All about: Business ethics

Business ethics are needed in any business and place of work. However, this article will discuss what they are and why they are needed. This article also provides awareness to those who are unsure about the importance of ethics.

Ethics

What are business ethics? Business ethics can be defined as the critical, structured examination of how people and institutions should behave in the world of commerce. Ethics are a set of behavioural rules. In particular, it involves examining appropriate constraints on the pursuit of self-interest or profits, when the actions of individuals or firms affect others. Why are they needed? For a business to achieve long-term profits, customer relationship is of major importance. To gain a long-term relationship with customers and to achieve customer return for the business, the business needs to be based on ethics. The trustworthiness of a business, its customer service, its customer care, its service with customers and its urge to retain their old customers form part of the business ethics. Business ethics leave a long-lasting impression on the customers, and the impression on their minds builds trust - hence, fetching a business more customers while retaining the older ones.

Pros and cons

Advantages - Providing organisational guidelines for business integrity in turbulent times. - Helping employees deal with ethical issues that they face daily on the job. - Building solid company teamwork and productivity. - Creating an insurance policy - to help to ensure that company policies and procedures are legal. - Reinforcing the values associated with quality management, strategic planning, and diversity management. - Improving society. - It is the right thing to do. Disadvantages There are no real disadvantages for good ethics in a business. Good ethics define a good business. They provide a good platform for good business conduct. Without ethics, a business would have no form of social or work conduct. For further information on business ethics, you can always search on the Internet for guides on how to apply a good business ethics strategy. Where there is a good and strong business ethic, there will be a strong sense of corporate motivation, and in turn, long-term profits and success.