Business Ethics: Inside and Outside the Box
There are all kinds of companies out there that claim to have the best-trained individuals on the planet, like those individuals with their Masters Degree, or those with business ethics 101. So why do so many textbook business ethics fail? It?s really quite simple. A company?s business ethics are only as good as the ethics of individuals running the company.
Ethics are a part of each of our lives, good or bad. And when it comes to business ethics, the same thing applies, because some businesses have great ethics while others have poor. If you aren?t sure where your ethical radar might fall, here is something you should remember. On average a customer that is not happy will tell 20 people about their experience and those 20 people will tell 40 more and those 40 more will tell 80 more and so it goes; obviously not good for business. Vendors, and employees also complain about unethical practices and treatments and their complaints have the same compounding effect. Perhaps those numbers will make you realize the importance of business ethics.
Its smart business sense to have your business plan in place and part of that business platform is its vision of itself now and into the future, as well as its role within the community. Business ethics are part of that plan including the company?s strategy for growth, stability, and profits.
Ethics involves many things in our personal lives today and tomorrow. When it comes to business, the same thing applies relating to the company. In fact, these days there is a lot of talk about environmental footprints and your business ethics will play a role in what your company does to reduce its impact on the environment.
Ethics involve what?s going on outside the company walls, like the environmental footprints, and the way you handle your obligations in the community, with your customers, and even with your vendors. Your company ethics also apply internally to how you treat your employees and contractors.
Many times business owners are worried that having textbook business ethics will cause their business to fail because of reduced profits, when actually the opposite is true. Your profits will increase because you have a business that is fair to work for, ran smoothly, with effective management, and happy staff, combine that with happy customers and you have the formula for a healthy business with healthy profits.
Remember you are the boss and it?s you that sets the tone for your managers, which in turn filter it down to the employees. Ethics are either important to your company or not but it starts with you.
Business ethics are about the quality of your customer service, the quality of your staff?s working environment, it?s about your involvement in the community, and a host of other things. Good ethics attract customers, and customers are good for your bottom line.
So consider this ? what is it you are looking for out of your business? Remember your personal ethics must be there, otherwise the textbook business ethics will fail.
Eugene L Ilten owns and operates http://www.1-business-ethics.com Business Ethics