Ethics are a set of moral principles which are recognized in respect to a particular class of human actions or a particular group, for instance the medical ethics, legal ethics, teaching ethics that brings together people of the same profession.
These principles deal with values relating to human conduct with respect to concepts such as being good or bad, noble or ignoble, right or wrong etc. These values guide members of a group to act in a manner that is consistent with the values and standards as established.
Business ethics are those virtues that business people apply when making business decisions. They are the standards expected within the business world, even if they are not written down and which business people ought to adopt. For instance business people are expected to afflict least suffering to their customers, being fair in their dealings and nurturing an enduring virtuous corporate character in totality.
https://www.georgiexoxo.com/2019/09/benefits-of-being-a-solo-business-person/ are important because they keep business people to operate within a moral and legal pedestal which not only leaves them satisfied internally but also increases sales because most people like dealing or doing business with honest businessmen. Also if the public or your potential customers perceive you to be engaging in improper business deals, they will shun you.
Good business ethics should be embraced by all businessmen because engaging in unethical practices, which may include breaking the law, may lead to heavy fines or lack of trust by members of the public. Some of the business ethics include the following:
1. Being trustful by recognizing that customer is the king. Customers want to do business with companies they trust and which they perceive to be showing them respect. When a business entity is trusted, it creates a loyal clientele.
2. Business people should be ready to meet the obligations of their customers and business partners regardless of anything else. Business people should offer their end of the bargain at all cost because this is the only way to cement customer and business partner's loyalty.
3. Engaging in fair trading practices like guaranteeing a safe workplace for your employees, fair pricing for your products, that will at least cover the cost of production and treating you customers well among others will guarantee a high business turnover.
4. Every businessman wakes up every day with the intent to make profit. When a business operates within ethical realms, there will always be clear indications for growth. Equally, a business needs to make profit so as to meet its ethical obligations to the company, its employees, the authorities and customers.
5. In essence, being ethical as a business person builds the image of reliability and establishes reputation with your customers, the two things that are very important to a business.
Most business people do not take a keen interest in implementing business ethics. Most of them think that making profit is the most important thing but as they realize later, no matter how hard they try, they do not achieve their objectives