12/13/2023

Three Tips to Maintain Integrity through Economic Pressure

Here are some steps to implement that reinforce business fundamentals

There's an almost infinite number of ways a company can wander off the high road — from workers pilfering office supplies to purchasing managers accepting kickbacks, product developers "borrowing" competitors' ideas and executives manipulating financial results. Just because a business is struggling doesn't excuse bad behavior or management's tacit approval of ethical lapses. Ethical, well-run organizations are the ones best positioned to weather uncertain times. Here are some steps you can take to reinforce business fundamentals.

1. Lay Down Ground Rules

If you're going to hold your employees to high ethical standards, you must first define those standards, as well as the values (such as teamwork or superior customer service) that define your company. Put these standards and values in writing and communicate them clearly and frequently to your employees, customers, suppliers and other stakeholders. That way, everyone knows what’s expected.

If you don't already have one, implement an internal controls policy to help prevent and detect fraud. Your CPA can work with you to determine the policies you need based on the type and size of your business.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).