Fair Business Practices the Modern Business World

¶ … Fair Business Practices

The modern business world demands that managers and companies must be ethically principled. In this case, ethics alludes to moral principles coupled by the behavior of a just live or business. In business, moral principles stem from logic. Therefore, a logical manager reasons morally and abides to the reasoning in order to protect the business. The following are the top three ethical principles one would need to abide by in order to be considered successful in business.

Environmental, health and safety principles

These principles are derived from values, policies, regulatory requirements, and legal requirements. Compliance with the laws is a core value and the single most priority for anyone in the business world. This set of principles is transformed into action by performance standards, standard business operating procedures and current best business practices. All these are reinforced by compulsory annual internal audits. Frequently assessing the structure of standards promotes a continuous system evaluation to improve performance. Managers must apply numerous performance standards across all departments within a company (Fernando, 2013). This is made possible through mandatory annual internal audits and employee training. Companies must have flexibilities in terms of how they achieve standards. This enables consideration of local circumstances while controlling costs. Successful managers must use performance and internal audit scores when evaluating the effectiveness of the company's efforts in implementing global business standards. The manager will then endorse these measures and conduct them semi-annually. The overall results must be then reported to the Board of Directors.

Worker Exploitation and child labor principle

Business managers ought not to use forced or child labor in any of their company's operations. They should not tolerate inappropriate employee treatment like physical punishment, child exploitation, and involuntary servitude. The manager respects workers' freedom of association and expression, collective bargaining, and third party consultation. Managers must expect contractors and managers with whom they share business to adhere to the same principles (Vilcox & Mohan, 2009). In case a manager is aware of a violation of the set of principles, the business relationship must be terminated.

Fair Dealing with Customers and Suppliers

The success of a company relies upon developing productive associations with customers and suppliers based on ethics behavior, integrity, and mutual trust.

Appropriate Treatment of Suppliers

Suppliers are the most valued business partners for the success of any business venture. Managers must ensure a company's relationship with its suppliers is characterized by fairness and honesty. Suppliers must be appointed based on competitiveness in terms of the total value. This includes price, technology, value, quality, and services. Companies must communicate their terms and conditions of forming supplier relationships in the course of supplier selection process. The company must make any acceptable modifications prior to forming the prelateships. Incorporated in the standard conditions and terms are policies about confidentiality, payment terms and the use of worker health, labor practices and intellectual property, besides environmental requirements (Jeurissen & Rijst, 2010).

Appropriate Treatment of Customers

For a manager to be successful, he/she must ensure the company recognizes that customers have individual expectations and needs mirroring mutual success opportunities. Managers must ensure the company is treating customers equally and is not giving some customers an unfavorable advantage over other competing customers. This will be achieved through deterring customer discrimination by channel, type, size or business strategy (Vilcox & Mohan, 2009).