In the world of business, integrity is an important attribute. A definition of integrity: "The following of moral or ethical principles, and doing the same as what you say." There are more definitions out there yet most turn out to be pretty similar.
Business is about the bottomline. No two ways about that. So how to translate integrity in a simple and proper way into business principles. You probably guessed it, it is about creating a solid win-win between you and your business partners.
Many companies nowadays more than ever try to squeeze cost. There is nothing wrong with trying to operate low cost, in fact, capitalism puts that as a business requirement to begin with, to utilise resources economically.
When the squeeze between companies on cost becomes too high, the low cost attitude can turn to cheap. And when acting cheap you really only cheat yourself sooner or later. Of course, based on the laws of economics, these situations will self correct as and when the squeeze gets too big and business can be damaged badly. Better to avoid reaching this point.
Win-Win goes beyond cost alone. As stated, there is nothing wrong with low cost, even more, something I would encourage as in the long run it is in the interest of producers and consumers both. Creating true Win-Win relationships look at ways to service markets better, at generating competitive edge by generating value throughout supply chains until the end customer. Sounds like a good form of integrity to me.
In this section we will frequently add short articles on different topics related to business, processes improvement, aiming to provide insights from a slightly different angle. To provoke your thoughts.