Why is it Important to Practice Business Ethics and Values?

[Highs]

The reasons why business should practice ethical and values are;
By developing an understanding of business ethics and values, customers, partners, and employees learn to have trust in you. Ethical behavior makes it possible for you to offer people fair treatment as you make decisions. This assists in developing a good reputation of your business and can as well bring you a long term success. Ethical practices also eliminate legal complications and enable you to avoid actions that will harm your firm. Most employees are proud and become loyal to the company when they get a hint that ethics are valued. In the long run sustaining good business ethical policies not only enhances relationship with the parties involved but as well improves on the elevated responsible business climate.

 

[Spencer]

I think it's obeying the golden rule which says 'Treat others how you will like to be treated' if you don't want to be cheated then do not cheat others and do not take it lightly with anyone that wants to cheat you, if you have a business, offer value and be truthful in your service offers, do not shortchange others as you don't want to be shortchanged.

If you practice the golden rule, being ethical in your business comes naturally to you because you are giving what you'll like to get if you're in the other position of the buyer.