In its simplistic form, business longevity equals integrity and credibility. Many areas impact whether a business is successful or not. However, it’s easy to point out how lack of integrity and credibility can be the ticket to business sluggishness and potentially failure. Lack of integrity and credibility can influence any business, no matter the size or location.
Integrity = Honesty
How do you define integrity? Basically, honesty and strong moral principles best describes integrity. In fact, integrity many times becomes connected with people rather than businesses. People lead, run, and do the work associated with a business. However, the integrity of a business comes from management and the employees.
Here are a few questions to ponder when examining the integrity of a business. Does it possess high standards? Is it truthful with customers, clients, employees, lenders, investors, and suppliers? Does the business actually do what it says it will do? Does it take satisfaction in never breaking its promises to those who have placed their faith in the business? Does it create confidence and admiration within the area where it carries out its business?
The community may think that business integrity is merely backroom operations and out of public view. However, business integrity is very visible. This visibility is evident to sponsors who recognize trust, the excellence of its products or services, customer service and follow-up, flexibility, or other similar qualities. A business with integrity enjoys an impeccable status by pleasing its employees and dependable customers.
Credibility = Trustworthy
Meanwhile, credibility, while closely affiliated with integrity, in real life translates to being trustworthy. Even though integrity may serve as one of the core values for a business, credibility needs to be evident as well. For example, does the general public think the business is trustworthy? Is it authentic? Can the public depend on the business when the need arises? Does it have good standing in the community?
Businesses might keep its integrity most of the time. However, by “crossing the line once and getting caught” can have a long-term damaging impact on the business name. Unfortunately, by stepping over that line once provides cover to step over that same line a second, third, and fourth time. Before you know it, the business recognizes the repercussions of its actions. As a result, its credibility and its sales can be damaged forever.
Without credibility there’s no way a business can keep its customers as well as maintain its sales. Customers must have faith and trust in the business. Customer faith and trust must also include the products or services of the business. With credibility and trustworthiness, a business reaps the benefits of attracting top notch employees, customers, lenders, and investors. So, creating business credibility is important to the success of every business. That credibility is supported by being trustworthy all the time, being consistent with all participants, emphasizing outstanding accomplishments, and highlighting sincere testimonials.
The Magic Formula = Integrity and Credibility
Therefore, it’s easy to highlight the magic formula to business longevity. Both integrity and credibility need to be the fabric of every business. The business with integrity, most likely also has credibility. However, this can be easier said than done. Credibility must remain a priority for improvement. On the other hand, it is extremely difficult for any business to present a credible impression and stature when integrity is not the backbone of its principles.
Consequently, every business, regardless of its type, size, or location, must continually attempt to possess integrity and credibility. These two components are critical for the long-term success and sustainability of every business. No matter what the business is, it is imperative for every owner/manager to have the business “look itself in the mirror.” This self-reflection and introspection should help answer some key questions. Does our business have a reputation for integrity? Do people consider our business to be credible?
If that’s not the case, then what should a business do to improve its reputation? There’s no time like the present when it comes to boosting business integrity and credibility. That’s because every day plays a part in the positive or negative reputation of a business. Business longevity equals integrity and credibility. Therefore, in order to accomplish a credible reputation, it is critical for a business to defeat the competition by always operating with integrity.
