Top 10 Principles for Positive Business Ethics

This morning, I read about a company using on-line auctions to defraud customers. Last week, I consulted on an ethics complaint where a business coach betrayed a client's confidentiality. And, recently a Physician was convicted of insider trading based on information from a patient, a violation of both business ethics and her professional ethics.

Business ethics are the key to profits. If clients and customers don't trust you, and your business ethics, they will not do business with you. Would you buy from a company you didn't trust? Of course not!

Business ethics have become a hot-button topic. There are often ethical conflicts between making money, and doing what is right. There can be dilemmas about doing what is best for your employer, what's best for your own career, and what's best for the customer. Business ethics is about negotiating these mine-fields. Here are my Top 10 Principles for Positive Business Ethics:

1. Business Ethics are built on Personal Ethics. There is no real separation between doing what is right in business, and playing fair, telling the truth and being ethical in your personal life.

2. Business Ethics are based on Fairness. Would a dis-interested observer agree that both sides are being treated fairly? Are both sides negotiating in good faith? Does each transaction take place on a "level playing field"? If so, the basic principles of ethics are being met.

3. Business Ethics require Integrity. Integrity refers to whole-ness, reliability and consistency. Ethical businesses treat people with respect, honesty and integrity. They back up their promises, and they keep their commitments.

4. Business Ethics require Truth-telling. The days when a business could sell a defective product and hide behind the "buyer beware" defense are long gone. You can sell products or services that have limitations, defects or are out-dated, but not as first-class, new merchandise. Truth in advertising is not only the law, business ethics require it.

5. Business Ethics require Dependability. If your company is new, unstable, about to be sold, or going out of business, ethics requires that you let clients and customers know this. Ethical businesses can be relied upon to be available to solve problems, answer questions and provide support.

6. Business Ethics require a Business Plan. A company's ethics are built on its image of itself and its vision of the future and its role in the community. Business ethics do not happen in a vacuum. The clearer the company's plan for growth, stability, profits and service, the stronger its commitment to ethical business practices.

7. Business Ethics apply Internally and Externally. Ethical businesses treat both customers and employees with respect and fairness. Ethics is about respect in the conference room, negotiating in good faith, keeping promises and meeting obligations to staff, employers, vendors and customers. The scope is universal.

8. Business Ethics require a Profit. Ethical businesses are well-run, well-managed, have effective internal controls, and clear expectations of growth. Ethics is about how we live in the present to prepare for the future, and a business without profits (or a plan to create them) is not meeting its ethical obligations to prepare for the future well-being of the company, its employees and customers.

9. Business Ethics are values-based. The law, and professional organizations, must produce written standards that are inflexible and universal. While they may talk about "ethics", these documents are usually prescriptive and refer to minimal standards. Ethics are about values, ideals and aspirations. Ethical businesses may not always live up to their ideals, but they are clear about their intent.

10. Business Ethics come from the Boss. Leadership sets the tone, in every area of a business. Ethics are either central to the way a company functions, or they are not. The executives and managers either lead the way, or they communicate that cutting corners, deception and dis-respect are acceptable. Line staff will always rise, or sink, to the level of performance they see modeled above them. Business ethics starts at the top.

Ethics is about the quality of our lives, the quality of our service, and ultimately, about the bottom line. An unhappy customer complains to an average of 16 people. Treating employees, customers, vendors and the public in an ethical, fair and open way is not only the right thing, in the long run, it's the only way to stay in business.

© Copyright 2003 by Philip E. Humbert. All Rights Reserved. This article may be copied and used in your own newsletter or on your website as long as you include the following information: "Written by Dr. Philip E. Humbert, writer, speaker and success coach. Dr. Humbert has over 300 free articles, tools and resources for your success, including a great newsletter! It's all on his website at: http://www.philiphumbert.com

---

Powered by Feedzilla

Websites For Sale

Master Resell Rights Ebooks

Selling Truth as a Differentiator

The last few years have been a period of heightened... Read More

Is Good Neighborliness Good Business?

[Note: This story is not a criticism of Buddhism. It... Read More

The Everyday Business Ethics Crisis Or Im Mad as Hell and Not Going to Take it Anymore

Breaking news may feature the Enron debacle, WorldCom activities, or... Read More

Private Carrier Pepsi Embraces Diversity Amongst Employees

Many companies claim to be committed to diversity, but private... Read More

Ethics in Business...A Lost Art

While watching Face the Nation one Sunday earlier this year,... Read More

Enron?s Ultimate Victim: Ethics

FROM the 'MORAL HIGH GROUND', where we imagine ourselves, the... Read More

The Need to Survive; A Death Knell For Organizations

Changing the driving force upon which business decisions are based... Read More

Vice of Buggery at FTC

At the Federal Trade Commission we have seen attorneys who... Read More

The Deception Perception: Pay No Attention to the Man Behind the Curtain

The Deception PerceptionWithout a doubt, people would rather do business... Read More

No Credit is Due: Bad Telemarketing

Just a few minutes ago I was debating what to... Read More

Ethics In The Workplace

Workplace Ethics is a subject that we have all heard... Read More

The Views of Karl Marx VS Max Weber

Compare and contrast the views of Karl Marx and Max... Read More

Dont Hate Them Because Theyre Beautiful

Tonight I'm going out with two extremely impressive ladies who... Read More

The Collapse of Enron: Managerial Aspects

Executive summaryIts revenues made up US $139($184) billion, assets equaled... Read More

Communicable Corporate Diseases Hurting Business Sexcess!

Enron Executive goes to prison for 10 years, Martha Stewart... Read More

Mind Your Own Damn Business Sexcess

You have certainly heard the expression "mind your own damn... Read More

Tales from the Corporate Frontlines: Diversity And Success, In The Workplace

This article relates to the Diversity in the Workplace Competency,... Read More

Business Ethics: The Law of Corporate Karma

According to the shamanic traditions, the great mystery of being... Read More

The Only Thing You Get for Free in Life is Hungry!

My grandfather was a very wise man. Simple but wise.... Read More

How To Detect Liars In Your Business & Personal Life

We live in a world full of lies and deception.... Read More

Business Ethics: An Oxymoron?

Why do I believe good PR and business ethics are... Read More

Ethics in Business - Please Have Some

Is your business ethical?What I mean is "Does your business... Read More

Is Your Management Style Lead By Intimidation?

So many women make the mistake of thinking that they... Read More

Conflict: Not Necessarily a Bad Thing

I got yelled at tonight. Not the type of yelling... Read More

Minding Your Global Manners

To say that today's business environment is becoming increasingly more... Read More