Startup Business: Ethics You May Be Overlooking
Some of the important business ethics for both start-ups and established businesses
Business ethics are a set of moral principles that guides a company's conduct. These principles govern the company's life, including its interaction with other businesses, and its relationship with clients.
When a business treats its clients ethically, it builds long-term mutual trust with them. These clients will be return clients, and they will likely recommend the business to other people within their sphere of influence.
Here are some of the most important business ethics that you may have been overlooking:
1. Personal responsibility
Each member of the team in a business, whether on the executive level or the entry-level, is expected to show personal responsibility. This could mean completing assigned tasks or fulfilling the duties of on the job description. One admits to making a mistake and acknowledges their fault and do whatever needs to be done to fix things.
2. Corporate responsibility
Businesses have responsibilities to their clients. Some of these may be contractual or legal obligations, others may be promises to conduct business fairly and to treat people with dignity and respect. Whatever those obligations are, the business has a responsibility to keep them.
Team members are expected to show loyalty. Workers should be loyal to their co-workers, managers, and the company. This involves positively talking about the business in public and only addressing personnel or corporate issues in private. Client loyalty is important for good business relations and helps to attract business through a good reputation.
Respect is an important in the way the business treats its clients and also in the way team members treat one another. A show of respect to someone, makes the person feel like a valued member of the team or an important client. Listening to their opinions and keeping promises made to them ensures mutual respect.
A business cultivates trustworthiness through honesty, transparency and reliability. Team members should feel they can trust each other. Clientele should be able to trust the business with their money, data, contractual obligations and confidential information. Being trustworthy encourages people to do business with you and helps you maintain a positive reputation.