30 Important principles of Business Ethics

30 Important Principles of Business Ethics

Some of the basic and important principles of business ethics are as follows:

30 Basic principles of business ethics

Image: 30 Basic principles of business ethics

1. Service motive should be preferred rather than profit motive.

2. There should not be any discrimination as to the rich, the poor, the high, the low, the caste, the religion etc. against any particular group of people.

3. Maximum satisfaction should be available to consumers.

4. Enough consideration should be given for clean environment.

5. Human feelings should be given importance.

6. Scarce resources should not be wasted.

7. Business must be a dynamic one.

8. It should provide quality products at reasonable price.

9. It must assist in raising the standard of living.

10. Competition should be healthy.

11. There should be job security to employees.

12. Businessman must pay fair wages.

13. Better working conditions should be provided.

14. Efficient employees should be properly motivated and recognized.

15. Employees should be allowed to participate in management.

16. Monetary and non-monetary incentives must be given to employees.

17. Businessman must pay taxes and fulfill other obligations promptly.

18. It must avoid unfair trade practices such as hoarding, black-marketing etc.

19. Businessman should not form cartel agreements to control production, price etc.

20. He must disclose all relevant information to those persons who require the same.

21. He must prepare genuine books of accounts and present before all authorized persons as and when required by them.

22. He should protect the interests of its members at the time of amalgamation, absorption etc.

23. He should be ready to extend mutual co-operation and mutual help.

24. It should work for the development of the nation.

25. He should follow proper communication system at all levels.

26. He should not make promises that could not be fulfilled.

27. Its assets should not be utilized for personal use.

28. Employees should be allowed to share their opinion in the work place.

29. It should follow proper personnel policy as to promotion, transfer etc.

30. He should not involve in politics.

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