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Importance of Ethics in Business

Obviously, you wonder most of the time about how an entrepreneur knows doing the right thing for his business. The experts believe that ethics is the spirit of doing right things. Translating ethics into business values, a study conducted by Wirthlin and concluded that there are 80% of the clients who still base a good part of their decision on the ethic’s perception.

Generally, ethics are defined as a set of social standards that also covers the norm of any community. These are not genetic norms but have to be learned. Behind these norms, are the moral values, that are usually gained through parents, formal education, and experience.

The latest updates usually come from a business book. For example, the latest one by David M Shedd, named “Build a Better B2B Business”. The book focuses on the general attributes and specific processes which help to do the things right for businesses.

These generics include honesty and integrity, as well as the moral values. The particulars include providing leadership tat is important to build business and also contribute to the good:

  • Communicate Your Business Goals and Values: First you need to define the core values. Create business goals to handle some of the critical issues and business opportunities. To be very effective, there should be two-way communication for “the right things” for all the team.
  • Align the Organization According to Values and Goals: Make align all everyone to the values and focus on executing goals. To ensure profitability and success, make critical decisions. Also make strong personal decisions to put the right people on the right job and giving them training.
  • Manage Priorities (For short and Long Term): As people manage their personal and other work responsibilities, companies also need to balance priorities. Prioritize on the basis of constraints which is very important.
  • Endeavour to Meet Industry Standards: Doing right things is not only getting by or squeezing within the law. It is about knowing and living according to the spirit of the law, rather than waiting for news laws to handle problems. Same is the case with social responsibilities and employee standards.
  • Create Teamwork: Leading people towards right thing because the team is the most challenging group to teach and train. Making a team work needs, demonstrating accountability, constant communication, recognition, continual learning and ensuring motivation.
  • Look at yourself from the Customer’s Point of View: Every business leader needs to value every customer and consider them an important part of building the business. An appreciation for customers and focus on the value to deliver is a primary requisite for customer growth, success, and satisfaction.
  • Balance Work and Life: All of us want a successful business, but we are people. Another way to follow is to step up the “quality of life” including work and personal issues, work from home, and providing social, spiritual, and health needs.

As ethical behavior serves as the ground, the traits must also be sought out. These traits include enhanced discipline and day to day work consciousness, to combine ethics and business acumen.

Do not think that doing the right things is natural and does not require your efforts. The evidence indicates that a business which does the right things has a competitive edge as well as higher success rate.

 

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About Maryum Afzal

Maryum Afzal

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