The Importance of Business Ethics, Essay Example

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Essay

In chapter one, I was able to deduce the importance of business ethics to corporations and thus, I learned of various methods used in maintaining customers, improving on their levels of commitment and loyalty of investors was promoted. Business ethics has developed over time, and this gives businesses the best approach in tackling issues relating to unethical practices. For example, in the 1960s, it was discussed in Kennedy’s Consumer Bill of Rights, while in the 1990s; Federal Sentencing Guidelines for Organization was developed. This chapter also provides the importance related in studying business ethics by looking at culture on a global context.

  1. In this chapter, I learned of how ethics contributes to employee commitment, maintenance and loyalty attributed to investors in fostering a healthy business relation. When a good, ethical relationship is maintained in the business, greater profits can be achieved. When employees relate with customers in an ethical way, it leads to customer satisfaction, which in turn spills down to maintaining of customer loyalty. This is essential in my life as I will be able to relate to other staff members and customers in a good way thus; maintaining the reputation of the firm. For accountants, it is practical for them to practice ethics because it will minimize the chances of having future problems and account for all monies in a professional manner.
  2. Developing a robust, ethical culture in a company is essential. Although, to ascertain the measure of profits that a company gets by being ethical is difficult since most accounting enterprises can be too ethical thus, losing its competitive advantage. As I was reading, I realized that some financial companies partake in high-risk opportunities while providing little information on the venture. As a thought, I believe that all companies need to design an ethical structure in their business operation in order to profitable. For example, Intel acted responsibly by incurring a cost of $1 billion in repairs and delays so that it can offer a quality product. In the end, it became more profitable than if it had ignored the design flaws in its products.
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