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Ethical Buisness

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Ethical business practices include assuring that the highest legal and moral standards are observed in your relationships with the people in your business community. This includes the most important person in your business, your customer. Short term profit at the cost of losing a customer is long term death for your business. A reputation for ethical decisions builds trust in your business among business associates and suppliers. Strong supplier relationships are critical to a successful business. Consider the problems you might have if you could not supply what the customer needs...at the time that they need it. The entrepreneur is the role model for employees. ...read more.


If you are located in a mall, for example, your code of ethics will help or hinder customer traffic for the other businesses too. A reputation for telling customers anything they want to hear, regardless of the truth, eventually hurts your business and other businesses around you. It usually isn't illegal to lie to customers, but it isn't good business. Ethical behavior is merely making good business decisions based on an established "code of ethics". Entrepreneurs should establish a written code of ethics that can serve as a framework for decisions to be made by the entrepreneur as well as the employees. ...read more.


6. Train your employees (and family members) to make ethical decisions about the business. Your code of ethics will apply to all types of business operations including the following. * Handling cash and checks from customers * "Negotiating" special prices for a friend without permission * Accepting gifts from suppliers and business associates * Selling damaged merchandise * Warranties on products * Merchandise return policies for customers * Returning merchandise to suppliers * Handling shoplifters * Accounting procedures for cash sales * Employee theft * Insurance coverage adequate to protect the business and employees * Supporting your advertising promises * Checking in merchandise when received from suppliers * Keeping the premises clean and free from harmful substances or germs. * Handling employee performance problems * Telling customers the truth ...read more.

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