In the pursuit of profits, business ethics often get lost or forgotten - or simply ignored altogether. But in the grand scheme of things, ethical business practices are vital to the success of any business, no matter how large or how small that business may be. This includes your business.
Business ethics are not written in stone. There is no set guide to go by. Instead, business ethics simply means conducting your business in a way that is both honest and moral, whatever that means in your particular industry. There was a time when ethics played little or no role in business practices. Today, however, consumers, employees, and businesses that serve other businesses are extremely informed, and business ethics are more important than ever.
While there is no written guideline for business ethics, there are specific areas that are covered. These include general business ethics, professional ethics, and even ethics of economical systems. For example, insider trading has a strong, negative impact on the economy, and therefore, it is not an ethical business practice. It also is not a legal business practice. Insider trading would be considered a breach of ethics concerning economical systems.
Not all breaches of ethics are illegal, however. Some are just frowned upon, while ignoring some business ethic principles can literally ruin your reputation and put you out of business, even though it won't send you to prison. Let's take a look at some of the more important business ethics that you should be aware of:
Ethics that concern consumers. - This would include things such as developing quality products, charging a fair amount for the product, backing the product with a guarantee and honoring that guarantee, and making sure that your customers - consumers - are completely satisfied in their business transactions with you. It also entails providing safe products for consumers, and advertising those products in an ethical - truthful - manner.
Business ethics - concerning business-to-business transactions - Obviously, you should conduct business with other business owners in an ethical manner. Failing to pay vendors is not ethical. Ruining the reputation of a vendor, without just cause, is not ethical. Asking another business to do something illegal is not ethical. Getting creative with the accounting is not ethical. Bribery, kickbacks, and other types of transactions such as this, of course, are not ethical, and are illegal in most cases.
Employee ethics - Just as you expect your employees to hold up to a certain set of standards, your employees expect you to hold up to a certain set of standards as well. Most people will remember the Enron scandal for years, and many business schools will hold the Enron scandal up as an example in their business ethics classes for the rest of time. Other ethical concerns that relate to employees include discrimination, sexual harassment, union busting, privacy issues, and even work place surveillance, such as reading the email of employees, or listening in on their personal phone calls.
If you are a business owner, and you have never taken a course in business ethics, you should really consider doing so. Such classes are offered at most local colleges, and are even available online. Know what is and what is not acceptable in the business world, and you will be better able to help your business grow and succeed, with your reputation intact.
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From Jed A. Reay - The Communicator/Connector and Visionary Master Sales Trainer.
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