Good ethics is good business


Good ethics is good business

There are three ways to approach this statement:

  1. all decisions are related to business; business is not inherently unethical so both types of decision are the same

  2. business decisions are inherently unethical because they are interest only in what benefits the business, serving the profit motive

  3. most business decisions do not involve ethics, but occasionally a choice has to be made. At this point companies would benefit from ethical guidance perhaps in the form of a policy that sets out what the business must do in such circumstances

Because customers will be drawn to ethical companies, it seems obvious that good ethics is good business. Business that act with integrity, honour their agreements, do not cheat their suppliers or act rudely towards their customers should, therefore have more customers and thus more profit than those that do not act in the same way. 

 ‘doing the right thing by stakeholders also benefits stockholders too’ - Anthony Weston

However, this is not the experience most of us have of business. Self-interest drives companies towards a desire to increase profits and leads many businesses away from ‘doing the right thing’. Competition is the driving force of our capitalist economy, and customers expect this. For instance, a company that offers an ‘ethical’ price for an honest job will often be undercut by another company looking to maximise profits. Customers and investors have very little loyalty to one business if another one produces something they like more, or sells




If you're in a business that involves selling a product or service to customers, you need to know how to deliver it in a way that makes them happy and keeps them coming back for more. If you want people to buy from you again, they have to be happy with your products and services. Ethical business practices are essential to long-term success. Good business ethics will help you build relationships with your customers and keep them loyal after the sale is made. It will also save you time in the long run because it will avoid costly legal battles and disputes down the road. I just discussed Best Calendly Alternatives According to Reddit with my team members to increase our friendliness and to learn something effective from it. I think this is a very effective approach that can help us in staying ahead.