Should businesses prioritize ethics or profits?
Ideally, both. But in reality, the pressure to maximize profits can sometimes lead companies to cut corners ethically. However, prioritizing only profit can create a toxic work environment, damage customer trust, and harm the community and environment. Think of scandals like Chinmark or Air Nigeria, which is also known as Virgin Nigeria. Both prioritize short-term gains over ethical behavior, and the fallout was immense.
On the other hand, ethically driven businesses tend to build stronger, longer-lasting relationships with customers, employees, and stakeholders. Brands like Flutterwave or Nigerian Breweries have shown that it's possible to lead with purpose and still be highly profitable.
Like there was this period when Domino's Pizza opened in my vicinity and people were happy. Their prices were very fair and the business was moving very well. In fact, their services were topnotch, and it was my friend who recommended me to patronize them. One festive period I decided to visit them with my other friends who came around, although not planned.
Just as we were about to go inside, the guard stopped us and asked for our face masks, which I didn't see others wearing. I asked why others weren't wearing theirs and how they were allowed inside. He asked if I was them, which surprised me with his rudeness, and I noticed that people who drove in were just allowed inside while people who arrived on foot were asked for face masks.
I just left and told the guy that you see this place won't last because it's obvious that this your new or existing policy of treating customers differently was going to affect them. Yes, it did because barely one year and 6 month after they opened, complaints started flying around and people stopped patronizing them. That's how the place was shut down.
Another problem that causes many businesses to lose their value is how they treat their workers because the way their workers are treated reflects on their attitude towards customers. A company might have transparency, but the workers are the main problem because some of them, wanting to make a profit, increase prices on their goods. Why do employers treat their workers badly? When I was working at Genesis, my boss was a constant bully and treated us like nobodies. This started affecting our customers because some of us resigned and some customers stopped coming because of them. Why do others learn to sell substantial cocktails just to spoil the business.
is there a balance?
Yes, a balance is not only possible but necessary. This is often called triple bottom line (people, planet, profit). If a company's values guide decision-making from the start, it becomes easier to make profit and ethics work together. Invest in sustainable practices. Businesses shouldn't only answer to shareholders but also employees, customers, and the community. Ethical behavior builds trust, which is a priceless asset in a competitive market.
Profits and ethics aren't enemies. Ethical behavior often leads to loyal customers, motivated employees, and sustainable growth. A business that sees ethics not as a limitation but as a foundation for smarter decisions is more likely to thrive both morally and financially.
Images are Ai generated
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