good governance PPT1

Business

is an organization or economic system where goods and services are exchanged for another or money (Business Dictionary, n.d.). Every business requires some form of investment and enough customers to whom its output can be sold consistently to make a profit. Businesses can be privately owned, not-for-profit, or state-owned.

Business

Business is "an organization or enterprising entity engaged in commercial, industrial, or professional activities." It can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause. Businesses range in scale from sole proprietorships to international corporations. Several lines of the theory are engaged with understanding business administration,

including organizational behavior, organization

theory, and strategic management.

Nature of business

Businesses vary in size, as measured by the number of employees or sales volume, but all businesses share the same purpose: to earn profits. However, it should be noted that its purpose goes beyond making a profit.

Nature of business

1. Business as an essential institution in society

2. Supply of goods and services

3. Creates job opportunities

4. Offers a better quality of life

5. Contributes to the economic growth of the country

Internal environment

Plans & Policies

Human Resource

Financial Resources corporate Image

Plant and Machinery

Labour Management

Relationship

External Environment

Micro environment

Macro environment

Micro environment

The customers

The competitors

The Suppliers

Society

Macro environment

Demographic

Economic

Technological

Political Cultural

Ethics

Rules and regulations

Values

Research

Moral principles

Ethical practices

Rules of conduct

Ethics

Ethics are moral principles that govern a person's behavior or the conduct of an activity.

Ethics

It is also known as moral philosophy that involves systematizing, defending, and recommending right and wrong behavior concepts. Over time, what counts as business ethics in history has changed, and the numerous areas of ethics are important to every organization.

Ethics lays the strategic decision making

Leaders and workers of a business characterized by making ethical behavior make decisions that are socially acceptable.

Business increases employee retention

Employees always want to stay longer in a business where the employers value their rights and opinions.

An ethical business attracts investors

A business that promotes ethics in its management and operations create an investment-friendly environment.

Ethics minimizes costs

Fewer funds are spend in employee recruitment since kost of the employess are retained in the business

Ethical practices help in building and maintaining reputation

A large part of ensuring business success is down to maintaining a food reputation among your customers

An ethically oriented company is bound to avoid fines

They comply with the law, file their tax returns in time, ensure quality of products and services

Ethics in business attracts more employees

When your company is reputable, more people will be interested to work for you

Good business ethics is the key to enhancing productivity

People will work harder at their jobs if they believe that what they are doing is ethical

Ethics creates customer loyalty

A reputation build on good ethics helps create a positive image in the marketplace.

Ethics encourages teamwork

Employers and employees who trust one another work together harmoniously and effectively.

A business that values ethics attracts more Suppliers

A business without suppliers is as good as a failed enterprise.

Ethics in enhances partnerships

Partnerships in the business world are very crucial.

Ethics reduces business risks

As trust and loyalty are built on ethics, chances of losing potential customers, suppliers, employees and even the company itself are minimal.

Ethics increases business profits.

The decrease in risks and costs mean that the output is likely to be higher than the input hence the company makes a profit.

Ethics lead to sustainable growth in sales.

An increase in customers leads to an increase in demand.

Myths

Business ethics is more amatter of religion than management

Myths

Business ethics in the new police person on the block

Myths

Ethics can't be managed

Myths

Our employees are ethical, so we don't need attention to bus, ethics

Myths

Business ethics and social responsibility are the same thing

Myths

Business ethics is a discipline best led by philosopher & academics

Myths

Our organization is not in trouble with the law, so we are ethical

Myths

Business ethics is supertiuous-it only asserts the obvious: Do good!

Myths

Managing ethics the workplace has little practical relevance

Myths

Business ethics is a matter of a good guys preaching to the bad guys

Business ethics

carries significant influence in the corporate world. Not only does it change how businesses operate on a day-to-day-basis, but it also influences legislation around corporate regulation.

Business ethics

is the study of how a business should act in the face of ethical dilemmas and controversial situations.

Business ethics

• This can include a number of different situations, including how a business is governed, how stocks are traded, a business's role in social issues, and more. Many businesses leverage business ethics to remain clean from a legal perspective and boost their public image.

It ensures trust between consumers and the businesses that serve them

THE RELATIONSHIP BETWEEN ETHICS AND BUSINESS

1. Businesses that exhibit and promote strong corporate codes of ethics are more prosperous in the long run.

2. The highly competitive environment in today's global economy puts pressure on company leaders to remain profitable and to show a good return to stakeholders.

3. It's easy to blame "the system", yet many fail to realize "the system" is comprised of decision-making individuals.

   4. When companies make unethical decisions, it can result in defective or rushed products, the unsubstantiated firing of employees, and false product presentations.

   5. The establishment of higher levels of ethical behavior within a business benefits the company in many ways.

   6. Economic rules dictate that the larger a network, the more value is added to that network.

   7. Ultimately, implementing a strong ethical policy is a win-win situation for all.

Business ethics carries a significant influence in the corporate world:

1. It keeps the company running within the limits of the law, ensuring that they do not commit crimes against its workers, clients, consumers, or other parties.

2. Companies may also create trust between the company and the customer.

3. It is also extremely desirable to investors and shareholders to be an ethical business.

4. It may also be advantageous for the organization's personnel and activities to practice corporate ethics.

Trustworthiness

Consumers appreciate openness, as it provides them with insight into how a business operates and conceptualizes the work that they do. Employees also appreciate this quality in a business that they work for.

Respect

Showing respect for employees and customers involves following through on all promises - and providing sincere apologies and appropriate compensation if anything falls through.

Fairness

Treating customers and employees with a sense of fairness and justice is a key type of ethics.

Caring

Being open to their struggles and coming to the table with solutions will show empathy - a valuable tool for any business to utilize.