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Ethics

by Ben Hughes

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Businesses need to make profits to survive. Without making money, businesses can't invest and can't compete. Breaking-even isn't an option; making a profit is what counts.

So why do I think that business ethics is more important? Business ethics exist to ensure that there is a "correct and proper" behaviour code for those practising business. This means that that there's an emphasis on wider social responsibilities, such as the local community or the natural environment. The competitiveness of competition and profits won't always bring this.

With an emphasis on profit, businesses are at risk of ignoring these wider ethical issues. On the positive side, the huge profits of multinational companies can be used for the greater good, which purely ethical companies are unlikely to do.

But in our moral 21st century climate, staff and consumers want a focus on ethical issues. They want a business they can trust, who pay fair wages and value honesty and integrity. Selling Fair Trade products and refusing to support sweatshops will be more appealing for some consumers than whether shareholders are being paid huge sums of money.

One example of ethical business, Fair Trade, has resulted in a booming business which is growing each year. This, in turn, generates greater profits. So while ethics are more important, it's essential to understand that they aren't mutually exclusive, but the ethical principles help to underpin the financial side of the business and lead to greater turnovers.

Creating a positive business image is important for success. The rising prices of food and energy in Britain may help some corporations increase their profits, but nothing will currently create a better business image than creating an ethical business.

A successful advertising campaign and marketing strategy will be able to attract the consumer through an ethical point of view. And a good entrepreneur will be able to "exploit" the ethical side of the business to generate profits, but will understand their responsibility to the world which can co-exist alongside the business principles.

Nothing is as successful for creating a great brand as selling an ethically-based product from an ethically-based business. And while profits are important, they shouldn't be the sole driving force behind businesses.

Learn more about this author, Ben Hughes.

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