Code Of Ethics In Business
Monday, March 28th, 2011code of ethics in business
“successful business”- some codes and ethics
Have you ever wondered how some of the biggest player in the business world carry about their business and why they have a dominating effect on the market?
It is as much intriguing as it is fascinating.
Again, why do we trust a Mc Donald’s or Wal Mart more than anything else? Why kids always wanted a Nike shoes or an Adidas gears? Why do we dream of owning a Ferrari or a BMW?
It’s the brand that we dream. We want to possess the best accessories, travel in the most expensive vehicle, spend some time in world class hotels and eat at some of the finest restaurants. It’s a wonder how these brands capture every person’s imagination. How can they influence us so much?
First of all, behind each of these brand, is a person who can think twice or thrice or even four times as much as we can; who has the ability to take some of the toughest decisions or even some of the riskiest ones; who follows his dream so fiercely that no setback can put brakes on his speed. He is a leader, a motivator and a mentor.
For a successful business, you need a team. One of the grossest mistake is to include people who are incompetent and inefficient. It increases your own burden. Don’t include someone because he/she is your friend or relative. Having experts in a team certainly has advantages. It’s always good to have five great back-up ideas instead of sticking to one and hoping for the best. Again, synergy of values and attitudes is more critical for an organisation.
Choosing the right kind of market is very important for a business. Look if you are making contributions or not. Again, the product you choose should make an impact on the consumer. It should fundamentally change something that generates value. It is very important for a budding business to look at purpose , not money.
Learning to value your customer is very important in a business. If you look at the best hotels, they maintain a database of their customers. So, the next time they check in, they are greeted as MR X or Y and not as some random strangers . this actually makes quite a difference. The customer feels that they are back to a place where they are valued. It instill customers trust on the brand. Again, who is not aware of Mc Donald’s quality and service? whether you eat something here or in some other country, Mc Donald’s product tastes the same. Such is their emphasis on quality and taste. BMW allows its customer to choose even the colour of their seat, when they place an order. Moreover, it also gives its customer the flexibility of changing anything like colour, design etc just 5 days before the delivery date.
People always say, if you can sell a wrapper, you can do business.According to me, it’s nothing but cheating. However, the above mentioned brands don’t make a fool out of their customers. So, it’s always advisable for a business not to get associated with something that just sells. It can generate money but certainly not respect and trust. If one want to retain their costumer and also attract new ones, then they have to show complete honesty and provide the best of services.
The key to a successful business is perseverance. Certainly, you are not going to make any difference in a year or two. Be prepared to remain low key for a considerable period of time but atleast stick to it. Never compromise on quality and always remember your costumer. In 3 yrs time people will recognise you for your service and few more years of hard work can make your company a brand and you, an overnight wonder.so, hang on…
About the Author
i am a civil engg. student actively involved in blogging
visi my site http://www.fourmodules.com/blogs
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Standards of Practice Handbook, Tenth Edition 2010 $34.40 The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to lead the investment profession globally by setting high standards of education, integrity, and professional excellence necessary to maintain trust in financial markets. The tenth edition is effective 1 July 2010…. |
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what company should i pick?
Companies that have been successful in creating an ethical culture often address ethics in their Mission Statement as well as their Code of Ethics (COE).
Research a company and locate the Mission Statement and Code of Ethics. Using the located information, answer the following:
What does the business do?
Does the company address ethics in its Mission Statement or just in the Code of Ethics?
Do you think it is more effective to address ethics in both places or will just one do? Support your answer.
You are free to pick whatever company you wish.
