BUSINESS ETHICS

Business ethics are the code of morals that that are the standard of conduct expected of or adopted by business. They are the set of principles that which guide business acceptable standard of performance in the respect of various stakeholders and interested parties. These stakeholders include its customers, its suppliers, and its employee, its shareholders, government authorities and any other party which interact with the organization. It can also be defined as laid down guidelines, rules and regulation, code of conduct or principles of behavior based upon the ideals of morality to which a group or an organization.

                     

                      HOW TO DEVELOP BUSINESS ETHICS

If you plan to own or manage a business it is advisable to have knowledge of business ethics .It is basically the codes that business persons follow to ensure that there are doing the right thing to attain success.

Business ethics is a reflection of the norms, values, and folkways of a certain country or place in respect of business practice. Business ethics cover various activities including responsibilities, obligations, employees, business, taxation, environments, and national governments. There are times when ethics is dictated by the folkway and convections although there are also sometimes when federal, state and local government laws dictate action as well.

If you want your business to stay competitive, it is important that you know the industry code ethics. With the right knowledge, skills, and attitude, you will soon experience success. The most successful ones observe the code strictly, and so must your business.

            

                 THE TWELVE COMMANDMENTS OF ETHICAL CONDUCT

 

HONESTY: Be honest in all communications and actions. Ethical business people are not only truthful but candid and forthright.

INTEGRITY: Wholeness of character demonstrated  by consistency between thoughts, words and actions. To maintain integrity requires morals, courage, and inner strength to do the right thing even when you may not gain.

PROMISE KEEPING: Keep promises and fulfill commitments. Every effort is made to fulfill obligations by the parties.

LOYALTY: Be loyal within the agreed terms of other principals. Justify trust by being loyal to your group or organization.

FAIRNESS: Strive to be fair and just in all dealings. Ensure equal treatment of all individuals and situation admitting errors where they occur.

CARING: Demonstrating compassion and genuine concern for the wellbeing of others.

RESPECT FOR OTHERS: Treating every one with respect. This involves respect for human dignity, autonomy, privacy, right, and interest of all those who have a stake in their decisions regardless of sex, race or religion.

LEADERSHIP: Exemplify honor and ethics by taking responsibilities and seeking to be positive ethical role models in the environment.

COMMITMENT AND EXCELLENCE: Pursue excellence all the time in all things by constantly attending training to prepare u for challenge and opportunity.

REPUTATION AND MORALE: Build and protect the image of your cooperative and morale of workers and members.

ACCOUNTABILITY: Accept personal accountability for the ethical quality of decisions and omissions of fellow group members.