Business Ethics What it is and why it is important
Business Ethics The ethics and morals are personal subjects. But because businesses are built by people, run by people and are for the people, businesses also have to be moral and ethical. For example, a business cannot take unethical decisions to make profit because the results can damage the society and also the business.
What is business ethics Imagine a food manufacturing factory using bad quality food products, it can have huge impact not only on its customers but also on the business itself. The business’ reputation can be damaged and will result to less sales due to these issues. Business ethics is all about doing the right thing. This is what Corporate Social Responsibility is all about as well.
How the business ethics impact Regardless of what the business is, what size and industry it is in, all of them have to be responsible. Business like Abraaj Capital who offer venture capital or Mortgage Bidder Canada Inc. who offer mortgage rates Canada, they are all doing great things to build a brand that cares about human values.
Importance It is very important for businesses to realize the important of making ethical decisions. Due to internet, media and education, consumers are now fully knowledgeable, they know what companies are involved in ethical activities. For example, Royal Bank of Canada has introduced the Blue Water Project which was very well received by the bank’s customers.