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Business Ethics

In: Business and Management

Submitted By pratima12
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INTRODUCTION
Ethics is a branch of philosophy that inquiries into the nature of ultimate value and the standards by which human actions can be judged right or wrong. Nowadays, with competitive market shares, ethics is becoming more and more important. It could be concerned as one of the elements to business development. To business, ethics is a tool to exam principles and moral or ethical problems that arise in a business environment. Therefore, business ethics can be both a normative and a descriptive discipline. Business ethics is a factor of determining the fundamental purposes of a company.

BASIC PRINCIPLES OF BUSINESS ETHICS
1. Be Trustful: Recognize customers want to do business with a company they can trust; when trust is at the core of a company, it's easy to recognize. Trust defined, is assured reliance on the character, ability, strength, and truth of a business.
2. Keep An Open Mind: For continuous improvement of a company, the leader of an organization must be open to new ideas. Ask for opinions and feedback from both customers and team members and your company will continue to grow.
3. Meet Obligations: Regardless of the circumstances, do everything in your power to gain the trust of past customer's and clients, particularly if something has gone awry. Reclaim any lost business by honoring all commitments and obligations.
4. Have Clear Documents: Re-evaluate all print materials including small business advertising, brochures, and other business documents making sure they are clear, precise and professional. Most important, make sure they do not misrepresent or misinterpret.
5. Become Community Involved: Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor. In other words, stay involved.
6. Maintain Accounting Control: Take a hands-on approach to...

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