Why are ethics in business so important? Isn’t it enough to comply with the letter of the law and the rules of society? What’s in it for the business enterprise?
These are all interesting questions. Many business owners feel that maximizing profits is the chief obligation of the firm. Other owners feel that operating a business in a transparent, ethical manner is also important. Both business management and business ethics are about making the right decisions. Does one have to exist to the exclusion of the other?
I think not, and here are the reasons why managing a business ethically is important:
1. It sends the right message to customers and clients. With all the choices available nowadays, who wants to do business with a shady, ethically-challenged company?
2. It sets the right example for the firm’s employees. The temptation to cut corners or behave illegally, immorally, or unethically is … Read More