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Top 10 Principles for Positive Business Ethics
This morning, I read about a company using on-line auctions to defraud
customers. Last week, I consulted on an ethics complaint where a business coach
betrayed a client’s confidentiality. And, recently a Physician was convicted of
insider trading based on information from a patient, a violation of both
business ethics and her professional ethics.
Business ethics are the key to profits. If clients and customers don’t trust
you, and your business ethics, they will not do business with you. Would you buy
from a company you didn’t trust? Of course not!
Business ethics have become a hot-button topic. There are often ethical
conflicts between making money, and doing what is right. There can be dilemmas
about doing what is best for your employer, what’s best for your own career, and
what’s best for the customer. Business ethics is about negotiating these
mine-fields. Here are my Top 10 Principles for Positive Business Ethics:
1. Business Ethics are built on Personal Ethics. There is no real separation
between doing what is right in business, and playing fair, telling the truth and
being ethical in your personal life.
2. Business Ethics are based on Fairness. Would a dis-interested observer agree
that both sides are being treated fairly? Are both sides negotiating in good
faith? Does each transaction take place on a “level playing field”? If so, the
basic principles of ethics are being met.
3. Business Ethics require Integrity. Integrity refers to whole-ness,
reliability and consistency. Ethical businesses treat people with respect,
honesty and integrity. They back up their promises, and they keep their
commitments.
4. Business Ethics require Truth-telling. The days when a business could sell a
defective product and hide behind the “buyer beware” defense are long gone. You
can sell products or services that have limitations, defects or are out-dated,
but not as first-class, new merchandise. Truth in advertising is not only the
law, business ethics require it.
5. Business Ethics require Dependability. If your company is new, unstable,
about to be sold, or going out of business, ethics requires that you let clients
and customers know this. Ethical businesses can be relied upon to be available
to solve problems, answer questions and provide support.
6. Business Ethics require a Business Plan. A company’s ethics are built on its
image of itself and its vision of the future and its role in the community.
Business ethics do not happen in a vacuum. The clearer the company’s plan for
growth, stability, profits and service, the stronger its commitment to ethical
business practices.
7. Business Ethics apply Internally and Externally. Ethical businesses treat
both customers and employees with respect and fairness. Ethics is about respect
in the conference room, negotiating in good faith, keeping promises and meeting
obligations to staff, employers, vendors and customers. The scope is universal.
8. Business Ethics require a Profit. Ethical businesses are well-run,
well-managed, have effective internal controls, and clear expectations of
growth. Ethics is about how we live in the present to prepare for the future,
and a business without profits (or a plan to create them) is not meeting its
ethical obligations to prepare for the future well-being of the company, its
employees and customers.
9. Business Ethics are values-based. The law, and professional organizations,
must produce written standards that are inflexible and universal. While they may
talk about “ethics”, these documents are usually prescriptive and refer to
minimal standards. Ethics are about values, ideals and aspirations. Ethical
businesses may not always live up to their ideals, but they are clear about
their intent.
10. Business Ethics come from the Boss. Leadership sets the tone, in every area
of a business. Ethics are either central to the way a company functions, or they
are not. The executives and managers either lead the way, or they communicate
that cutting corners, deception and dis-respect are acceptable. Line staff will
always rise, or sink, to the level of performance they see modeled above them.
Business ethics starts at the top.
Ethics is about the quality of our lives, the quality of our service, and
ultimately, about the bottom line. An unhappy customer complains to an average
of 16 people. Treating employees, customers, vendors and the public in an
ethical, fair and open way is not only the right thing, in the long run, it’s
the only way to stay in business.
"Written by Dr Philip E. Humbert, writer, speaker and success coach. Dr. Humbert has over 300 free articles, tools and resources for your success, including a great newsletter. It's all on his website at: http://www.philiphumbert.com"
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