policy on the company website. The policy outlines a tough moral stance on certain business operations. For instance, companies whose main source of income is through sales of tobacco, alcohol, gambling, pornography and armaments are excluded from opening accounts with them. Furthermore, profits made from the bank are given to the Salvation Army to support their charity work.

Stick To Your Own Kind

Practicing ethical business isn’t just limited to the office. Take your values further by opting to trade with other like-minded companies which share the same morals and beliefs as you. In doing this, you can prove to the world that your ethical business is more than just a marketing ploy.

To be sure of another company’s ethical standards, check with the Office of the Regulator of Community Interest Companies (the CIC Regulator). The CIC Regulator decides which businesses can become a Community Interest Company (CIC). In order to be considered, a business owner is required to follow strict guidelines.

Sweet Charity

You can give as much or as little as you can afford to charity. It makes sense to work closely with a charity that has a connection to your own company, such as a local charity or a charity that aligns with your products. For instance, BawBags is a men’s underwear brand that takes a cut of their annual profit and makes a donation to Orchid Cancer, a charity organisation that is dedicated to fighting prostate cancer.

 

By Chris Weston, Director of Aston Black Accountants.


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