Unethical company Practices

Bad press and lawsuits are things that every business owner fears. Bad press can ruin your reputation, as well as your business, and lawsuits can bankrupt you. The easiest way to avoid both of these situations is to avoid unethical business practices. There are very easy ways to avoid unethical business practices.

First, adhere to the old standby that honesty is the best policy. Be honest in all of your business dealings, either it concerns vendors, customers, or employees. This also means that you need to use honesty when reporting income and expenses, when paying employees and vendors, and when disclosing information to customers.

When you are faced with a complaint, either that complaint comes from a customer, a vendor, an employee, or the community, the complaint needs to be dealt with head on. Burying your head in the sand, and hoping that the question will go away will only serve to make the situation worse, and because you are responsible, this isn't the ethical way to handle problems. Never try to spin your own version of the truth to make the question not look as bad as it of course is. This will only damage your prestige in the long run.

When many fellowships are using unethical business practices, instead of trying to strict the problem, they try to cover it up. They will even go as far as paying loads of money on advertising and public relations to try to hide the problems at hand. Again, this is an unethical business practice, and it should be avoided. When mistakes are made, address them clearly, apologize, do better, and move on. The society as a whole will respect you a great deal more for this than they will if you do nothing, or try to hide a problem, only to be found out later.

Ethical business issues often arise that have slight to do with the workplace, but a great deal to do with the stock that is being sold. It could be that there are dangers with the stock that were only recently discovered. If you are practicing ethical business, you will apprise the public about these dangers, and depending on the extent of the danger, you may need to recall the stock - even if it means losing some money, and losing some business in the future. Recall the stock and fix the problem, and you will avoid a loss of your reputation, as well as lawsuits. When you recall a product, you get press, but because you took the proper ethical action, it isn't considered to be bad press.

Placing blame is someone else issue. When problems occur, it seems that a businesses first instinct is to look for someone to blame, instead of taking responsibility for the question themselves. Not only is this unethical, it is approximately childish in nature, and it does slight to instill trust in the public, in employees, or in vendors. If the issue arose because of a mistake that an worker made, depending on the seriousness of the problem, the worker may be fired, but it is unethical for the business to name that employee. In the public's eyes, it is the business that made a mistake, and not an employee.

Again, there are many unethical business practices that crop up in the business world on a day-to-day basis. For your single business, it is foremost to constantly monitor yourself and your employees to ensure that you are operating above board, and that unethical business practices are dealt with immediately, in the best possible way.