W1Q1 #8.docx - There are many benefits to having good ethics in business including protecting your company’s reputation having better financial

W1Q1 #8.docx - There are many benefits to having good...

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There are many benefits to having good ethics in business, including protecting your company’s reputation, having better financial performance and building relationships with customers. “Within a business setting, individuals will constantly be asked to make decisions affecting both their own personal integrity and their social responsibilities,” (Hartman, DesJardins, & McDonald, p. 13, 2018). Displaying good ethics demonstrates to customers and employees that you are thinking of others when making decisions and doing what is considered right. Displaying strong business ethics can help retain and attract high performing employees and loyal customers which can often lead to success. A major benefit to acting ethically in business is that it can improve or create a positive reputation for the company. This can be a major differentiator in comparison to the company’s competition. “A firm’s ethical reputation can provide a competitive edge in the marketplace with customers, suppliers and employees,” (Hartman et al., p.8, 2018). Displaying business ethics can have a positive impact both nationally and globally on a B2B and consumer level. It showcases the company’s standards of behavior and how management treats individuals in the business, by doing things the right way and thinking of how their decisions will impact their employees, partners and customers.
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