Home ENTREPRENEUR’S CORNER WHY BUSINESS ETHICS MATTERS TO YOUR BUSINESS

WHY BUSINESS ETHICS MATTERS TO YOUR BUSINESS

by Brenda

The ethics of your business venture is the lifeline to the success of your business. It will to a large extent spearhead the growth of your business or cause the downgrade of your business. That’s why it is important to define the ethics right from the start to create an element of trust and predictability in the business. Here are some ethics to consider.

Accountability: Your employees should be made accountable for every act of service rendered on your behalf. As an entrepreneur, the onus lies on you to educate your employees to provide the right information to clients and account for their actions.

Transparency: Another important business ethic is transparency. In an industry where a lot of people cut corners, it is very easy to have employees who seek dubious means to achieve set targets. Let your employees understand that the reputation of your business matters most to you and thus you will not compromise your standards in lieu of the business.

Social responsibility: Regularly performing your social responsibility as a business may be daunting task for the business venture, but the outcome is rewarding. Entrepreneurs should make it a habit of making social responsibility part of their mission statement as it gives customers satisfaction and a sense of responsibility towards the business. It also differentiates the business from other businesses, making the business a more human entity to its customers.

Protection of company property: It should be made standard practice in the business that company resources should not be used for personal use. This includes the internet and all other company resources. The more aware employees are of the proper conduct, the more likely they are to do the right thing.

Nondisclosure agreement: Employees should be made to agree to a non- disclosure agreement to protect policies and ideas in the business. Having a code of ethics will ensure that employees have a clear understanding of expectations and responsibilities to the business.

In light of human values, business practices and ethics that are above reproach must be the standard in the organization. An ethics-driven company creates a healthy atmosphere for the growth of the business.

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