Conducting a business in accordance with the rules and regulations provided by the state in which the operations are taking place is one of the most important processes. No matter which state or country that you business activities function, ensuring that you business follows the right business ethics and corporate social responsibility is highly important. The ability to conduct business activities without harming the society or the environment and by giving back to them proves that the business is actively engaged in ensuring that they are up to standards in maintaining business ethics. Let us look at why ethics are considered important in the current world.
Satisfying the needs and wants of the customers is undoubtedly one of the primary objectives of the organization that comes after profit maximization as earning profit is typically the first. The external society, not only your customers will expect your business to be fair and ethical. Therefore, spread the word to the external environment that you r company is more value driven than other, then investors will be encouraged to invest money while customers will be drawn to buy you products.
How does it create unity? As such organizations are revered by the employees, especially when they are value driven, the decision makers and the employees will be brought to a common platform as they all share onne goal for the company. This is highly beneficial in the long run of the company in the process of achieving the common goal or the mission. Also, value driven decisions add more meaning to the organization’s cause and will perform well in the market for people would feel the need to buy from businesses that practise ethical behaviour rather than from those that don’t.
Most business ethics focus on safeguarding the society and environment. Therefore, whatever ethics that you follow will have to be able to treat the society fairly while giving back to them what you. Not only that, but also the environmental factor where you will need to focus on the sustainability, maintaining the triple bottom line and compromising the use of resources so that the future generations too can use them as well as we do.
Being an ethical organization may use some cash at the beginning. It is not going to be easy on the money. However, this is going to be a long term investment for the company as the benefits gained will surpass the amount you spend on ensuring that the company practised ethical behaviour. Therefore, all of this will be worth it at the end of the day for the success of your business.