Do Ethic in Business Exist?

Oct 19, 2017 | Leadership & Culture

The most fundamental or essential ethical issues that businesses must face are integrity and trust.  When customers perceive that a company is exhibiting an unwavering commitment to ethical business practices, a high level of trust can develop between the business and the people it seeks to serve.

In my experience the majority of business owners care about doing the right thing.  It is unusual indeed to come across a rabid capitalist who cares little more than making a quick buck.

In business, our sense of morality in the marketplace comes from recognising that business only finds its real purpose, its meaning, through its interaction with others.  Business can’t exist without interacting with the community and I think that’s the real purpose of business ethics

Is ethical business practice possible? Absolutely – No question in my mind that businesses, with a strong commitment to ethical practice embedded in sound management practice with skilful and resourceful people working in them, are the businesses of the future. Businesses whose only value is dollar based, such as  “Who Cares Inc”, will not survive, but since they do … an investment in Customer Service and Ethics training may be a good starting point.

A great example of the crickert Adam Gilchrist ethics that you can incorporate within your business:

Adam Gilchrist retired holding the world record for the most number of dismissals in the history of Test cricket in addition to the most dismissals in the history of ODI cricket. He was a devastating batsman who redefined the role of the wicketkeeper-batsman forever. He is still the only player to have hit 100 sixes in Test cricket.

Yet when he retired, with all of these records behind him, what did they say about him?

He was honest! When he nicked the ball, he would walk. Revolutionary! He didn’t wait until the umpire made a decision, hoping that the umpire didn’t hear the nick. He just walked.

Most famously, he walked in the crucial semi-final match of the World Cup in 2007 when his dismissal could have meant his team exited the World Cup.

The point is that people will remember your honesty long after they remember your other achievements. They will remember your honesty long after they remember if your price was dearer than a competitor. Clients will want to deal with you.

Here are 10 principles that form the basis of business ethics, and are what you need to hold yourself accountable to:

Honesty

You need to be honest in all of your actions, and every communication you make.

Integrity

Being ethical in business means maintaining a high level of personal integrity.

Keeping Your Promises

Your word is one of the most important tools in your arsenal as a business manager. Keep every promise that you make, and always fulfill a commitment.

Loyalty

You need to be loyal to both your company/business, your team and yourself, while operating within a strong moral compass.

Fair

In all of your actions, you must strive to be fair and just. An ethical business owner is committed to fairness in all that they do, and do not seek to exercise their power for an unfair advantage or use indecent methods to gain a competitive edge.

Caring

This involves having a genuine concern for others, as well as a sense of compassion. An ethical business owner is caring, benevolent and kind to both customers and staff.

Respect

Being ethical means treating everyone with respect, demonstrating this by being courteous and having an equal treatment of people regardless of who they are.

Obeying the law

An ethical business person always obeys the law, and never breaks the rules, regulations or laws surrounding their business activities.

Being a Leader

You need to demonstrate the principles and ethics you want your team to live by, and take an active role as a leader to be a positive role model. The best way you can enforce an ethical mentality is to lead by example.

Accountable

Be accountable for your actions – even if they are not favourable, stand up and admit that you were wrong.

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