How to Make Ethical Business Decisions
Making ethical business decisions is an effective way to build the kind of reputation that will encourage loyal customers. Consider the following list when making business decisions.
- Develop a Code of Ethics. This Code will provide employees with a barometer to use when making decisions. Whenever making a decision, review the alternatives and compare them to the Code of Ethics to determine their compatibility with the Code.
- Ask how the decision will affect
allstakeholders. Decisions are often made to address a small segment of the business; however, many other stakeholders could be affected, so be sure to look at the big picture.
- Explore industry standards and regulations. Industry standards and regulations are an excellent place to start the decision making process. When making decisions, plan to not only meet the standards, but to exceed them.
- Don’t work in a vacuum. Getting other opinions will help provide a fresh perspective on the decision. Get advice from knowledgeable resources both before and after implementing decisions.
- Take the time to review past decisions. If mistakes were made, learn from them, do what is necessary to make amends, and move forward with new knowledge.