IMPORTANCE OF BUSINESS ETHICS TO BUSINESS

 1. It helps entrepreneurs to be trustworthy by recognizing that the customer is the king. This helps to maintain and attract new customers.

2. It enables business people to meet obligations of their customers and business partners regardless of anything else.

3. It increases business turnover through fair pricing of product.

4. It increases business profits. Good business ethics towards customers increases total sales of the business as well as its profits. This facilitates business growth and expansion.

5. It leads to societal recognition. A business person who is ethical builds the image of reliability and establishes reputation with his or her customers.

6. Easy access to human resources. By practicing business ethics, a business earns good reputation which enables it to get human resources to work for it.

7. Easy access to business inputs. By practicing business ethics to suppliers, the business is able to easily access raw materials and other production inputs from the society.

8. It enables the business to win government support. Honest businesses attract the government support and sympathy in times of need, for instance winning some local and foreign tender deals, tax rebates and rescue packages in bad times.

Comments

Post a Comment

Popular posts from this blog

ROCK CYCLE - DEFINITION

  Rock cycle is the cycle in which rocks tend to change from one type to another. For instance, igneous rocks may change to metamorphic rocks or sedimentary rocks; sedimentary rocks to metamorphic or igneous rocks, etc. It is a relationship in which rocks tend to change from one type of rock to another.   Necessary conditions for rock cycle to take place First, the molten rocks are erupted from the interior of the earth and then cool and solidify to form igneous rocks. Secondly, the igneous rocks are subjected to denudation process to form sedimentary rocks. Third, either igneous or sedimentary rocks undergo metamorphism, due to prolonged heat and pressure, to form metamorphic rocks. Fourth, metamorphic or igneous rocks can undergo weathering process through erosion and transportation of sediments which are further deposited in layers in the ocean or lake floors where they are cemented and consolidated to form sedimentary rocks and vice versa. 5. Fifth, metamorphic or s...
Read more

5 METHODS OF MAINTAINING SOIL FERTILITY AND QUALITY

Image
  Soil conservation refer to measures that are taken to protect the soil from destruction . The main measures that are taken to conserve soil include maintaining soil fertility and quality, preventing soil loss or erosion, and preserving the soil. Maintenance of soil fertility and quality; The natural richness and fertility and richness of the soil should be maintained in order to ensure continued soil productivity. This can be achieved in the following ways. Crop rotation this involves changing the crops planted on the farm, by alternatively planting leguminous plants such as beans with other crops such as maize to maintain nitrogen level in the soil Mixed farming this involves planting crops and rearing animals on the same farm. mixed farming is important in maintaining soil fertility because the remains of crops are used to feed livestock while cow dung and other animals excrete are used as fertilizers for crops in the farm Mulching mulching is the act of covering the farm wi...
Read more

5 TYPES OF HUMAN ACTIVITIES

Image
  Human activities are functions, tasks, or works done by human beings over time for achieving certain purposes. In total there are five types of human activities namely primary human activities, secondary human activities, tertiary human activities, quaternary human activities, and quinary human activities. These types of human activities together with their examples are going to be explained one by one below. The following are five types of human activities Primary human activities are human activities that involve extracting raw materials directly from the earth. Examples of primary activities are farming, fishing, lumbering, and livestock keeping. Secondary human activities these are human activities that involve the processing of raw materials into useful products. These activities involve converting raw materials into finished products and are mainly performed in urban areas. they accelerate the development of primary activities because they provide the market for products fr...
Read more