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Ethics and Legal Issues (Benefits (Improved Customer Loyalty, Improved…
Ethics and Legal Issues
Avoiding Legal Disputes
Meet All Contractual Expectations
Avoid Undercapitalization
Document Everything in Writing
Set Standards
Benefits
Improved Customer Loyalty
Improved Employee Commitment
Improved Brand Reputation
Better Access to Finance
Decreased Vulnerability
Avoid Unnecessary Costs, i.e. Fines
Ethical Behaviour
Advantages
Better Employee Motivation
New Sources of Finance
Higher Revenues
Improved Brand and Business Awareness and Recognition
Disadvantages
False Expectations
Higher Overheads
Higher Costs
Strong Ethical Culture
Establish Code of Conduct
Implement an Ethics Training Program
Lead by Example