Yes, making an income is one of the goals of starting a business. But we don’t want it to be a cat and dog race for survival. Businesses shouldn’t be all about making a profit, there’s a protocol to these things. And that’s what we call ethics.
Before I give you a highlight on what ethics represent, you should know that to make money or to be a successful enterprise, you must operate professionally to best serve your clients and employees.
Also, administer ethical principles to help your business navigate challenges, provide outstanding service and preserve quality employee relationships. Only then can you make money that will give you peace.
As we move on, we will understand what business ethics are with instances of common professional codes of conduct.
NOW, WHAT ARE ETHICS?
This means having a sense of what’s right and wrong, analyzing conditions, and arriving at smart conclusions based upon your personal and/or skilled integrity. The same set of ethics can be applied to both personal and professional settings, but do not need to be.
For emphasis, you can have a different set of principles for your personal life than you do as an employee, manager, or owner of a business.
To keep us in tune, personal ethics are often a set of convictions specific to an individual and based upon experience, family, and community. For instance, you may hold strong beliefs about values like honesty, integrity, or responsibility.
FUNDAMENTAL REASONS FOR BUSINESS ETHICS
These include:
• Securing legal procedures with the intent to keep the company operating within the parameters of the law and protecting the employer, employees, and customers.
• Building positive relationships between businesses and clients.
• Appealing to shareholders for more financial support
• Bringing in more committed candidates and reducing employee turnaround.
Now to the crux of this article…
ETHICS THAT WOULD BRING IN PROFITS TO YOUR BUSINESS
Business ethics are a set of moral protocols that affect how a company attends to its clients and cares for its employees.
It is constantly based upon the personal ethics of the organization’s owner or executive. You can be sure that every individual business has an ethical code that impacts its organizational strategies.
CATEGORIES OF ETHICS FOR EVERY BUSINESS
• Integrity
This is one value every individual should inculcate. Staying true to your word, especially when pressured to do otherwise, shows honor and courage. Businesses that do what they believe is morally right based on equality and fairness can exemplify strength and applaudable character.
• Loyalty
This shows the business rates the improvement of the firm and employees over the owner’s income boost. Loyalty comprises all relationships a business has including those in the team, partners, investors, and consumers.
Loyalty allows a business to make decisions benefiting these relationships and overcoming influences from outside conflicting interests.
• Transparency
Transparency is the core of a strong relationship with customers, which accurately illustrates facts, telling a truth in its fullness, and communicates openly about everything a company does and says. Do you know how this directly impacts the success and stability of an organization?
The more straightforward a company is, the more the public is likely to trust its service, product, or mission. This is exceptionally true during public relations crises when full disclosure is essential to solving business issues.
• Excellence
Quality over quantity, what say you? Of course, every ethical organization should aspire to deliver excellence by always working to provide the best quality of service or products to their customers. To achieve this, creativity and innovation should be imbibed.
• Fairness
This pertains to equality, which means having an open mind and treating everyone fairly. Fairness and equality can be involved in hiring policies, transaction ambitions, business agreements, and competing for new consumers.
• Lawfulness
Businesses that work within the perimeters of the legal system are more credible, which can establish a strong favorable reputation.
Importantly, business ethics involve abiding by legal regulations and obligations considering their business activities like taxes, worker safety, and employment and labor laws.
• Compassion
Ascertaining deep kindness, understanding, and care for the livelihood of others in business, helps to accomplish business growth.
When a business decision needs to be made, careful deliberation of the options and how each one may affect a person or community helps curtail the potential negative effects, depending on the industry.
• Regard For The Right And Dignity Of People And Customer Privacy
There is a need for regard for the rights, privacy, and dignity of people regardless of religion, sex, race, or nationality, including individuals within and outside the company.
This also refers to customer privacy since companies are held to the ethical standard of keeping information such as bank account details, health background, or social security numbers private. This is an important business ethical principle.
• Being Accountable
Businesses should be accountable for all decisions made as a company and admit their faults to all of those who may be affected by a mistake be it shareholders, employees, or the public. In addition to taking responsibility, they also need to accept any consequences that result and do so transparently.
What do you think? How about you share your idea and examples of business ethics with me in the comment section…
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