Ethics and moral principles are vital attributes for any business to earn and sustain the trust of customers for longevity, sustain undisputed and unquestioned business for ever, and enjoy long term success in terms of revenue and reputation.
Many companies having firm ethical and fair trade/business practices are surviving and thriving for centuries, overcoming all upheavals through ages.
Presence of strong ethical business structure facilitates companies to clearly establish and follow good corporate governance procedures and to foresee and elude any bad business practices.
Prior to venturing into any line of business or territory, a company must develop a strong business ethical protocol to write off any ethical dilemmas and to handle with any controversial and unprecedented events. Trust, transparency, considerate and reverence are major traits of the business ethics.
Company have to design their work culture and functionality to develop a trustworthy business and work environment. This is critical to earn the trust of customers, employees, business partners, agents and any third party suppliers.
Fair, just and equal treatment to all people involved in the business is critical to maintain transparency in:
a) Business transaction with customers and external stakeholders; and
b) Appraisal system and grievance redress system of the employees.
Timely consideration and resolution of the customers concerns and real time issues of the employees will be a critical connection in serving customer satisfaction and boosting the morals of the employees.
Reverence towards customers and employees is one of the prime facets in maintaining long term relationship with customers and retaining the qualified and talented employees for long period of time.
Every business should have a unique and dedicated business etiquette protocol and a training system in place to educate the people (internal and external) associated with the business about the criticality of observing the business etiquette protocol to conduct the business in ethical and transparent manner.
Business etiquette of a company will reflect in its moral, ethical and social values. Such moral, ethical and social values of a company shall comprise of:
a) Honest service to customers.
b) Following statutory approved protocols for customer protection and safety.
c) Equal and fair treatment to all the people connected to the business.
d) No mental, physical and economic exploitation of any group or person who are serving the business.
e) Business etiquette is a moral responsibility of a company to thrive the business on certain set of moral and ethical values.
f) Integration of right set of moral and social values into business structure will protect the business and economic interests of all business stakeholders.
g) A standard business etiquette protocol will clearly establish business limitations in terms of legal, social, economical, cultural and other limits.
h) Educating the business stakeholders about the benefits of observing business etiquette protocol and preserving moral and ethical values will define the course of the business in terms of reputation, revenue and durability.
i) Despite of size and magnitude of business it is moral responsibility of every company to establish business etiquette protocol and to ensure all stakeholders are observing the business etiquette protocol without fail.
Economic and Financial Scandals
Intellectual Property Rights (IPR)
Professional and Behavioural Matters
History has proven from time to time that companies which craved for short term success by resorting to unethical and unfair trade practices have crumbled to ground from top position following the unveiling of the fraud which was basis for such short term success.
To avoid the aforesaid fate, establishing and observing standard business etiquette protocol is moral responsibility of every company and is also only way out for companies to sustain long term success, to retain the customer base for longevity and to reign as market leaders in their line of business.
Bhumesh is the Managing Partner of Corp Comm Legal, an Indian law firm. He is ranked among the Top 100 Indian corporate lawyers. He is advising domestic and foreign companies on M&A, joint ventures, corporate - commercial issues. Besides, he has written a book on Drafting of Commercial Agreements, has a couple of books in pipeline and trains students and professionals on Drafting Skills and corporate laws. He writes regularly on legal, business & other issues and is a guest faculty lecturer with educational institutes. Bhumesh holds a Bachelor of Laws (LLB) from the University of Delhi and a further qualification in International Law and Legal Studies from College of Law, York.