How to Build a Business Ethics ProgramWritten by Chris Anderson
Recent corporate financial scandals have highlighted importance of business ethics and legal compliance. Yet a recent National Association of Corporate Directors (NACD) survey of 280 corporate CEOs and directors found that "only one of three directors felt that they were highly effective in ensuring legal compliance". Building an Ethics and Compliance Program Most companies realize that they need to develop and implement a business ethics and compliance program. An effective program can: •Establish a code of conduct that reduces risk of criminal behavior •Detect wrongdoing, foster quick investigations, minimize consequences •Demonstrate company’s ethical/legal philosophy during an investigation •Reduce fines if company is found guilty of wrongdoing •Enhance company reputation and stature Looking at Options But how do you build an effective program? Companies find themselves with three options to build program: •Develop in-house from scratch •Hire an external consultant •Use a pre-written manual And most of these companies learn a few lessons - sometimes hard way. Making a Strong Decision Developing a program from scratch can be very time consuming and costly. Also, company might not have knowledge or understanding of complexity involved. But hiring an external consultant is not always a cost effective option either. So what’s left? Developing Your Ethics Program By using a pre-written template or manual, many companies have found it easier to develop their business ethics program. And to do this, they look for what a strong program needs.
| | 5 Business Development BlundersWritten by Joseph Sommerville, PhD
Effective communication skills are essential to successful business development. Yet they’re often under-emphasized and sometimes completely ignored. Why? Because we communicate so much and so often (approximately 20,000 words per day) we often take it for granted. But regardless of how good your product or service is and how much expertise you have in your area, it all goes to waste unless you can communicate it to others. When you actually get chance to sit down with a potential client and discuss doing business together, don’t blow it by committing one of these big five business development blunders. 1. Talking about your product or service. Infodumping is simply telling someone all there is to know about what you’re selling. You probably cover how long you’ve been in business, who developed what, your philosophy of business, your market share and all choices you have available. This approach is likely to leave potential client in exactly same place on sales continuum as when you started. Your objective should be to get him to gravitate towards you. Go into your meeting with a strategic goal. What specifically do you want him to know, do or believe after meeting with you. Is it to place an order, sign up for a trial or believe you’re only logical choice? Once you have a strategic goal, your destination is in sight and you can begin mapping a route to get there. 2. Not listening. No salesperson has ever listened herself out of a sale. Yet, when asked a simple question, many salespeople take it as a license to deliver a monologue. Here are three tips to practice better listening. First, use questions to discover what’s important. If potential client says “tell me about yourself (or your product or service or company)”, respond with “what would you like to know” or “what aspect is most important to you in making a decision?” Second, never talk continuously for more than a couple of minutes without giving other person an opportunity to speak. Third, don’t correct other person unless it’s absolutely essential for discussion to proceed—it rarely is and no one likes to be told he’s wrong. 3. Using sales clichés. People usually begin to lose interest moment they feel they’re being sold. They usually begin feeling that way when they hear stock phrases such as “That’s a great question” or “What will it take to get your business today?” People need to feel like individuals, not like pieces in an assembly line. Sales clichés operate on a Pavlovian model—use a specific phrase and you’ll get response you desire. It’s manipulative. Try shifting to a consultative approach where you’re seen as a advisor or problem-solver.
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