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Essay: The Importance of Ethics in Business

What do you think about the connection of ethics and business? Is ethics important for business? Ethics is the understanding of what is good and what is bad. It is hard to believe that ethics is important for the improvement of business though every entrepreneur thinks about profit at any price. Everybody knows that business is built on the basis of fierce competition. Only the strongest companies are able to survive on the market. No wonder, many businessmen apply sophisticated strategies and make unfair decisions, which cause harm to their rivals. In the modern world, it is hard to believe that there are entrepreneurs who manage their business according to the principles of fair competition. I suppose, ethics is important for business, because fair approach is able to solve a great number of corporate problems and improve a company’s performance.

It is possible to observe the problem of ethics in business from different sides. To begin with, businessmen should pay attention to the quality of their goods and services. Everybody knows that there are many harmful products, which influence human health badly. Nevertheless, these products are advertised actively. Furthermore, entrepreneurs hide information about the quality of these products in order to keep their clients loyal. The situation is even worse when such people produce goods and services for children. In my opinion, it is important to inform customers about the harmful effects of your products when they affect health of your customers.

Secondly, every employer should apply the principles of ethics when he communicates with his employees.

When one improves the quality of the human resource management, he will solve many problems. Firstly, he will make his employees interested in the further cooperation with this company. His employees will be loyal to his company and their performance will be high. This factor is very important, because every employer wastes much time on the training of his new employees. When an entrepreneur provides his staff with the proper conditions and salary, they will want to work for him. Consequently, he will not waste money and time on the recruitment of new employees. It is very important to make your employees work hard for the common goal. It is a success when an employee is interested in the development of your firm and its profit. Naturally, this spirit depends on the attitude of an employer to his employees. When he provides them with the proper reward, freedom and working conditions, they appreciate their job. When employees do not have space for creativity and freedom of speech, they fulfil their duties badly. They work for money without being interested in the result of their work. The success of a company is not important to them.

Finally, it is important to think about stakeholders. When a company is known for unfair financial transactions and suspicious decisions, its reputation can reduce seriously. It is easy to understand that poor reputation can damage the credit of its investors and stakeholders. No one is willing to invest money into an unreliable company. Investors respect predictable and trustworthy entrepreneurs who know how to manage their business well. It is important to maintain the prestige of your firm if you want to protect it from takeover. You ought to do your business fairly and transparently. This policy will help you avoid unpredictable situations and scandals.

Although it is impossible to speak about ethics in business, this factor should exist in the mind of every smart entrepreneur. On the one hand, it is right that business is the craft of the predators who are ready to do everything for the sake of their company. On the other hand, one cannot do business in the unfair way. It is possible to lose everything when you make a single serious mistake. Consequently, it is important to think about the ethical approach towards employees, customers, stakeholders and investors if you want to maintain the proper condition of your business.