There is a lot of difference between knowing the right thing and doing the right. Knowledge is not enough, applied knowledge is essential. Ethics simply means principles that guide a person’s conduct especially a member of a profession, while ethical business leadership is directing your business with respect for moral beliefs, values, and also for the rights of others. Its major concern is ethical advancement and virtue. The most important word in ethical leadership is moral conduct. Sometimes, doing the right thing may seem hard or hurting but an ethical leader must still do the right thing. The major concerns of business ethics are:
- The society
Society: every ethical leader has to ensure that the activities and operations of the firm are not harmful to the society, lives, and properties of the members of the society. Every business owes the society the right not to be misled by the information released about its products. The last responsibility of the business is to give back to society. (Corporate social responsibility)
Employees: They are the greatest asset of every business. The success and development of the business depend on their input, abilities, and skills. It is therefore paramount that you treat them very well. i.e. pay salaries when due, provide working equipment, suitable working conditions, and qualitative training. If your employees are better, your business will be better!
Customers: They decide the future of the business. The business, therefore, has an ethical duty to provide standard goods. It is a punishable offense for a business to produce sub-standard or harmful goods.
Principles of business ethics
The right thing for every business is to obey the laws of the country and also the rules and regulations relating to the business.
Reputation and morale
A good name is better than silver and gold. Every ethical leader must ensure that the reputation of the firm is not dragged in the mud.
Every good leader must account for the resources of the firm accurately without mismanagement.
Respect for others
Ethical leadership entails equity. Everyone deserves to be treated well, respected, enjoy human dignity, autonomy, and privacy rights, regardless of sex, race, or origin.
A business that is not fair is not ethical. Your business must be opened to the public, willing to admit wrongs, committed to justice and equal treatment of individuals.
Stay true to your customers, be devoted to the society at large and never do anything that will harm the public
This connote wholeness of character demonstrated by the consistency between thoughts words and actions.
An ethical business leader must always be honest in all of their dealings with people as this affect the reputation of the business. Honesty is the cornerstone of trust.
Doing the right thing, is doing a good thing. Never compromise standard. It is inestimable!