Before we seek to find out some of the business ethics that business people should embrace, it is necessary to first understand what the word “ethics” means.
Ethics are a set of moral principles that are recognized with respect to a particular class of human actions or a particular group, such as medical ethics, corporate ethics, teaching ethics that brings together people of the same profession.
These principles deal with the effect on human behavior with regard to concepts as being good or bad, noble or ignoble, right or wrong, etc. These values guide the group members to act in a way that is consistent with the values and standards set. Business ethics are the virtues that business people apply to business decisions. Those standards are expected within the business, even if they are not written down and that business people should adopt. For example, business people are expected to weather the least suffering to their customers, to be fair in their dealings and foster sustained virtuous corporate character in general.
Business ethics are important because they keep the business people to operate within ethical and legal platform that not only leaves them satisfied internally but also increases sales because most such deal or transaction with honest businessmen. Also, if the public or potential customers perceive you to be involved in inappropriate on business, they will avoid you.
Good business ethics should be taken by all businessmen to participate in unethical practices that may involve violations of the law can lead to heavy fines or a lack of confidence with the public. Some of the business ethics are the following:
1. Being trustful by recognizing that the customer is king. Customers want to do business with companies they trust and who they perceive to be to show them respect. When the entity is a trust, it creates a loyal clientele.
2. Business people should be ready to meet the obligations of their customers and business partners regardless of anything else. Business people should offer their end of the agreement at all costs because this is the only way to cement customer loyalty and business partner is.
3. Participate in fair trade as ensure a safe workplace for employees, fair prices for products that will at least cover the cost of production and handling you customers well among others will ensure high trade turnover.
4. Every businessman wakes up every day in order to make profits. When a company operates within ethical realms, there will always be a clear sign of economic growth. Equally, companies need to make profit so as to meet ethical obligations to the company or its employees, government and customers.
5. In fact, being an ethical business person who builds the image of reliability and sets reputation with your customers, two things that are very important to the company.
Most companies are not eager to implement a business ethics. Most of them believe that making a profit is important but as they realize later, no matter how hard they try, they do not reach their goals.