Normally, business ethics is the written and unwritten codes of values and principles which govern actions and decisions of a small business. One of the reasons the world market is currently in crisis is the lack of business ethics on the market. To put it differently, unethical business practices caused the current economic turmoil.
The breadth and depth of what may be classified as unethical business practices range from faulty or fraudulent accounting practices to unfair treatment of employees. Since unethical business practices do more damage than good to yourself and your organization, it’s much better to acknowledge the importance of ethical business decisions.
Unless you’re planning to get a hit and run thing (which is unethical business practices anyway), if you would like to thrive long-term, you need to adopt sound ethical business decision-making practices. Companies and business people who make sound ethical business decision-making practices won’t just strive and out-run the opponents, but also create a healthy and wealthy environment to the business stakeholders.
Companies and individuals who act in a socially responsible manner are more likely to enjoy ultimate success than people whose actions are motivated solely by profits. Understanding the difference between right and wrong and choosing what’s right is the basis for moral decision making. Oftentimes, doing the right thing often contributes to the best financial, societal, and personal rewards in the long term.
Despite the fact that companies can often attain short-term gains by behaving in an unethical manner, such behaviors tend to undermine the market over time. Thus, prevent unethical business practices, produce values to the society, add worth to people’s life in an ideal way.
“This is how wealth is produced in society: Individuals seek to meet their own needs by meeting the needs and wants of others.” ~Steve Forbes