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Purpose of business ethics

Updated: 9/14/2023
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11y ago

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Business ethics allow businesses to trust those they do business with and the customer to trust those they buy products and services from. An ethical business will pay the agreed on price for services or material, they will deliver what they say they will, when they say they will. If there is a problem it will be dealt with fairly and equitably. For thousands of years businessmen have dealt with each other in an ethical manner according to an agreed on set of practices. They had to or no one would do business with them again.

Unfortunately some business try to take advantage of the customers, employees and suppliers. That's why there are laws regarding the enforcement of contracts and consumer protection laws protecting customers. The lawmakers tend to try to minimize the laws but unethical businessman keep coming up with new ways to defraud their fellow businesses and customers.

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