How to Make Business Decisions Ethical. Foundation and Sources of Ethical Business Decision
HOW TO MAKE BUSINESS DECISIONS ETHICAL
Important decisions take time and careful thought. Here is a plan that works.
Think about the impact of your actions on all the stakeholders! Stakeholders are those people affected by a decision. That is, they hold a stake in it. Before you do anything, determine who is likely to be helped or harmed. Avoid or reduce the harm.
Ethical principles (trustworthiness, respect, responsibility, fairness, caring and citizenship) are ground rules for life. Ask yourself whether your options are trustworthy, respectful, responsible, fair, caring and examples of good citizenship.
Ethical values (trustworthiness, respect, responsibility, fairness, caring and citizenship) outrank and override unethical ones (money, popularity and prizes)!
The long run outranks the short run. After all these steps, if you are still unsure of what to do, go with the choice that will produce the most good for the most people. To make tough decisions, eliminate choices that have nothing to do with ethics (like power, popularity and prizes). Then pick the most ethical option left.
FOUNDATION AND SOURCES OF ETHICAL BUSINESS DECISION
Foundation of ethical Business Decisions
Feelings for others
The business man is challenge by business consideration each day. Many of these decisions are complex and raise ethical consideration. The business decisions of business man so complex for six reasons;
First, ethical decisions have extended consequences. They often have a ripple effect in that the consequences are felt by others outside the venture.
Second, business decision evolving ethical questions have multiple alternatives. It is not always do or don’t to do. Many decisions have a wide range of alternatives that may allow a mixture of less-important decisions.
Third, ethical business decision often have mixed outcomes. Social benefits as well as costs are involved with every major business decision, as are financial revenues and expenses.
Fourth, most business decisions have the uncertain ethical outcomes.
Fifth, most ethical business decisions have personal implications.
Finally, there are decisions the business man often forces to take which are likely to have situational implications from ethical point of view.