Integrity and Ethics: Foundations for success in Business
When business ethics and integrity are present all parties dealing with the business know they can rely on the standards with which the business conducts its business transactions. Recognizing the significance of business ethics as a tool for achieving your desired outcome is only the beginning. A small business that instills a deep-seated theme of business ethics within its strategies and policies will be evident among customers. Its overall influence will lead to a profitable, successful company.
Code of Business Ethics
Acting with absolute integrity in all that you do.
· Build Trust
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.
Creating an environment of autonomy in your companies operation where people are expected to take initiative and to succeed.
Performing to the highest standards against the commitments you make both internally and, especially, externally to your customers.
Ensuring that your business decisions are made and actions executed with a sense of urgency
· 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.
· Social Responsiblilty
Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor.
· Standard Accounting Control
Take a hands-on approach to accounting and record keeping, not only as a means of gaining a better feel for the progress of your company, but as a resource for any “questionable ” activities.
· Be Respectful
Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.
Development of Business Ethics and Integrity
If you plan to own or manage a business, it is advisable to have knowledge of business ethics. It is basically the code that business persons follow to ensure that they are doing the right things to attain success. These codes were developed through years of studies and research. Business ethics is a reflection of the norms, values, and folkways of a certain country or place in respect of business practice.
Once you decide to own or manage a business, it is important that you are aware of business ethics. Perhaps you’re wondering how it is developed. It takes time to develop the ethics. Although, It might appear difficult to determine which ethical conduct is correct. If you are a committed a businessperson, you will take time to know what is right or wrong and subscribe to the right ones.
Business ethics cover various activity including responsibilities, obligations, employees, customers, businesses, taxation, environment, and national/multinational governments. There are times when ethics is dictated by the folkways and conventions although there are also times when federal, state and local government laws dictate action as well. This is where institutionalized business ethics enter the scenes which include the contracts product safety, pricing, warranties, and many others. There are now professions and corporations that contribute to the establishment of the code of ethics. Researchers usually explore business ethics in three ways – studying famous philosophers and their views, identifying ethical concerns, and examining various case studies.
The development of business ethics took a long time to be at its present level. It embraces different generations until the present. The code wasn’t developed overnight. Businesses within a particular trade or practice are expected to comply with the code to make sure that operations are carried out properly and without violating morality. This is part of the industry best practices and self regulation.
If you want your business to stay competitive, it is important that you know the industry code of ethics. Running abusiness can be very challenging. With the right knowledge, skills, and attitude, you will soon experience success. The most successful ones observed the code strictly, and so must your business.