BUSINESS ETHICS

Business ethics can be best described to the way or process in which an organization practices its rules and guidelines with its staff and the way its transactions are being conducted.

Business ethics can also be defined as the study of standards of behavior that promote the human welfare and the principals and standards that govern the work relationships, environment.

Business ethics studies the appropriate business policies and practices regarding the system in which the tone of business ethics providing a basic guideline.it ensures that a certain basic level of trust exist between the customers and the trade organizations 

IMPORTANCE OF BUSINESS ETHICS 

Business ethics is important for variety of reasons.

• it keeps the business working within the boundaries of law, ensuring that they aren’t committing crimes against their employees, customers, and consumers at large to avoid any lawsuits 

• It helps to build trust with the organization and customers. If consumers feel like the business can be trusted and their voice or complaints are heard, damaged good can be exchanged they develop a form of trust and are more likely to that business over its competitors.

• It draws investors towards the business; investors help a lot of business to grow and raise capital. If an investor wants to fund a business and he goes around to study the ethically working system/ moral ethics of that business, he decides if he feels comfortable knowing that he’s investments in safe hands, .moreover organizations with strong moral ethics get more attention.

• Business ethics helps to promote the company’sreputation. A company that behaves ethically has a way of creating a positive outlook in the public eye and this helps the business to retain customers and the customers help by speaking positively to both family and friends about their experience with the product and tis act brings in more consumers and growth for that organization

CHARACTERISTICS OF A GOOD BUSINESS ETHICS 

• Integrity and Fairness; integrity can be an all-compassing characteristic of an ethical business, they adhere to the rules and regulations of the business and also follow protocols with the state, federal and even religion. Fairness treats its employees fairly and tries to be honest and open, then demonstrates good dealings with their customers and vendors in both pricing and quality rated products.

• Ethical Leadership: any culture of an ethical business is defined starting from the executives of the organization. For a business to have a strong moral ethics the leaders must demonstrate/ practice its ethics in any given situation especially in decision making such as promotion, salary raise and accountability.in this practices the junior staff watch and practice.

• Core Value Statement: most organizations have their core value statement that best describes their mission and vision. Therefore any business can create a value statement but an ethical business lives by it , and communicates this values to its employees in the organization and ensures that the rules are followed and practiced within and outside the organization  

• Loyalty: most customers relate better with organizations that they feel this is loyal to  them and never fails them. Employees that work with a loyal employer will want to maintain their relationship and even work better and help grow the business. While Vendors will  remain loyal to any organization that is very reliable and dependable  to them even in challenging times and always results to beneficial partnerships.

CONCLUSION. 

Business ethics is a fundamental in business without ethics that business won’t thrive and the business will not survive to achieve its goal and be profitable.