Ethics and Social Responsibility are often elements of a company that many small businesses and startups easily seen. When you’re starting a business, so a lot of emphasis on product viability, strategy, management and profits, these things may seem like back-burner issues to consider. However, with the growing technology today, consumers are rapidly becoming more demanding than ever, and fast on all companies questionable practices. Corporate and business watchdogs are more active than ever, and the blogosphere has certainly made full-time to blow the whistle on some of the world’s leading companies.
The fact is that the damage done by unethical or questionable social practices can be very devastating to businesses of any size, and more and more companies today are taking ethical and social customs of responsibility in order to keep competition and follow the demands of society. One clear example of this can be seen in the recent discovery that child labor was being used in one of Apple production offshore facilities. Several companies have been unfair trade practices, unfair wages, poor working conditions and exploitation of child labor or sweat shops levied poor wages and working conditions in third world countries for women.
In addition, the impact of enterprises and production on the environment is more important than ever, and watchdogs as well as consumers seek to induce companies that exploit natural resources or make use of materials that have a tremendous impact on the environment or air quality. Adopting a comprehensive business strategy that deals with these issues and to be committed to providing a good product or service that consumers can trust is essential to the long-term success of any large company. Many business owners mistakenly believe that ethics is just not breaking any laws. However, the reality is that ethics is so much more than that, and involves having a set of moral standards in operations and a staff that is in the interest of all.
While good ethical practices in business are one of the biggest keys to the company’s success, social responsibility is another factor that is often overlooked as well. Businesses have an obligation to their communities as well, and philanthropy by businesses of any size is the key to staying in the good graces not only consumers, but also the cities and states where the company operates. Some business owners believe that the only benefit of charitable contributions is the end of the tax deduction that can help minimize tax liability. However, these tax rebates eliminated as a way to encourage companies to do more for the communities they are in. One of the biggest advantages of a company committed to social responsibility and corporate philanthropy is not only a better image, but also improved the local economy which is presented by companies that support it.