Businesses do not exist solely for profits. They also exist for empowering people and the society. To do this it is important that they adopt ethical practices. Ethics hold a special value in the world of business which is because the companies that were involved in unethical business have done great deamage to their own reputation as well as as the trust that society had placed in them. Another important benefit of adopting ethical practices is increased business performance and productivity. Ethical business does not mean not focussing on profits. You can focus on your profits and still remain ethical. You do not need to steal from your customers, employees, shareholders or your society to become a profitable brand. Instead what happens when a business adopts ethical practices is that its image improves. The environment and culture of such companies is also a lot better and such companies are great to work for. Research has highlighted that the companies that have a good and ethical image have benefitted both in the short and the long term. The modern business environment is full of such examples where great brands are great becasue they are ethical. Starbucks is a great example of ethical business operation. It focuses on ethics in all aspects of business from sourcing and supply chain management to employee conduct and customer service. The premium coffee brand has made a place for itself in the heart of its customers based on its quality and ethcial business. It does not allow any kind of discrimination at the workplace whether it is against the emplkoyees or the customers. Apart from that it focuses on the empowerment of the farmers it sources its coffee from. the business has also invested in social responsibility and environmental protection. Now, one of the key strengths of Starbucks is its brand image. Businesses must understand the power of ethics. Having an ethical image and environement means gerater popularity and customer loyalty too.
0 Comments
Leave a Reply. |
AuthorAbhijeet Pratap Archives
October 2021
Categories |