3 Principles of Business Ethics

Business ethics is significant to any business. Whatever the size of your business, it will be of great help to the successful daily operation of your business if you have and adhere to a certain code of ethics. As a matter of fact, even experts say that business ethics can be considered to be the foundation of a leadership that is effective and successful.

However, you must note that the ethics govern not only the management of a business. Therefore, they apply not only those in the managerial and supervisory positions. Ethics should be practiced by the company at large, as a whole. They apply to the everyday dealings of employees with one another as well as with the clients. But unlike what other people may think, practicing ethics is not entirely easy.

Reputational Compliance

Reputational Compliance

Having Your Own Business Ethics Policy in the Company

There are a lot of advantages if you develop your own code of ethics or ethics policy in your business. For one, it provides clear cut rules, principles and framework that should govern the behavior and conduct of all the employees in the company. This way, there will be minimal grey areas when it comes to company conduct. It will also be easier to solve employee problems and cases relating to ethics.

More than that, having a definitive and clear cut rules for business ethics through an ethics policy will also develop a higher sense of commitment and boost the morale of your employees as well. This, in turn, will lead to better and smoother operations which will eventually result in higher sales and profits for your company.

Nonetheless, the latter point should not be the sole purpose for having an ethics policy in your company.

When making an ethics policy, you should make it a point to see the bigger picture. Think of it this way: what is the responsibility of your business or company to the common good of the society? How should you relate to your community?

Business Ethics: Fundamental Principles

If this is your first time to draft a business ethics policy or code for your company, here are some of the fundamental principles you should bear in mind so you will be properly guided.

1.  Purpose

What is your purpose for coming up with an ethics policy? To help you answer that, your purpose should be a combination of the vision of the company, and the values that you would like to be practiced or upheld at all times in your company.

2.  Pride

Your ethics policy should make your employees and executives proud of your business or company. This is crucial since pride is one of the building blocks of self respect and dignity. And the latter are among the values that everyone in your business should have for the successful and smooth operation of your business.

3.  Perspective

Your business ethics policy should give direction and perspective to your employees. It should be in accordance with the end goals of the company.

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