Here are 12 principles that form the basis of business ethics, and are what you need to hold yourself accountable to: Honesty Competitiveness, innovation and ambition are critical for a business to succeed, but they need to be kept in check with a strong moral compass, and business done in the right way. Without a set of ethical standards combining ambition and the intelligence of senior executives is a recipe for disaster. Huge organizations like Enron have been destroyed by unethical decisions, and others seriously damaged like Fannie Mae. You can study what it takes to create an ethical organization in this course. As a manager or the business owner, you need to clearly define and communicate to your employees the consequences of being unethical, and the set of standards you want them to adhere to. You need to get every member of your organization committed to a set of high ethical standards. Many legal cases are raised because of people seeking compensation for their losses as a result of business people making unethical decisions. Without standards you have misinformed, misguided and bad decisions being made, which can cause financial loss or injury to other people, or the business. Regardless of whether you believe good business ethics contribute to profits or not, poor ethics will have a major impact on your bottom line. If you want to run a sustainable business having a high set of ethics is critical, and there can be serious consequences if poor ethical decisions are made. It helps to make a positive impact on the community.It reduces the risk of negative press or backlash caused by doing “the wrong” things.A higher moral within your employees and the organization.The reasons for having high ethical standards include: In a business, ethics has very positive benefits, and you can learn more about them in this course. Over time, your ethical views can change over time as you’re exposed to different situations and environments. There are ethical views that apply to people all around the world, while others are more personal, and apply only to you. Personally, your ethics form as you are influenced by the people and the environment around you. If you’re taking unethical actions, you lose credibility, and your business will suffer. In business, this is critical, because how people see you and your company is the basis of building trust. Ethics are not only a guide to making decisions, but also the criteria the public judge you on. Building on this when you maintain a high set of ethics as you conduct your business it provides benefits to everyone. If you’re new to management, try this course on decision making and equip yourself for success. For responsible decision making in a business environment, a good set of ethics is key. They define what’s right and wrong, and outline the kind of behavior that businesses should not engage in. In their simplest form, ethics are the moral standards you rely on when you make a decision.
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