To abide is to remain stable and unwavering by something that you strongly believe in no matter the situations that might sometimes compel you to break.
Abide is a very subjective concept as we all have different values and rules by which we stick to—abide. But as much as it is personal, it is also very pertinent to a business setting. From a business perspective, abide means a company or an employee strictly following company policy and protocol. Every company or business place has its own ways of conducting its day-to-day activities. Businesses also abide by state and federal regulations that allow them to practice safely, fairly, and legally. Breaking the law while conducting business might jeopardize your company.
Example of Abide
A company has a zero-tolerance policy for late arrivals. They require all employees to punch in at exactly 9am. In return for consistent punctuality, the company offers rewards and bonuses and generous paid time off. If an employee is late more than three times in a month, they will be terminated. No exceptions—this is a deadline-based company, and it cannot afford late-comers. Rachel is a top-rate employee but unfortunately, is always late. The company has already given her three warnings. The next time she is late more than three times in a month, they will fire her—and this is just what they did. Because Rachel couldn't abide by the strict policy, the company had to fire her. On the flip side, the company abided by its rule, despite Rachel's work performance.
Another example deals with a real estate agent showing a house to prospective buyers. As she's showing the house, she notices that one of the doors is locked. One of the buyers sees a skeleton key above the doorframe and suggests that she opens the door with the key. Although this room may be the one that convinces the buyers to bid on the house, the real estate agent decides to abide by privacy laws and does not open the door.
Significance of Abide
Abide is relevant to agreements, treaties, rules, laws, and even company culture and branding. If there were no conditions set or terms agreed upon, there would be nothing to abide by or promises to keep. It is for this reason that there must be set conditions for parties to abide by. A business might have some agreements with other businesses whereby every party benefits from the conditions and everybody gets what they want. For the deal to be valid, every party involved in the agreement should abide by the conditions agreed upon.
Abide is also significant in business laws. Every field has a set of rules or laws set by authorities to regulate operations. There are regulations for business operations. One example is paying tax. Just like every other citizen, businesses are supposed to pay tax on any income or profit they make. Failure to do so might result in a fine, audit, or a tax evasion charge.
In terms of company culture and branding, abide means that employees will all be on the same page, and consumers will recognize the company. For instance, a company could abide by an eco-friendly approach to all of its operations. This is something that they can promote when selling their product. Consumers will see the business's logo and immediately remember that they are a "green" company.