The perception of whether the company is good or bad influences a wide range of crucial decisions. Such influence includes whether one will purchase products or services from that business to whether they will be partnering with or be employed by the stated company. Various aspects distinguish good from the bad, and these aspects vary between individuals. The paper will discuss the different elements that shape companies to be good and make other bad with consideration being made to the ethics.
The view on whether the company is good or bad is influenced by the personal interest of the various individuals. The concern is shaped by what the person under discussion stand to gain when the company takes multiple steps. The concerns vary among the different individuals who are affected by the operations of the company. These persons of interest include consumers, employees, partners, suppliers, management and stakeholders. For that reason, specific practices that the stakeholders may view to portray the company as good may lead to a negative perception by the consumers of the business outputs. However, evaluating whether the company’s operations are ethical has been identified to be a standard way of determining whether the company is good or bad.
Delegate your assignment to our experts and they will do the rest.
The ethicality of business is influenced by the different values and beliefs possessed by the individuals. Business ethics, however, require the operations of the company to be in line with the moral principles that govern individuals involved in the business to include adherence to the legal requirements governing industry operations. The interest of the consumers, employees and the various stakeholders also need to be taken into consideration when making a business decision. For that reason, a good company may be described to be a business that adopts ethical business practices. Although the ethical business practices may pose a negative impact on the financial outcome of the company on the short run, they are highly likely to improve the image of the company on the long-run and as a result, positively impact the stakeholders.
Various ethical business practices can be used to define a good company. One such practice is by establishing the ethical standards. By taking action, the organisation will have made it clear on the various behaviours that are acceptable to the employees and the partners in the supply chain. Ambiguity should be addressed by outlining the multiple actions that qualify as proper business conducts.
Good business also ensures the leaders exhibit proper behaviour. The management acts as the image of the company, and therefore their actions reflect the firm. Good enterprise can be differentiated from a bad one by the tendency of the business leaders to act virtuously and acting as an example to the employees. By upholding high ethical standards, the leaders will act as positive role models to the employees.
Another trait about good business is that they can diligently enforce the various policies and regulations governing the company. Within such a business, unacceptable behaviour is not accepted in the business, and such law-breakers face the consequences without discrimination. Also, staff who exhibit best practices are praised and rewarded accordingly. That will act as a motivation for the other staff members to adopt positive practices, which will, in turn, have a positive impact on the business in the long-run.
A good business is also one that encourages involvement with the community through corporate social responsibility. By ensuring the business is directly and positively involved in the community to create a positive impact, the company will be viewed to be ethical. Such involvement in a community can be done through participation in volunteer programs, financial donations or even involvement in establishing or maintaining health and educational facilities.
