Let’s be honest: trust isn’t something you get just because you’re nice or have a good idea.

When you're new,  whether you're a founder, finance lead, or just joined a startup, people will be sceptical. Customers need proof. Suppliers need reassurance. Employees need to know you’ve got their back. And you only get that through consistent, ethical behaviour, not slick branding or big promises.

This post isn’t about corporate values posters or compliance handbooks. Rather, it’s about the day-to-day decisions that show people you’re someone worth working with and working for.

Ethics Isn’t Just About Legal Compliance

If you’re running a startup, you're constantly making judgment calls under pressure. Maybe it’s investor updates, customer refund policies, or hiring decisions when cash is tight.

The temptation to stretch the truth or cut corners can be tempting, especially when you're chasing growth and everything feels urgent.

But ethics isn’t about following a checkbox list of rules. It’s about asking: “Is this decision fair? Honest? Would I be okay if this were public?”

Because trust gets built in those tiny moments and lost just as fast.

Why Ethical Startups Stand Out

Startups don’t get a second chance to build a reputation. If you're known as someone who fudges the numbers, dodges tough conversations, or doesn’t own mistakes, people remember.

On the flip side, when you're known for being straight-talking, fair, and transparent, even when things go wrong, that earns respect fast. And respect leads to trust.

Your brand isn’t your logo or colour palette. It’s what people say about you when you’re not in the room. And that’s shaped by the ethical culture you create.

How to Build Trust Through Ethical Behaviour

Here’s how I think about embedding ethics into the everyday, especially in finance and leadership roles:

1. Lead with Integrity

Sounds obvious, but you'd be surprised how many leaders say one thing and do another.

If you say you value transparency, don’t ghost a supplier because you can’t pay them yet. Pick up the phone, be honest, and agree a plan.

Your team is watching, always. And your behaviour gives them permission (or not) to do the same.

2. Be Clear on Your Ethical Boundaries

Startups move fast. Things get messy. So if you haven’t made it clear what’s acceptable, people will make it up as they go.

That means:

Don’t just write a Code of Conduct and forget it exists.

Explain why certain behaviours matter, e.g. “We don’t delay payroll to fix cash flow. If it gets that bad, we escalate early.”

Talk through grey areas. For example: Is it okay to lock in a 12-month SaaS deal if you know you’re raising soon but haven’t disclosed it?

Ethics lives in the grey, so talk about the grey.

I would say as well, as a qualified accountant it is your obligation to listen to your guts.  If something feels off, raise it.  It's not something you should stay quiet about.

3. Create Safe Channels for Feedback

If people are scared to speak up, ethical problems will go underground.

Encourage a culture where people can raise questions, flag concerns, and admit mistakes without fear of punishment. You want issues raised early, not when they’ve snowballed.

Even in small teams, consider an anonymous form or regular one-to-ones where ethical friction points can be discussed. You’ll spot risks earlier, and people will feel safer.

4. Show How You Make Decisions

If you’re in finance, this is especially important. People often assume money decisions happen behind closed doors, which can breed suspicion, even if you’re doing everything right.

So explain your process:

How did you set the budget?

Why is spending frozen in one department but not another?

What’s your criteria for approving supplier payment terms?

Transparency earns trust. Vagueness makes people nervous.  I personally worked for a large global business, one of the biggest in the world.  They loved secrecy and prided themselves on it.  The cultre is famously bad and it wasn't a very nice place to work.

5. Own Mistakes Publicly, Without Blame-Shifting

Nothing builds trust faster than a leader saying, “We got that wrong, and here’s how we’re fixing it.”

Whether it’s a misreported number, a late salary run, or a hiring process that wasn’t handled well. Name it. Explain it. Learn from it.

That honesty often lands better than pretending things were fine.

Trust is a Business Asset, Not Just a Nice-to-Have

Let’s be blunt: you can’t scale without trust. If your team doesn’t trust leadership, they won’t stick around. If investors don’t trust your numbers, they won’t write the next cheque. If customers feel misled, they won’t refer anyone.

So treat trust like the critical asset it is.

That means:

Don’t overpromise: Be ambitious, but real.  (sometimes its better to underpromise and overdeliver)

Follow through: Do what you say. And if you can’t, say why.  Avoid, do as I say and not as I do.

Stay consistent: Ethics isn’t about one-off heroics. It’s about showing up well over time.

Ethical Leadership = Long-Term Thinking

There’s a myth that ethics slows you down. That being transparent or doing the right thing takes too much time.

But the truth is the opposite.

Startups that embed ethics from the start make better decisions, attract stronger teams, and build customer loyalty faster. They don’t waste time cleaning up avoidable messes or rebuilding relationships.

So if you’re a finance leader, don’t treat ethics like an afterthought. Build it into how you hire, how you lead, and how you make decisions under pressure.

Because in a startup, trust compounds. So does mistrust. And you get to choose which one you're building.

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