Business ethics are a necessity in the business world

  

Date Posted: 11/5/2012 7:11:50 AM

Posted By: Joemakeit  Membership Level: Gold  Total Points: 2907

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In every aspect of success,there must be rules and regulations. These rules and regulations must be strictly adhered to and in good faith.This is no exception in the business world.In the business world,these rules and regulations are referred to as business ethics.Business ethics are sound and fair business practices.These business ethics must be observed by all and sundry and at all times in the business world.

These practices govern the conduct of the members of a given trade or profession.The practices incorporate judgement on standards and rules of conduct based on values accepted to a business and society at large.

These practices should be acceptable and within the confines of law. Ethical practices require that professionals go beyond requirements of the law but not against the law. Because of conflicts between different parties,it is necessary that every profession establishes its code of ethics,outlining out clients'' expectations and detailing acceptable practices in the profession.

Code of ethics promotes the image of the profession to the community and in the event of conflicting interest,it becomes point of reference.It also provides basic guidelines.

For business ethics to be practiced,several factors are necessary and must be observed.
a)Fairness
Fairness means treating people equally and in a just manner.Rules should be applied systematically and without favor or unexplained exceptions.They must give fair and proper consideration to the interests and requirements of customers.A fair business person does not engage in discriminatory practices.
b)Integrity
This refers to the quality of being honest and having strong moral principles.Businesses or individuals with integrity are reliable and stand by their actions.This includes honoring agreements.
c)Honesty
Honesty means respecting the truth.It also means being accurate in description and keeping one's word.
d)Objectivity
One must not be influenced by personal feelings or emotions when relating with others in business.Being objective removes personal biases in decision making and behavior.
e)Confidentiality
This means that information meant to

be kept secret should not be revealed or shared with unauthorized persons.
f)Professionalism
Business people should endeavor to acquire special training,skills and education that their occupation requires.They must also maintain the high standards that the public expects from them as professionals.
g)Competence
Competence is the ability to do something well.A person should act within the limits of personal competence and authorization.
h)Diligence
A diligent person shows care,effort and thoroughness in their work.

Let us all strictly adhere to business ethics.

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