Ethical Business Practices
- Length: 500 words (1.4 double-spaced pages)
- Rating: Excellent
Ethical business practices include assuring that the highest legal and moral standards are observed in your relationships with the people in your business community. This includes the most important person in your business, your customer. Short term profit at the cost of losing a customer is long term death for your business.
A reputation for ethical decisions builds trust in your business among business associates and suppliers. Strong supplier relationships are critical to a successful business. Consider the problems you might have if you could not supply what the customer needs...at the time that they need it.
The entrepreneur is the role model for employees. If your behavior includes lying to customers, taking money out of the cash register, or taking home some of the inventory or supplies, you cannot be surprised if your employees follow your lead. Your family members may see the business as their own and take things that really belong to the business. Employees may see this as being dishonest, or as a conflict with their needs for a raise in pay.
The community expects your business to operate in an ethical manner that enhances the image of the community as a whole. If you are located in a mall, for example, your code of ethics will help or hinder customer traffic for the other businesses too. A reputation for telling customers anything they want to hear, regardless of the truth, eventually hurts your business and other businesses around you. It usually isn't illegal to lie to customers, but it isn't good business.
Ethical behavior is merely making good business decisions based on an established "code of ethics". Entrepreneurs should establish a written code of ethics that can serve as a framework for decisions to be made by the entrepreneur as well as the employees. In developing this code of ethics you should consider the following items:
1. Identify your general principles that would lead to fair business practices.
2. Check with your industry association for basic standards to review
3. Allow for the fact that ethical questions do not always have a unique, faultless answer.
4. Write out specific statements that will assist you and others in making day-to-day ethical decisions.
5. Apply your code of ethics to a written policy and procedure manual identifying the major rules for operating your business.
6. Train your employees (and family members) to make ethical decisions about the business.
How to Cite this Page
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Business Practices Good Business Code Of Ethics Ethical Behavior Long Term Short Term Business Decisions Successful Business Family Members
Your code of ethics will apply to all types of business operations including the following.
* Handling cash and checks from customers
* "Negotiating" special prices for a friend without permission
* Accepting gifts from suppliers and business associates
* Selling damaged merchandise
* Warranties on products
* Merchandise return policies for customers
* Returning merchandise to suppliers
* Handling shoplifters
* Accounting procedures for cash sales
* Employee theft
* Insurance coverage adequate to protect the business and employees
* Supporting your advertising promises
* Checking in merchandise when received from suppliers
* Keeping the premises clean and free from harmful substances or germs.
* Handling employee performance problems
* Telling customers the truth
Unethical Business Practices In Glengarry Glen Ross
The movie “Glengarry Glen Ross” presented a series of ethical dilemmas that surround a group of salesmen working for a real estate company. The value of business ethics was clearly undermined and ignored in the movie as the salesmen find alternatives to keep their jobs. The movie is very effective in illustrating how unethical business practices can easily exist in the business world. Most of the time, unethical business practices remain strong in the business world because of the culture that exists within companies. In this film, the sudden demands from management forced employees to become irrational and commit unethical business practices. In fear of losing their jobs, employees were pressured to increase sales despite possible ethical ramifications. From the film, it is right to conclude that a business transaction should only be executed after all legal and ethical ramifications have been considered and also if it will be determined legal and ethical to society.
As in any other discipline that entails interaction with individuals, the aspect of ethics must include a conscious principle. To define ethics in its simplest form, it is known as the ability to distinguish right from wrong. In the movie, the sudden pressure from management drives the company’s salesmen to increase sales with no regards to ethics in order to maintain job security. All of the main characters had made their fair share of unethical decisions, out of desperation, to increase their sales and ultimately to keep their jobs. The degree of each decision can be left for viewers to determine the level of appropriateness based on their own values. Personally, although all characters have made unethical decisions, the most ethical salesman was Ricky Roma. Ricky Roma appears to be the most ethical character in the film. He was able to maintain his composure and carry out his duties using ethical and legal sales tactics that appeal favorably to customers. Although Ricky Roma was surrounded by constant pressure to wrongfully increase sales, as the other salesmen, he was able to work through the negative environment. The culture that surrounded Ricky Roma was a catalyst to committing fraudulent activities. Yet, he had regards to his reputation, job and the organization as whole. This helped him to carry out his duties with the right business practices. Therefore, despite having some questionable instances, Ricky Roma remained the most ethical salesman in the film.
A questionable instance of Rick Roma’s behavior occurred at the closing of a deal at a bar. Closing a deal means entering into a contractual agreement with clients. Now, in order for a contract to be legally binding, it requires both...
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