Is Good Ethics good on Business?

Modern businesses are increasingly becoming aware on the importance of ethics in their dealings. We can note from history that all the major failures and bankruptcy in businesses are caused by unethical practices by some greedy and crooked individuals. Starting from Enron and Worldcom and more recently the global financial crisis on 2008 where financial institutions pursued profits over practicing prudence and even breaching ethical standards. So the major question today is that "Is Good Ethics good on Business". As a young professional, I can definitely say that it is a big YES.

As we all know, businesses are made in pursuit of profit but it should be stated that businesses should consider moral and ethical standards in their pursuit of profits. I don't believe that ethics and profits are two separate and contradicting statements rather profits and ethics should be working hand in hand in order to build a lasting business. I believe that the one thing that separates a long and lasting business from those that don't are not their products nor their profits but the moral and ethical standards of their leaders.

I believe that being ethical has its long term rewards. All companies are being faced with ethical concerns every day and it is up to the senior management of the business to decide on how to deal with this. Having said this, I believe that being ethical should start not only when we are already senior executives but it should start as early as now. It should not only be a standard on the senior management and executives rather it should be a standard for the whole company from the lowest rank until the highest. 

One thing I would also like to emphasize is my belief that profits follow over good ethics. As a noteworthy example, I have remembered a speech from Mr. Manny Pangilinan which I have also cited in my previous blog which he emphasized the importance of ethics and good governance in business. He noted that these two things are what separates a good business from a bad one.

In closing, I would like to apply the concept of good ethics in good business in my own life. I believe that as individuals, we should be having our own set of ethical and moral standards to adhere to. These should be embedded in us and learned at home and at school. These ethical standards are the things that will set us apart from others and which will also propel us to higher success. Being ethical is not contradictory to being successfully rather these two things should be complimentary of each other.