If you consider success in business as a winning post or a mile stone, you have to traverse the path of business and become successful only by sincerely following the business ethics.Though it may take time to reach the winning post by following the business ethics, it helps to sustain your success in business for a long time.
Business ethics means moral principles that control or influence business.
Whether you involve in business individually as a proprietor of a concern or as a professional like a lawyer, doctor, an architect or an auditor or by running a private or public limited company or a large multinational corporation etc, business ethics is the key to success in all these kinds of business ventures.
Business requires that you should do things earnestly and sincerely, rendering justice to what you are doing, guided by the principles of equity, justice and good conscience.You should see that your business is conducted in a free and fair manner, actuated by truth and honesty and your business does not involve any unfair trade practice, like cheating, smuggling,hoarding and adulteration etc.
As a business man you should realise that consumers are armed with many rights when they are affected by your negligence and deficiency of service in the course of your business dealings with them or rendering service to them for consideration.
Therefore, as an individual, while doing business, say as a grocer or a vegetable merchant you should see what you sell is of good quality,rightly weighed and properly packed or in other words doing everything correctly without any scope or room for complaint.As a lawyer or as a doctor, you should be sincere,honest and modest while offering your legal or medical advice to your client.Never forget that your sincere and honest approach towards your clients alone will find you in good stead that will create a long standing relationship between you and your clients.On the other hand,if you are greedy, charge heavy fees and offer complicated solutions to your clients or patients, they will pay you what you demand rather unwillingly and will very soon get disgruntled with you.They may not approach you in future, besides preventing other prospective clients from approaching you by spreading a vilification campaign against you.
Similarly if you are doing a real estate business, you are expected to do everything properly and honestly.Suppose, if you are indulging in malpractice, offer to sell a particular property to more than one person, not fulfilling the assurances given to your customers,not honouring agreements, you will see that your real estate business will have its peaceful demise very soon.
In the corporate sector, the people expect from a company that it periodically convenes it meetings,duly announces and pays its dividends promptly to the share holders as promissed and announced by them.If
a company remains irregular or suffers from maladministration, it will suffer from many difficulties, including losing the credibility among the public and the value of its shares going down in the stock market.
Therefore, businessmen always try to earn the goodwill of the people by following the business ethics to sucessfully get established in their business.Thus the goodwill earned from the people becomes the good will’of a company which is a permanent asset to it.People flock in great numbers to purchase the products of the companies which enjoys a goodwill’among the people.
Therefore gaining a goodwill’ or a reputation’ is a sign of establishment or success of business man or a business house or corporation and it is the outcome of business ethics that was practiced over a long period by the concerned business people.