Describe the factors that influence Business Ethics. The factors that influencing Business Ethics Leadership, strategy and strategy also performance, individual characteristics, corporate and environment. Business ethics is a form of applied ethics or professional ethics that examines ethical principles and… Ethics concern an individual’s moral judgments about right and wrong. Decisions taken within an organization may be made by individuals or groups, but whoever makes them will be influenced by the culture Of the company.
The decision to behave ethically is a oral one; employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit. Ethics are important because they keep business people to operate within a moral and legal pedestal which not only leaves them satisfied internally but also increases sales because most people like dealing or doing business with honest businessmen. Also if the public or your potential customers perceive you to be engaging in improper business deals, they will shun you.
Good business ethics should be embraced by all genuineness because engaging in unethical practices, which may include breaking the law, may lead to heavy fines or lack of trust by members of the public. Some of the business ethics include the following: 1 . Being trustful by recognizing that customer is the king. Customers want to do business with companies they trust and which they perceive to be showing them respect. When a business entity is trusted, it creates a loyal clientele. 2. Business people should be ready to meet the obligations of their customers and business partners regardless of anything else.
Business people should offer their end of the bargain at all cost because this is the only way to cement customer and business partner’s loyalty. 3. Engaging in fair trading practices like guaranteeing a safe workplace for your employees, fair pricing for your products, that will at least cover the cost of production and treating you customers well among others will guarantee a high business turnover. 4. Every businessman wakes up every day with the intent to make profit. When a business operates within ethical realms, there will always be clear indications for growth.
Equally, a business needs to make profit so as to meet its ethical obligations to the company, its employees, the authorities and customers. 5. In essence, being ethical as a business person builds the image Of reliability and establishes reputation with your customers, the two things that are very important to a business. Most business people do not take a keen interest in implementing business ethics. Most of them think that making profit is the most important thing but as they realize later, no matter how hard they try, they do not achieve their objectives.