Business ethics govern all ethical issues, ethical problems and morals related to business dealings. Honesty, truthfulness and fair dealings are important in all businesses.
- Promise keeping
First of all, commitment and promise-keeping is an important part of all businesses. If two parties commit to certain things that meeting or any business related dealings, then they should fulfil it. Breaking promises and commitments will not only affect the other party but will break trust among the two. - Communication ethics
Communication ethics are the most important in all business dealings. Communicating gently with customers, with retailers, with other business people is not only important in having a good business deal but also having a good long-term relationship in business. - Truthfulness
Being truthful and speaking the truth in each & every small or big business dealings is very important. Some business entrepreneurs easily tell lies in small things like if one is not interested in receiving a phone call, they will easily ask the office assistant that tells them “Boss is not on seat” or “Important meeting”.
Another important kind of commitment like any business dealings that were committed but later, one party abruptly changed their plan due to any good offer from another party and now wants to break the contract with the previous one. So they tell a lie to hide their intentions. However, there is a way to deal with such matters.
In order to sell their stuff, some retailers tell lies to the customer about wrong pricing or wrong details about their products in order to win a deal. Being honest and truthful is important in all business dealings, whether it is a small thing or any big dealings.
There should be certain rules made for such ethical issues and should be addressed in detail so that every business entrepreneur must be aware of them and deal fairly.
General Ethical Issues
- Honesty, truthfulness and fairness
- Use of animal testing and sampling
- Use of chemical fertilizers in agriculture farming
- Donations
- Copying designs of others
- Selling tobacco and other addictives
- Arms trading
- Treating customers gently
- Dealings with all business people with humane, gentle and honouring attitude
- No racial, ethical or religious discrimination
- Employing disabled
- Avoiding bribes
- Lack of clarity in pricing
- Avoid price fixing
- Dumping hazardous material not safe for the human environment
- Prizes on products but actually include the cost within
- Treatment to workers must be very good and gentle
- Brand piracy
- Fake goods
- Copying other company’s design and marketing fake products at a low price
- Deceptive advertising
- Selling certain items to other countries which are banned in the local market
- The wrong expiry date of medicine and food products
- Not clearly mentioning side effects
- Use of dangerous and hazardous material in packaging
