When I was younger, I had the opportunity of going to deposit money for my uncle in a bank and till today I still dread the experience. Not just from the lack of concern showed by the staff but its nonchalant attitudes made me dislike the bank and resolve never to patronize it again. Childish? It might seem so but it is the reality of every other person out there, first impressions always last the longest and one might think it doesn't affect the banks profit but believe me it will start to. That bank closed down not long after that showing business ethics is very important right from the CEO to the man on the counter.
Business ethics are codes and standards that govern the actions and behavior of an individual in the business organization. The conduct of individuals of a business and the entire organization is very important if the business intends to remain afloat and turn out profit. These ethics include personal, professional and corporate ethics of the organization and applies to all the conduct of the business no matter how insignificant it might seem.
On the individual I.e employee level, the honesty, integrity and trustworthiness an employee reflects is just as important as how colorful the adverts of the products and services are. The level of respect shown to every customer regardless of the customers status or earning. This creates a sense of loyalty in the customer and the trust that they will be fair customer satisfaction and so creating the longing to patronize the business often. Although a lot of people don't notice, it us like an invisible bridge connecting the customer to the business and off course boost the image of the business positively.
On the path of the employee which most businesses ignore and is steadily affecting the companies productivity and relation with customer is bad employee treatment. From ignoring benefits, promotions and salary increases to laying inhumane policies which prevent employees from living their life. Although it may not reflect immediately on the company's profit chart, it would steadily reflect in employees performance and interaction with customers and clients and indirectly begin to tarnish the business's image. The employees will begin to take out their frustration on the customers and possibly begin to rob the business every opportunity they get. It is quite easy to fire and employ new staffs but with frequent changes in staff, customers start to doubt the business's integrity and authenticity.
Not only are ethics important in customer relations or employee relationship but in every interaction the business has with investors, agencies, the government and even the community it resides in is important. Not engaging in dubious or scrupulous activities that may bring the business legal and financial cases which will in turn ruin the business's reputation. Being law abiding and following the laid down rules and policy of a state or country in which it finds itself. From pricing, ingredient compositions, environmental policies and so on depending on the type of business or services rendered.
Good ethics in every conduct benefits not just in profit making but practically everyone including boosting employees morale and ultimately profit making.