The importance of ethics and values in business...

The importance of ethics and values in business sustainability. Before explaining the importance of ethics and values in business, we have to define the following: Ethics: The ability of an individual to distinguish their moral judgements about right and wrong. Values: These are the moral standards and principles that a person considers to be important. They work hand in hand with ethics. Sustainability: meeting the challenges of ensuring that future generations can enjoy the same kind of lifestyles people enjoy today. The critical decisions within a company/organisation may have to be made by people or groups. More often than not the ethics and values of the employees of that organisation will affect the quality and the kind of†¦show more content†¦Business ethics is when the business takes the right course by doing the correct thing in everything that the business does. The commitment to ethical behaviour of the business is usually in the corporate social responsibility policy of the business (CSR). Businesses are no longer judged on their ability to produce goods and services but also on how they deliver and the impact they have in the society and the environment. Any business must ensure that abides to the laws set up. Then they can tackle the sustainability challenges and try to satisfy all its relevant stakeholders, which is good for the environment and the business including profits. Businesses don’t only need to assert great values, they need to live them to. A commitment to how it relates to people, communities and larger societies will determine the state of its sustainability. Today ethical behaviour can be used to outdo the competition. Ethical business practices attract customers, if a business gets this right they might just attract enough customers to outdo their competition. It is believed that today, success is achieved less by what and who you know and more on how you conduct yourself. Importance of leadership in the success of business organizations. Every business needs leadership for it to function optimally. Leadership- The catalyst which enables otherShow MoreRelatedSustainability Model As A Way Of Conceptualising Sustainability And Its Stability1590 Words   |  7 PagesWhat is sustainability? There is a Native American proverb which says: ‘When the last tree has been cut down, the last fish caught, the last river poisoned, only then will we realize that one cannot eat money’. Defining sustainability is a challenge itself, achieving it is even more arduous but what it is certain are the consequences of not acting sustainable. For too long the main goal of western countries has been profit, ignoring the long list of benefits deriving from acting sustainable. 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