How to Compete With Other Small Businesses Ethically

The main objective of any business is a success, which is mostly measured by the profits made. However, it always proves to be difficult to beat the high competitions witnessed in different small businesses. In most cases, a business will employ measures that will greatly help in sailing through the stiff competition.

Ethics is one of the elements to success. This refers to acting in a rightful manner when directing business transactions or deals. Some businesses may adopt unscrupulous methods such as bribing and spying to cut a niche in the market. There are ethical measures a small business may opt for to succeed and as well maintain the business’s integrity. Learn how to compete with other small business ethically.

Accounting Ethics

Many ethical issues crop up when it comes to reporting how financially stable business is. You may be tempted to inflate the figures, especially when applying for a loan. Loans and cash advances are mostly granted in consideration of the financial prowess. It’s good to come out clear with the numbers. Maintain true accounting statements for a long-term benefit of your trade.

Adopting Marketing Techniques

This measure revolves around focusing on your marketing efforts rather than what the competition is doing poorly. It may be tempting to rely on what the competition is not offering. This is not the best way to go about in any competition.

Try as much as you can to address marketing issues while concentrating on your strengths. For instance, if you give excellent customer service, emphasize on that instead of saying that the competition offers poor customer service. Speak on what makes your business unique rather than what makes the competition poor.

Addressing Business Fights

It’s not ethical to make offensive comments on your rivals. But what if your business is on the receiving end? As an average human being, it’s hard to sit there like nothing happened. Offensive comments can cost your trading, especially when it comes to reputation and public image. However, fighting back isn’t the perfect answer.

Striking back always lead to a back and forth war which in most cases, end up being ugly. If a competitor makes offensive comments that are true, the best way to handle them is by addressing how you intend to clear up the criticisms. Try and address your customers and not the attacking competitor. If the insults are false, keep cool and carry on with your business.