Ethical Business Practices

Businesses have power through their ability to spend vast amounts of money. They have the ability to enhance or change situations that the common individual does not. As organisations affect many people, they have obligations to their employees, consumers, community and the world. They have a responsibility to conduct business in a way that is not harmful and which positively benefits as many people as possible and themselves. Although this sounds simple, it is easier said than done! as there will always be a conflict of interest between various groups of people. Any decisions made by businesses need to be made with an informed awareness of the specific situation and then act according to some sort of system of principals which is Business Ethics. Business ethics are the key to profits. If clients and customers don't trust you, and your business ethics, they will not do business with you. Would you buy from a company you didn't trust? Of course not! Business ethics have become a hot-button topic. There are often ethical conflicts between making money, and doing what is right. There can be dilemmas about doing what is best for your employer, what's best for your own career, and what's best for the customer. Business ethics is about negotiating these mine-fields. Here are main Principles for Positive Business Ethics: 1. Business Ethics are built on Personal Ethics. There is no real separation between doing what is right in business, and playing fair, telling the truth and being ethical in your personal life.
The standards and values within companies can be characterised as mutual respect. This respect is in everyone's interest This ethics is passed down and filtered to a group of stakeholders who have an interest in the company. These parties usually are: personnel, customers, suppliers, subcontractors, shareholders, society and those who speak on behalf of the environment and future generations Many managers say there's always a right thing to do based on