Importance of business ethics

Importance of business ethics

 Ethics is something of a subjective topic, but it is nevertheless of immense

importance across all areas of business. From the way in which sales and

marketing is handled through to product development and customer service,

and even to some extent finance, ethics has a significant role to play in

ensuring business success and ultimately living up to the corporate social

responsibility.

Business ethics is especially important in dealing with customers. Maintaining

integrity in the customer facing side of your business is crucial to building

client relationships, to assisting the overall branding efforts. Likewise, it’s an

important step in minimising returns and protecting business goodwill, which

will have a tangible effect on the success or otherwise of your business.

Ethics wise, it’s also important to consider how you deal with customer issues

and customer service

On the administrative and strategic side of your business, it’s also

important to adopt an ethical approach which takes account of your

various responsibilities as a business – to shareholders, employees and the

community at large.

Embracing these concepts of ethics as part of the way you do business is

vital to ensuring your run an honest, successful business with the potential

to grow and develop over time, and is one way of ensuring that you develop

relationships across all aspects of your business that are conducive to success

and profitability over the long term.

Ethics is no doubt an important business subject for any entrepreneur to

study, but it also has a wider application throughout organisations. One man’s

concept of what is ethical and for the best may be completely different from

another man’s concept, and so it’s important to establish a collective set

of ethics that represent the entire organisation rather than just adopting a

piecemeal approach

This can be installed through training, through creating business policies and

even through careful selection at the HR stage, although it’s important that

there are also enforcement mechanisms within the business concerned, and

that ethics remain a forefront consideration in day-to-day trade to ensure a

unified, morally sound approach to doing business.

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Posted by Ahmad Mehdi on Mar 11 2012. Filed under Business, World. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry