Business TBC

Live one day at a time emphasizing ethics rather than rules.”
Wayne Dwyer

Whatever Happened to Business Ethics?

Ethics: The discipline dealing with what is good and bad and with moral duty and obligation; a set of moral principles; a theory or system of moral values; the principles of conduct governing an individual or a group; a guiding philosophy; a consciousness of moral importance.

Corruption: Impairment of integrity, virtue, or moral principle; depravity, decay, decomposition; inducement to wrong by improper or unlawful means (as bribery); a departure from the original or from what is pure or correct.

Whatever Happened to Business Ethics?

After the Enron and WorldCom incidents, there seemed to be some progress in the business culture toward operating with some type of ethical guidelines but, after recent experiences, I wonder if we have made any progress.

What I find disturbing is that many individuals and organizations think it is completely okay to be unethical, if it gets them what they want. Even though I am a huge supporter of free markets and capitalism, there can be a dark side if the operation is void of ethics.

I agree with info-commercial guru Kevin Trudeau that the mandate of all publicly traded companies is to make money for the shareholders — end of story. The result is a conspiracy theorist’s dream come true where, at all costs, a profit must be made. Ethics are not part of the picture.

Here are examples that most of us have heard.

-HMOs withholding acceptance because their numbers are off this quarter
-Insurance companies intent on delaying or refusing payment so executives can get performance bonuses
-Information about the harmful effects of drugs withheld from the authorities
-Misleading advertising to induce sales
-Protection of reputations with cover-ups
-Used car dealers turning back the odometer
-Building contractors taking deposits and not completing their work

And on it goes!

What is most disconcerting is the group of individuals who actually don’t see anything wrong with that type of conduct. In fact, in some university ethics classes, students did not see anything wrong with lying to get what they wanted.

But the point here is that it is not okay to compromise your ethics to get ahead.

Here’s a quote that outlines my general sentiments.

“The truth is that good ethics sometimes is good business, but sometimes it’s not. It depends on one’s goals and how one defines good business. Sometimes, good ethics can end in bankruptcy. Of course, so can bad ethics.

A fairer statement is that good ethics can be a very powerful business asset and that good things tend to happen to companies and individuals that consistently do the right thing and bad things tend to happen to those that even occasionally do the wrong thing.

But the crucial point is that the moral obligation to live according to ethical principles is not dependent on whether it’s advantageous. People of character do the right thing in the pursuit of virtue, not self-interest.”
Michael Josephson
Author and Business Professor

So the question is:

Are you a person or business of character that is committed to doing the right thing?

I recall, from my automotive-consulting days, that a sales manager asked the sales rep to lie about previous history and damage to a used car they were selling. The sales rep did it to keep his job but he had sold his soul.

The reality is there are no excuses for unethical conduct.

Thankfully now some individuals are being held accountable for their actions. In addition, individuals who did not take part in the unethical conduct but had knowledge of such events or actions are also being held accountable for their sin of omission.

You are not immune from prosecution if you have knowledge of unethical conduct.

I agree with Michael Josephson. In the long term, ethical conduct is a very powerful and positive asset to you and your organization.

I know that most of us at some time or another have either pushed the ethical limits or at least thought about it.

The key is: Don’t cross the line.

Be courageous and do the right thing.

Lives have been destroyed because of unethical and corrupt conduct. It is time we all took a stand.

Yes, each of us can make a difference and reap rewards from our good conduct.

Not that long ago, I was asked to be part of a mastermind group. Two of our primary objectives were:
-to set a good example; and
-to expect ethical conduct in the personal and professional development industry.

That’s an example of how we can each do our part to make a difference.

Lawmakers now understand there has been little consequence or accountability for unethical behavior in business but recent jail terms for guilty executives provide new hope.

I have found that individuals who are clear and strong in their identity, values, purpose, and passion are far less likely to succumb to the peer pressure of unethical or corrupt conduct.

Preference of a venue for conference, meetings and seminars are slowly shifting from hotel banquets to business centres. Last few years have witnessed that Indian companies have been opting for unique solutions provided by business centres for the office space and conferences.

A thorough insight of this trend has brought some reasons into light.

-Though hotels offer attractive interiors than business centres, they lack maintaining a business environment. Business centres are designed to meet the professional requirements of the companies. Hence, they maintain the environment accordingly. The company won”t have to take the pain of managing the space; furnishing, staffing, style formation of rooms, installing and the maintaining various facilities.

There is a business centre that provides conferencing solutions in New Delhi offers space for offices and conference in mountain fresh ambience. People tend to fall prey to various health hazards like headaches, dizziness, nausea etc while working because of poor indoor air quality. To ensure good health and better productivity this business centre has made some efforts to resolve this. The interiors are simple, classy and professional.

-Normally, business centres are strategically located, thereby offering a good chance of business growth and easy reach. For example, conference spaces in South Delhi are always high on demand when it comes to a conference space in Delhi as they are well connected with all the parts of Delhi NCR. Those located in the central part of Delhi also grab a lot of attention.

-Every business centre has a team of experts to look after the arrangements of conferences, meetings, interviews and seminars. Therefore, the headache of making arrangements with the help of own workforce and organizing it becomes zero.

Clients are offered with an array of styles to select from which is based on the number of attendees, types of conferences and other requirements. Other requirements may vary from welcoming the guests to food and beverage services. Often, clients select from a variety of services like secretarial, administrative, communication, executive offices etc and customize their package. Technical support with the power back-up too is provided by the serviced offices without a single failure. Flexibility and customization is at par.

A business centre works like a one-stop shop for all the conferencing requirements.

-There are many conferencing destinations that also offer space on hot-desking services in Delhi.

-In addition to this, many companies consider taking a space in a business centre as a matter of sophistication and an image-building exercise. Therefore, they prefer, business centres over hotels.

Every meeting, conference, seminar or training has an objective and if the arrangements are not flawless then it may become a flop show. Therefore, companies prefer organizing a conference in a serviced office or a business centre as the organizer gets a professional conference venue which serves the purpose and enhances the productivity of the event without crinkling a wrinkle.

Something loads of folks falsely believe is that a web based business is a thing that does not require men and women to have to pay taxes. Loads of men and women think that when you work out of your home, it is not necessary to pay any taxes. There loads of folks right now that are turning to the Internet in order to make cash and one of the primary reasons is this misconception. Of course there are other things apart from taxes that you are going to have to take care of for your business, which includes any sort of licenses you might need. When you figure out all that you will need to have, plus exactly how much tax you have to pay, having a work from home business might not seem so fun anymore.

Most individuals who want to start an online business have not had any type of experience in running their own business to start with, which means they don’t know what is involved. I am certain you understand that when men and women do not have any experience in running a business many of them will automatically believe whatever they hear, such as not having to pay taxes on an internet business. Whether you have a traditional business, or if you are running an internet business, taxes are a thing that are going to need to be paid any time you make a profit. There are various excuses folks use for not paying taxes, but the most typical is they’re working from home.

One reason why a lot of individuals do not know much about taxes is mainly because their taxes are withheld by their employer automatically. Another thing you are going to have to bear in mind is the fact that no matter where your business is situated and whether or not it is in the real world or the online world, your taxes depend on your income. It will be very important for you to make certain that you are paying your taxes anytime you are earning a profit because this is required by law. Even if you’re running your business totally by yourself, you still are a sole proprietor and have to register your business, and pay your taxes each and every year. Unfortunately, not everybody has the mentality to have the ability to run a business, especially when they haven’t worked other than for someone else, who was accountable for all of the tax stuff.

Another thing you need to remember would be that the Federal taxes that are going to have to be paid are going to end up being filed differently depending on whether you are incorporated or if you are a sole proprietor. So proprietors are going to be accountable for filing a personal tax return and you’re going to be required to pay out a self employment tax. The way a corporation is going to need to file their taxes will be something which is much different than if you’re a sole proprietor. Simply because there’s so many different ways that you are able to actually wind up filing your corporate income tax it’s going to be important for you to research or seek the advice of a professional.

You need to also understand that every state will have different tax laws, and because of this we suggest everybody talks to an accountant in your state. When you learn everything needed for an internet business, you might determine that it isn’t worth all the hassles.

You’ve created your home based business website online and you’ve decided which products you’re going to promote and now you’re focus is on developing your Internet marketing strategy. One Internet marketing technique you should seriously consider is forum marketing. First of all what are forums and consequently what is forum marketing?

According to wikipedia: “An Internet forum, or message board, is an online discussion site where people can hold conversations in the form of posted messages. They differ from chat rooms in that messages are not shown in real-time, to see new messages the forum page must be reloaded. Also, depending on the access level of a user and/or the forum set-up, a posted message might need to be approved by a moderator before it becomes visible.”

Forum marketing is the process of using these discussion sites to promote your home based business and your merchandise by joining and posting messages to these message boards. Forum marketing is a popular Internet marketing tactic because of the popularity of these discussion websites and the potential audience you can reach. There are 5 major benefits of using forums to promote your home business including:

1. Posting to forums on a regular basis provides the opportunity to establish yourself as an expert in your particular marketing niche. For example, if your home business theme is Internet marketing and your niche is driving traffic you can target specific discussions in Internet marketing forums related to traffic generation.

You can then display your expertise by addressing different topics which are being discussed or start a discussion yourself. When you provide quality content on a regular basis your reputation within these forums will grow and people will begin to view you as an authority in your field.

2. You can create back links to your home business site by adding your link to your profile as well as your signature file. As a result every time you post a comment to these various discussion sites you will be leaving a link to your home page so people can check out your business and your merchandise.

3. The more forums you post to the more back links you will create and the more traffic you will generate to your home business website. By gaining the trust and respect of other members and by participating by adding quality content on a regular basis you will soon see the fruits of your labor in the form of increased traffic and as a result more paying customers for your enterprise. Some of these new visitors will also come from the major search engines online as they find relevant links to your website on the many forums you participate in.

4. As a result of the previous three advantages both you and your home business will become recognized online as a trusted and respected entity to do business with and forum members may begin approaching you for answers to some particular Internet marketing problem they may be having. This will also go a long way toward increasing traffic to your website and help to build your email list of potential customers on the web.

5. This increased recognition brings with it the potential for relationship building online which in and of itself can provide major benefits for your enterprise. By creating friendships with other Internet marketers you create the opportunity to establish joint ventures and other cooperative business ventures on the web. This will again increase your website traffic as well as your sales and help add to your email list.

It can sometimes be quite a confronting exercise to invite an external business management consulting firm into an organization, especially if you have been one of the driving forces in the management of that organization. In so doing, the business practices and decision-making processes are being opened up for scrutiny and in some cases, criticism, by someone who has no particular vested interest in the company, other than as a client relationship. Of course, this is the whole point in calling in a source of independent and unbiased advice. The decision to engage an external expert is one to be applauded and recognized as one of courage.

Being cautious when choosing a business consulting firm to provide the skills and knowledge from without the business is wise. Never rush into making a decision without solid research, it could have disastrous consequences. Before approaching unknown firms for advice on consulting business owners should seek references and testimonials to establish an independent track record for the firm under consideration.

Some business management consulting firms operate within a narrow band of expertise, while other firms cover a broad number of disciplines. There are advantages and disadvantages to both approaches. The advantage in using a consulting firm that specializes in one particular area is the depth of knowledge and influence this consultancy could bring to the client business. However, should additional advice and skills be needed in an area outside the expertise of the consultancy, the client business would again need to go through a selection process and establish a relationship with a different company to get the advice the business needs.

On the other hand, a business consulting firm with a number of consultants experienced in a wide range of business skills can offer complete solutions from the same location, saving the client time and money. Expertise in areas such as accounting, strategic planning, marketing, cash flow management, staff training and development, performance management and business development are typical of the skill base that consulting firms can maintain. While a client business may not need all of the disciplines on offer, there is usually two or three that a client will eventually need some assistance with. For example, for assistance with developing current skills in existing staff, and marketing business owners could use the same consultancy firm to develop solutions in both areas.