Question

The importance of ethics in business can be understood by the fact that ethical businesses tend to make much more profits than the others.

Discuss from your own perspective

Answer 1

if we perform our business taking into consideration the business ethics for the performance of our activities in the organization, then it will be beneficial for the business in the long run and will earn us more profits and reputation than others.

Firstly we can say, that business is conducting its activities under some norms and ethics, then its customers will be satisfied because of their good values and the bond of trust. as a result their overall profitability will be increased because of a loyal customer base which is the result of our business ethics.

Moreover, if we fulfill business norms and ethics in the organization, then our employees will be happy, satisfied and motivated. it is because of which their efficiency and productivity will be increased causing success and prosperity for the organization. If employees are satisfied and have a good relationship with their colleagues and superiors within the organization, then because of a good organizational climate they would be motivated to work also. here business ethics will walk like an incentive to work for employees which will ultimately impact the betterment of the organization and will contribute to increased profitability of the organization.

If we talk about suppliers, they will also be satisfied if we are following norms and business ethics and values, as it will help in improving our relationship with the suppliers and will help in the creation of a bond of mutual trust where both will get impartial treatment and any unfair pressure tactics will be avoided, causing to stabilizing the cost of production. Excessive government regulations and penalties will also be avoided when n-word with proper norms and ethics.

Everything discussed above will help the business in increasing its profitability.