In today’s business world, there’s an increasing demand for companies to not just make a profit, but to also make a positive impact on the world. The Good Business Charter is a response to this growing trend, providing a set of guidelines for companies to follow in order to become a responsible and ethical business. I am delighted to say that VACT has been accepted as one of their accredited businesses.
The Good Business Charter consists of 10 components, each one focused on a different aspect of business practices. These components are:
- Ethical business practices
- Environmental sustainability
- Social responsibility
- Supporting local communities
- Treating employees fairly
- Providing quality products and services
- Supporting supply chain ethics
- Respect for human rights
- Fair business practices
- Good governance and transparency
By following these 10 components, companies can ensure that they are operating in a responsible and ethical manner. This not only benefits the wider community, but it also has numerous benefits for the business itself.
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Improved Reputation: Companies that sign up for the Good Business Charter demonstrate their commitment to ethical and responsible practices. This can improve their reputation with customers, employees, and other stakeholders, which can lead to increased loyalty and trust.
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Attracting and Retaining Top Talent: Companies that prioritise social responsibility and fair treatment of employees are more likely to attract and retain top talent. Employees are increasingly looking for companies that align with their values, and the Good Business Charter provides a framework for companies to demonstrate this commitment. In VACT’s case we want the suppliers, team members, freelancers etc to have aligned core values to ours.
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Increased Sustainability: The Good Business Charter places a strong emphasis on environmental sustainability, and companies that follow these guidelines are more likely to adopt sustainable practices. This not only helps protect the environment, but it can also reduce costs and improve the company’s bottom line.
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Better Supply Chain Management: The Good Business Charter requires companies to support ethical and responsible practices in their supply chain. This helps ensure that the products and services that companies provide are ethically and sustainably sourced, which can improve the reputation of the company and reduce the risk of negative publicity. The importance of Supply Chain Management was drilled into me during my military days.
Increased Customer Loyalty: Customers are becoming increasingly conscious of the impact that their purchases have on the world, and they are looking for companies that align with their values. Companies that sign up for the Good Business Charter demonstrate their commitment to responsible and ethical practices, which can increase customer loyalty.
In conclusion, signing up for the Good Business Charter is a smart business decision that can have numerous benefits for companies but it’s something that I am particularly pleased to be part of. By following its 10 components, we can ensure that we are operating in a responsible and ethical manner, which we hope will continue to build on our great reputation, attract and retain top talent, increase sustainability, and increase customer loyalty. If you’re looking to improve your business practices and make a positive impact on the world, consider signing up for the Good Business Charter today. I am grateful that I did as the process was simple but at the same time thought provoking.