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Why the Golden Rule Must Be Practiced in Business

Business Ethics - TBM Payroll, Payroll and Human Resource Services, Albany, NY

We all know what the Golden Rule is, but are we all practicing in business? This article comes from Entrepreneur.

Why the Golden Rule Must Be Practiced in Business

As it turns out, rising above the situation and treating others decently is just as important in the business world as it is in our personal lives. A cut-throat business strategy may work at first, but as scientist Robert Axelrod argues, over time it will, ironically, “destroy the very environment it needs for its own success.”

Build your business sustainably. Don’t step on others to climb the corporate ladder. Treat your team, your customers, your vendors, and competitors fairly. Go above and beyond what’s required of you. Doing so will help to preserve your reputation and pay off significantly in the long run.

Improving the customer experience.

The secret to a satisfied customer base is your ability to put yourself in your client’s shoes.

Henry Ford recognized the value of this simple concept. “If there is any one secret of success –” Ford is quoted as saying, “– it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.”

While it’s fairly easy for small companies to give customers the attention that they need, as a company expands, this concept usually becomes more difficult. But even as a company grows, it’s important for them to remain true to their roots — to continue to recognize and meet their customer’s expectations — and to provide excellent service. In short, to treat their customers how they want to be treated.

The sobering fact is that customer satisfaction works both ways. “When customers feel mistreated or misled, they give what they got,” writes Fred Reichheld, highlighting the reality of dissatisfied customers. “They leave — if they can — and complain if they can’t. They demoralize your employees. And they badmouth your company, alienating your prospects. They’re costly.”

How costly? Studies show that people are far more likely to complain about a negative experience than they are to talk about a good one. News of bad customer service reaches more than twice as many people as praise for a good service experience, and a whopping 91 percent of unhappy customers — will leave and won’t come back.

As it turns out, treating customers well is important for their satisfaction and retention — helping to keep them happy — and coming back for more.

Leading to a satisfied workforce.

One of the best ways to assemble a team that’s driven, motivated and on board, is by treating them well.

A satisfied workforce will be motivated to provide great service to your customers, and they’ll be more loyal to your company as well. Not surprisingly, studies show that pure, simple appreciation can go a long way towards motivating employees.

Harry C. Handlin, former President of Lincoln Electric, believed in applying the Golden Rule in the workplace — and the importance of putting others first — not only in the more obvious area of customer relations, but the employer-employee relationship as well.

“If, as managers, we treat our employees the way that we would like to be treated, we are rewarded with a dedicated, talented and loyal work force that will consistently meet the needs of the marketplace,” Handlin said.

It’s easy to spot a company that treats its team well. Workers are motivated, turnover is lower, and customers are happier as well.

Click here to view the full article.