Business ethics typically involves five kinds of activities. Assess and detail each one
A detailed assessment of the five activities of business ethics
By definition, business ethics are the moral principles that define how companies should behave. They are the principles that define how the partakers of a business should conduct their business activities. Business ethics define practices that are morally wrong and those that are morally right or acceptable within a business. Ethical businesses are the ones that uphold and follow the ethical practices. However, the five main activities of business ethics originate from the five principles of business ethics.
The first activity of practicing business ethics is to maintain good records of accounting. It entails keeping a good record of business or company resources and any other transactions undertaken within the business. It also entails making a clear record of how those resources become utilised for the benefits of both the business and clients. Maintaining a clean record of accounting is very important to a business because it helps prevent any dubious activities that are ethically wrong within the business (Kohl, 2012). For example, it prevents the employees from taking bribes. It also controls theft of inventories or money, which is ethically wrong. On the side of clients, it ensures that goods and supplies delivered are of the right quality and quantity. This is because selling goods of wrong quality, and quality to customers is ethically wrong. It spoils the reputation of a business, destroying customer loyalty. In case of conflicts within the business, clear records of accounts serve as good sources of reference. This helps in solving business conflicts amicably, which is an ethical practice.
The second activity of practicing business ethics is to keep and maintain clean business records. Business managers should make sure that all organizational and departmental documents are concise and precise. They should ascertain that these documents do not misrepresent or misinterpret the company. The documents should be professional in order to prevent conflicts from arising within the business sector. For example, businesses should constantly review their adverts to ascertain that they do not ruin the names of their competitors and result to conflicts. This is what entails fair competition among businesses and is ethical (Kohl, 2012).
The third practical activity of an ethical business is the attainment of its obligations. Ethical businesses must attain their main obligations in order to be ethical and meaningful. The main obligation of a business is to meet the demands of its customers while at the same time making profits. This entails doing every possible thing in order to attain the trust of both employees and clients (Kohl, 2012). Managers who uphold business ethics make sure that employees serve their clients well. They also make sure that the business timely meets its obligations and commitments to the employees. When unforeseen barriers block or events prevent businesses from meeting their obligations to employees and customers, managers ought to communicate challenges to the concerned individuals. They then collectively work to come up with solutions to the problem and restore everything into order.
Creating trust and integrity among the clients and employees is the fourth activity of business ethics. Ethical businesses attain trust by showing respect to every stakeholder. It involves respecting customers, employees and everybody else according to the respect they deserve (Kohl, 2012). All customers and shareholders want to trade with businesses that they trust. For example, employees want to work in an organization or a business that they trust to treat them well, pay good salaries and give them a chance to expand their expertise, knowledge, skills and gain more experience. Suppliers want to deliver their goods to businesses that they trust to pay them well: pay their debts or credits in time and honour their promises when it comes to the issues of giving out tenders and contracts. Similarly, customers want to buy their goods from businesses that they trust to supply them with cheap goods. They also want to trade with businesses that deliver goods in time. This effort of businesses to meet the demand of their customers is what creates customer loyalty.
The fifth activity of an ethical business is to engage in corporate social responsibilities. Businesses attain this by getting involved in community related activities as a show of concern and care for the community (Kohl, 2012). Examples of how businesses contribute to community related activities are by funding community programs and developing the community in general. Others can adopt environmentally friendly means of production as a symbol of care and conservation of the environment. In addition, businesses or companies that produce toxic wastes can adopt methods of first neutralising their wastes before dumping them into the environment. They also ensure safe dumping to reduce the rate of environmental pollution. They can also join the community to come up with projects that conserve the environment by planting and conserving as many trees as possible, which is ethically right.
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In conclusion, ethical practices within a business are very detrimental for success. They involve maintaining good records of accounts, keeping clear, concise and professional documents and creating trust and integrity among their customers. They also entail engaging in social responsibilities as a show of care, concern and appreciation to the community.