Rarely is there the person who does not encounter an ethical or moral dilemma at some point in his or her business life. Everyone is likely to have to face such an instance eventually whether that individual is the owner of a multinational corporation, a small business entrepreneur, or a new or established employee.
Many individuals are faced with making a decision based on how it will affect not only himself, but on how it will affect the company as a whole, just like personal ethical dilemma. Therefore, it is very important to understand and apply the ethical conduct for businesses.
What is business ethics? It is the application of ethical values to business behaviour. From boardroom strategies and how companies treat their suppliers to sales techniques and accounting practices, it applies to any and all aspects of business conduct.
Business ethics applies to the conduct of individuals and to the conduct of the organisation as a whole. Ethics goes beyond the legal requirements for a company and is, therefore, discretionary. It is about how a company does its business, how it behaves intrinsically.
Every business should have code of ethics which their employees should strictly follow. To learn more about the importance of ethics in businesses, check out this link: http://smallbusiness.chron.com/importance-ethics-organizations-20925.html