Seniors Meeting Financial Advisor Corporate Law and Ethics for Running a Smooth Business
The subject of corporate law and ethics is an interesting one, especially for a small business owner. Today we cover here, seniors meeting financial advisor corporate law and ethics for running a smooth business. Whereas most people know and agree that the laws of their country regarding business are there to be followed and there for a reason, ethics is a different thing entirely. Ethics is a bit more subjective and usually goes beyond what is stipulated in the law.
It is important for a fledgling small business to set out a code of ethics for its employees so that business is conducted in a particular way that improves the profit margins and keeps the customer base growing instead of shrinking.
What is covered by a company’s code of ethics is an important thing for the owners and managers to consider as it determines how their workforce on all levels can and will behave. For instance, some people may think it necessary to have a ruling about office relationships as they could affect the productivity of the workforce, however many other people would suggest that it wasn’t management or any supervisory or board level’s business to know such things about its employees.
On the other end of the scale, how would ethics determine what is right when a particular product produced by a company has been banned from its home country because of harmful toxins, but they discover it could be sold in a different country. That company would face the dilemma of selling the item in the other country and possibly incurring problems further down the line from customers who disagree with the action or deciding against it entirely.
The majority of the largest and most successful businesses in operation today have a strict written code of ethics and what is often known as an ethics officer who handles allegations and situations that breech the code. There are many good reasons why a small business should adopt a similar approach. For one, it makes it clear from management level to call center or factory level what is acceptable working practice and behavior when at work or while engaged in activities related to the company or work. It helps safeguard the company’s reputation as having a code of ethics in place and an ethics officer usually means that problems are dealt with before they get out of hand or before customers or the press get wind of them.
For a small business, especially a new one, it is important that it is perceived in a good light. Nowadays customers and investors are more concerned about ethical behavior than ever before. If a company employs children in factories or sells goods that have been produced, grown or packed by people unfairly treated then the press and potential or current customers find this out could seriously dent that company’s profit margin and customer base as well as its reputation. They may be legally allowed to do what they are doing, but people will still be put off by the moral or ethical right to take part in such practices. A company looking to outline a proper ethical code of conduct should consider looking for help in creating one.