Ethics are a set of moral standards that are relied upon to reach conclusions and make decisions. In a business environment, ethics are a key factor in responsible decision making. Maintaining a high ethical standpoint when operating your business can provide benefits to both the internal and external stakeholders of your business.
Your personal set of ethics are developed as you grow up and are influenced by the people and environment around you. Some ethical viewpoints are considered universal and apply to people around the world, whereas others are of a personal nature and may only apply to you. Your ethical viewpoints continue to evolve and change over time as you interact with different people and are exposed to different situations and environments.
The business case for ethics is based on the positive benefits that it can provide your business. The reasons behind maintaining high ethical standards include: