Financial Ethics for Your Perspective Business
In general, ethics are defined as taking the right decision when dealing with others. Every business will follow certain ethics with a proper vision in order to get more profits and maintain a constant relationship with their customers. Business ethics also include financial ethics as a part of it to make more money. This ethics usually include studying current economical behavior, financial management, accounting and so on. It defines the morality standards and expected behavior of an individual within the organization as a whole. Many businesses fail to implement financial ethics and as a result reduce their business profits. Here are some of the financial ethics for business.
Shareholder prospect
This involves making decisions from a shareholders perspective so that these decisions can guide to increase ROI (Return on Investment). The organizations believe that these decisions can help to make much more of the money. Many businesses fail if they try to practice unethical business practices. Every business must create a value for their shareholders since they provide the capital required to run the organization. If your business is unable to get required shareholders or investors at that time and need a small fund instantly then you can consider any short term loan like a payday loan. Financial ethics are related to many issues such as:
1.??????????? Increasing revenue growth
2.??????????? Maximizing productivity
3.??????????? Selling more products to customers
4.??????????? Providing greater services
5.??????????? Utilizing the firm?s assets efficiently
Every business sets goal and vision, this could tell the core purpose of their business. Every business achieves success when they focus on their client?s needs and provide services to reach their customer?s satisfaction, this can be done in many ways, such as:
1.??????????? Providing great services to your customers and outstanding customer care
2.??????????? Introducing new products in the market
3.??????????? Using the latest business technological issues to achieve your goals.
4.??????????? Taking regular feedback from your customers and seeking their advice
5.??????????? Know about your competitors and analyze which of their services make them better than you; work on it to attract more customers to your product and services
Stakeholder?s prospect
In order to make profitable business you must also consider decisions from stakeholders. Stakeholder?s management will create shareholder value. The organisation?s success is measured by considering the satisfaction among all stakeholders. The stakeholders may include:
1.??????????? Their employees
2.??????????? Customers or clients
3.??????????? Competitors on the market
4.??????????? Suppliers
Whether your business is small or large, the only way to get profitable business is by being ethical; though it is a long term process and requires lot of your time you must still follow these business principles and its ethics to acquire trust from customers, shareholders, stakeholders, bondholders and employees.
Submitted by Alicia
My name is Alicia. I am a tech writer from UK. I am into Finance. Catch me @financeport
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Source: http://monsterpolitic.com/financial-ethics-for-your-perspective-business
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