Business ethics are a matter of much debate and encompass a significant portion of what it takes to be in business today. A reputation for ethical decisions builds trust in a business among its associates and suppliers. Strong supplier relationships are critical to every successful business.
The entrepreneur is the role model for employees and if his behaviour is less than savoury then it should come as no surprise that the employees will follow that lead.
Commenting, Gerald Irwin of Sutton Coldfield based Chartered Accountants, Licensed Insolvency Practitioners and Business Advisers, Irwin Insolvency said, “Ethical behaviour is merely making good business decisions based on an established code of ethics. Entrepreneurs should establish a written code of ethics that can serve as a framework for decisions to be made by the entrepreneur as well as the employees.”
The day-to-day operations of a business require everyone to make decisions all the time. Therefore, practice in developing a code of ethics and then applying it to situations is important to establishing an ethical business image.
“One of the most important attributes for business success is the distinguishing quality of practicing admirable business ethics. Business ethics, practiced throughout the deepest layers of a company, become the heart and soul of the company’s culture and can mean the difference between success and failure,” added Mr. Irwin.
Recognising the significance of business ethics as a tool for achieving the desired outcome is only the beginning. A business that instils a deep-seated theme of business ethics within its strategies and policies will be evident among its customers and will lead to a profitable, successful company.