Business Ethics reflect on the fundamentalprinciples that form a particular company. This entails all the fields in thebusiness environment which may include finance, relationship with theenvironment, human resource management, and sales and marketing, among others.The business is required by law to follow the set rules and procedures in itspursuit to realize its aims and goals.
Good business ethics is a distinguishing qualitythat can bring unmeasured success to a commercial organization. When good conductand morals are applied in all the levels of an organization's structure, thatis, from the junior employees to the management staff, the company is mostlikely headed for success.
Any forward thinking commercial enterprise that isdetermined to be in the market for a long period will have to employ good moralpractices when dealing with clients. This will entail putting in mind therights of the consumers, employees, and the best interests regarding thesociety at large. Consumers nowadays are familiar with their rights and thelaws that govern the enterprises in regard to their protection; hence, a goodrelationship with customers will keep them coming back.
Good practices bring forth goodwill from thecustomers and the public in general. This goodwill earned over a certain periodof time can translate into profitability for the company. People will tend todo business with firms that value and are concerned about them. Profitabilityof an investment translates into the sustainability of that particularinvestment in the market.
Some of the principles of admirable practices in acommercial environment are trust, respect, open mindedness, communityinvolvement, and maintaining an accounting control. Customers will always wantto do dealings with a company they trust for both the quality of services andgoods they offer. The trust of the organization will be reflected within itsability to deliver and in what manner it delivers.
Participating in community based issues will givethe enterprise a good view from the society. It is deemed as a way of givingback to the society and the customers will definitely see that they areperceived as valuable people by the company. Advertisements, brochures,magazines, and communications sent to the public should be crafted in aprofessional and precise manner in order to avoid issues with other competitorsin the market.
Maintaining better moral practices in a companyprevents the firm from far too many lawsuits. The customers and employees arenowadays amply educated on their rights and most of them may opt to go to courtwhen they realize their rights are infringed. Realizing the importance ofbusiness ethics as a tool for achieving the set goals and aims of the companyis the beginning of the success story for any enterprise. All the dealings andbranches of an organization must adhere to moral practices in order to have asuccessful balanced business!