COMMON PRACTICES IN BUSINESS ORGANIZATION
04/14/2023 ABM2
Business Practices means information relating to
intellectual property, business plans, financial information,
products, services, manufacturing processes and methods,
costs, sources of supply, marketing plans, advertising plans,
customer lists, sales, profits, pricing methods, personnel, and
business relationships.
Business practice is a specific method, action,
regulation, operation or rule introduced or followed by an
organization in order to meet or surpass its business
objectives. Additionally, this term can refer to a group of related
methods or processes. The introduction of basic business
practices is essential for the company’s maintenance of a
correct accountability structure. The most popular business
practice types include a) developing business plans and
strategies, b) defining the boundaries of accountability for each
employee, c) determining company-wide and individual
performance objectives, d) implementing open-ended
communication channels, and e) providing the company’s
employees with regular and relevant training.
General business practice means the typical, standard
or usual manner in which a person or entity performs or
habitually engages in the operation of a particular aspect of its
business; or the customary action a person or entity takes in
the operation of its business.
A. DECORUM
Decorum means working professionally, engaging in
proper manners with and among co-workers in a spirit of
camaraderie and respect. The way one dresses is part of
decorum. The attire of the employees of the company is part of
its organizational symbol that reflects the culture of the
company.
As Emily Post once said, “Manners are a sensitive
awareness of the feelings of others.” Nowhere are manners
more important than in the business world, especially at the
office. Here, the way we behave, along with how well we do
our jobs, determines what others will think of us. When we are
courteous and give our coworkers, clients, and customers the
best we have, we set ourselves apart from the competition and
create long-lasting relationships. Etiquette and protocol
knowledge, along with intelligence and hard work, and are the
key to success in the working world.
Good manners make good business sense, since we
all prefer to work with those who are polite, respectful, and
mindful of others; and research shows it makes for a happier
and more productive working environment. Following are
guidelines for professional business office decorum:
o Unclutter your work space. Your desk or work
space is an extension of you. If it’s messy and
cluttered, it will not reflect positively on you; and
may negatively impact your career. In fact,
research shows that the owner of the organized
and uncluttered desk has a higher chance of being
promoted. A messy desk suggests its occupant is
not conscientious, a trait that is one of the biggest
predictors of success.
o Be on time. If you’re late on a regular basis,
people will notice. While everyone is occasionally
late, it shows lack of respect for your office and
your coworkers to be late on a consistent basis.
The same holds true for business meetings. It is
never a good idea to arrive late for a business
meeting. And never intentionally keep a client, or
anyone else for that matter, waiting if at all
possible.
o Greet your coworkers and clients. Each morning
when you arrive at the office, greet your coworkers
with a smile and a “Good morning” or “Hello.” If a
client comes to your office to meet with you, always
get up to shake hands with him or her—never stay
seated and reach across the desk to shake hands.
If you already know the person, but others in your
office do not, it is your job to introduce them to each
other.
o Be attentive. Whether in a meeting, on the phone,
or sitting in a co-worker’s office, pay attention. It’s
bad form to be caught with your mind wandering,
or checking your messages on your cell phone,
and to have no idea as to what actually took place.
o Avoid having lengthy or personal
conversations on your cell phone or land line
when others can hear you. No one wants to hear
you arguing with your husband or wife, or hear you
telling your doctor about a health issue in great
detail. Try to find a private location for these calls.
And always, if you work in an open office, try to
speak as softly as possible when talking on the
phone.
o What to eat at your desk and how to eat
it. Anything that is going to offend others, such as
food that has a strong odor, should be avoided at
the office. If you are in an area where others will
see you eat, do mind your manners; and if you
have a front-desk job, refrain from eating anything
at your desk.
o Avoid annoying personal habits. Even the
smallest personal habit can be annoying to
coworkers when working in an open office setting.
Things like constantly clearing your throat, blowing
your nose, taking out your comb and combing your
hair every five minutes, doing your nails, putting on
makeup at your desk, taking vitamins, et cetera,
 can be annoying and distracting to others and
make a bad impression. Use the restroom for doing
these things.
o Practice good hygiene. As with food, strong body
odors, as well as bad breath, must be avoided
when working in close quarters at an office. A
clean, fresh body odor that will not offend or
distract colleagues is a must for the work
environment. Strong scents—whether it be body
odor, perfume or after-shave— can make the office
an unpleasant working environment.
o Avoid becoming too involved in coworkers’
professional and personal lives. It is only natural
to be interested in your coworkers’ lives and want
to be friends with some of them, but you should be
alert about becoming too involved with them in the
beginning. It is, however, important to try to build
rapport with your coworkers, since it is crucial to
establishing a good reputation for yourself in the
workplace; and it will pay off when you are working
together on a project.
o Be friendly with your coworkers, but avoid
behavior that could be misconstrued. Office
romances will always be part of the workplace.
However, now there is a heightened awareness of
discrimination and harassment. What may seem
like harmless flirting to you may not seem so to the
recipient.
o Show respect for your coworkers’ time and
possessions. Don’t think that just because you
are working in an office together, or especially in
open office setting, that your coworkers are always
available to talk to you. Always ask them if they
have time to talk, or if it would be better if you came
back later to discuss whatever it was you wanted
to talk to them about. And it is never a good idea to
take anything from a coworker’s desk without first
asking them if it is okay to do so.
The following are rude behaviors people most
often admit to seeing in themselves.
o Hibernates into e-gadgets
o Uses jargon even when it excludes others
o Ignores invitations
o Is judgmental of those who are different
o Grabs easy tasks while leaving difficult ones for
others
o Does not listen
o Emails/texts during meetings
o Pays little attention to others
o Takes others’ contributions for granted
o Belittles others nonverbally
o Neglects saying please or thank you
o On gift-giving. Imported brandy and whiskey are
prized gifts, even if the recipient does not drink
alcohol. If you are given a small gift, accept it
amiably, but do not open it in front of other guests
or only do so after you have left.
Gifts are generally not opened when
received. Christmas is regarded as a “gift giving”
season, particularly for contacts that have helped
you in the past or will help in the future. Gifts of
wine and food products and tokens such as pens,
notepads, and umbrellas with the company’s logos
are usually by large companies to their important
contacts.
Wrap gifts elegantly as the presentation is
important. There are no color restrictions for
wrapping paper.
If you are invited to a Filipino home for
dinner, bring sweets or flowers for the hosts. If you
give flowers, avoid chrysanthemums and white
lilies. You may send a fruit basket after the event
as a thank you, but not before or at the event, as it
could be interpreted as meaning you do not think
that the hose will provide sufficient hospitality.
B. PROTOCOL
Business protocol is a set of social and formal
norms adopted by a company for its fulfillment. Its function
is to set guidelines of conduct and limits that govern the
actions of all the members of the company.
This normative body, normally included in a
manual or document, generally regulates the internal and
external behavior of the company. It is a code of conduct
established in the organizational culture of the company.
The business protocol establishes the rules of
coexistence between the different work levels of the
company and the communication criteria that must prevail
outside of it.
The business protocols meet the rules and steps
that must be followed for the planning, development and
control of actions executed by a company. These rules
may include rules established by the state.
An example of a business protocol is the way in
which a secretary responds to a telephone call in a cordial
manner. Also, the respectful treatment of the driver of a
transport company while taking a passenger to the airport.
Characteristics of the Business Protocol
 Before citing the characteristics of the business
protocol, the origin of the term must be clearly indicated in
order to better define its content.
Protocol comes from the Latin" protos ", whose
meaning is"what goes before something", and " kollos "which
refers to the action of adhering or pasting something.
The dictionary of the Royal Academy of the Spanish
Language in one of its meanings, defines it as a" set of rules
established by norm or by custom for ceremonies and official
or solemn acts".
A protocol is a description of standards of behavior that
must be followed in a company or institution. It describes the
behavior guidelines and procedures to perform an action or in
a certain situation.
The business protocol must convey to customers the
essence of the company, which is why it is part of its
philosophy and image. There are different types of protocol:
business, religious, official, sports, social, etc.
The characteristics of a good business protocol are
1- It is not regulated by law, but it is strictly enforced inside
the company by its members.
2 – It is practical, because it regulates habitual situations that
occur in the company. In this way it is avoided that it is a banal
document without labor observance.
3- It is accessible for all the members of the organization,
because it establishes behavior guidelines for each work
situation.
4- It is understandable, because it must be written in clear
language so that all employees of the company assimilate and
comply without excuse.
5- It is flexible. In principle because the established rules
must be adjusted to each situation of the company, even in
times of crisis. But also because they can vary over time and
adapt to changes.
What is the business protocol for?
Set rules of conduct
Setting the behavior guidelines within a company in a
protocol manual serves to regulate the behavior of its members
and creates organizational culture.
Without a protocol, labor relations and communication
between the company and the clients would be total chaos.
There would be no respect for hierarchies and the absence of
a code of behavior would result in constant disrespect and
internal clashes.
The hierarchical order without a business protocol
could not be fulfilled, altering the company's organizational
structure.
Guide for social activities
From the point of view of the label, the protocol is also
necessary for the organization and realization of social
activities that are relevant for the company.
The protocol helps to consolidate the prestige of the
company among its employees and with its associates:
customers, shareholders, suppliers, authorities, etc.
Establish the corporate image
It is part of the corporate image of the company,
because it guides and channels the positive actions of the
members of the company. The image of a company does not
depend only on the product or service per se what it lends; but
of the totality of elements that revolve around that.
The protocol is useful and necessary for companies
because it contributes to improving human relations and
reinforces its corporate image. When it extends to all areas of
the organization, it helps to achieve a healthy and harmonious
work environment.
Create the company culture
It also creates business and work culture by educating
workers and managers about the need to integrate and
collaborate with organizational objectives. It also helps to guide
the relations of the company's representatives with their
associates and clients.
Examples of business protocol
The business protocol covers the procedures
established in the business organization to organize events:
meetings, visits, conferences, negotiations, protocol events,
etc.
But also involves the way of communicating (internal
communication) between the members of the organization and
with customers and related (external communication). This
includes from the way a telephone call is answered, to the way
of wearing the uniform or the way of dressing.
Likewise, it includes the writing style for a letter or
email and all the necessary elements to reinforce the
company's corporate image.
An example of a business protocol is the reception of
a telephone call. In the form of answering, greeting and
presenting, there is implicit a whole business culture. It is
therefore an element intimately related to the business or
brand image.
Protocol in telephone call
- Good morning Mr. / Mrs.
- I'm Judith, how can I help / serve?
- I'll review your case, please do not withdraw.
- Thanks for calling, we are at your service.
- Have a happy day Sr. / Sra.
Protocol in presentation, greeting and farewell
• Stand up when greeting.
• Shake hands with subtlety and smile.
• Avoid kisses and effusive hugs.
• Look the person in the eye when speaking.
• Avoid the use of colloquial terms.
• Be cordial and friendly in the deal.
• Try to call the person by name if he knows you.
• Avoid excesses of confidence.
• Avoid talking excessively about yourself and your
personal life.
Clothing protocol
• Do not use inappropriate garments or call too
much attention.
• Use clothes that help complement your
personality.
• Use appropriate clothing sizes.
• Dress with tie / jacket / skirt / blouse.
• Men should shave properly and take care of their
physical appearance.
• Women put on makeup properly.
• Keep hands and nails clean and maintained.
• Use perfumes or discreet lotions.
C. POLICIES
Business policies establish the rules of
conduct for a company. They not only describe the
responsibilities for the employer and the employees,
they also create a frame of reference for handling the
countless issues that arise in an organization.
When an organization has clear company
policies, both employees and employers benefit.
Outlining employees’ rights and expectations within
your company helps set behavioral and performance
standards for the workplace, and gives employees an
overall framework of how to be successful at your
company. Company policies also help to protect your
business and contribute to a safe and more enjoyable
work environment for everyone.
There are business policies that you may
need to comply with according to law, but you may also
choose to develop your own policies as well. Below,
you’ll find tips and best practices to help you decide
what policies to add to your employee handbook.
What are company policies?
Company policies are guidelines that help employers
deal with the health, safety and accountability of employees,
as well as their interactions with customers or clients. Business
policies can also be used as a guideline for federal or state
regulatory requirements, legal issues and other situations that
can lead to severe consequences for employees.
Characteristics of Business Policies
Effective corporate policies have the following
characteristics:
• Must be clear, specific and easily understood
• Specify company rules
• Explain their purpose
• State when policy should be applied
• Who it covers
• Method of enforcement
• Describe consequences of non-compliance
Benefits of Policies
• Well-written policies give lower-level employees a
way to handle problems and issues with having to
constantly involve upper management every time
they need to make a decision. Policies define the
limits of decision-making and outline the alternatives.
Employees understand the constraints of their jobs.
• Policies communicate the individual and team
responsibilities; this enables everyone to work
together toward the company's objectives.
Employees understand how to perform their tasks
quickly and easily. In this way, managers are able to
apply control by exception rather than having to
micro-manage their employees' activities.
• Clearly written policies give a company better
protection from potential legal problems. When
policies can be easily understood by a layperson, the
company is on better legal ground in case of court
challenges.
Substance Abuse Policies
• Substance abuse can have adverse effects on an
employee's attendance and job productivity. It can
even be dangerous in certain jobs, such as
construction or when handling hazardous materials.
• A common policy is to prohibit the use of drug,
alcohol or tobacco on company property during work
hours or at company functions. If smoking is
permitted, policies will describe the procedures that
must be followed. Substance abuse policies also
outline the requirements for drug-testing as a
prerequisite to employment and the possibility of
random drug-testing after being hired.
Performance Review Policies - next meeting
• Employee compensation and development policies
outline the frequency and content of performance
reviews. The objective of these policies is to identify
areas for improvement and motivate workers to
achieve better results.
• Performance reviews clarify an employee's
responsibilities and set goals. These reviews
describe the basis for measuring performance and
 the steps needed to receive a bonus or a raise in
salary.
Dress Code Policies
• Some companies require employees to dress in a
particular way when on the job. In a professional
environment, men may be required to wear a tie, and
women could be asked to dress in an appropriate
business manner. If workers are dealing with the
public, they could be required to wear uniforms that
promote the company's image.
• Businesses have the right to set guidelines for their
employees' dress code, providing the rules are not
discriminatory. Some dress policies may be required
for safety reasons, such as no dangling jewelry for
workers on an assembly line.
Equal Opportunity Policies
• The company should state very clearly that their
organization promotes fair treatment in the
workplace. These policies prohibit discriminatory
behavior from supervisors and employees on the
basis of race, gender, religious beliefs or sexual
orientation.
• Anti-discriminatory policies help employees feel
better and more comfortable on their jobs. The
workers have more positive attitudes toward their
work and are more productive.
Safe Computer Use Policies
• Since computers are now used in almost every job,
companies need policies that govern the use of
computers for personal activities. These policies
would place limits on receiving and sending personal
emails and prohibit internet surfing. For security
purposes, companies may ask employees to sign a
release that lets a business monitor their workers'
internet activity and emails.
• Effective business policies establish a structured and
organized work environment. They eliminate
uncertainty in the workplace and define the ways to
handle many of the issues that frequently arise.
D. ADVERTISING
Advertising is one aspect of marketing. While
marketing is the overall approach to speaking to
customers about your brand, advertising is usually a
paid form of messaging designed to lead to sales.
Advertising can be short-term for a special promotion
or ongoing, but usually requires a financial investment.
If you know advertising could help your business but
you aren’t sure where to start, explore the marketing
tips below to see which options fit your needs and
budget.
Whether through online or printed materials,
marketing is an essential part of running a successful
business and a great opportunity to stand out from
your competitors. Consider these marketing options
for your business.
Social media
Leveraging social media to promote your
business can help improve your brand personality,
engage with customers and communicate product
benefits or offers. Through social media, you can
make announcements, interact with customers and
advertise deals without hiring a web development
team. Many social media platforms now offer
marketplaces on their platform where transactions can
occur without leaving the app.
Start by creating a profile (account) for your
business, choosing words carefully to describe your
business. Stay active by posting often and answering
consumer’s questions quickly. This will help them
begin to trust and believe in your brand. Other tips to
keep in mind:
Decide how often you want to post. If you post
too frequently you may risk becoming a nuisance,
while not posting enough can make your audience
lose interest. To begin, try posting weekly. If people
are liking and engaging with your posts, begin to post
more often.
Consider your brand’s voice, or the type of
words you use to connect with your customers. Is it
authentic, friendly, formal, down-to-earth or business-
like? Keep it consistent and make sure it lines up with
how you talk about your company on other platforms.
Create a dialogue with customers by sharing your
knowledge, asking for opinions and posting responses
to others’ ideas and comments.
If you have an in-person store, you can
encourage customers to share posts about your store
by setting up part of the store for selfies, or offering a
discount to those who post pictures of your store. If
you try this, include a hashtag on the display so
customers know how to tag your business when
posting the image.
Track performance by counting your number
of followers, views and visits over time. Facebook and
other social media sites have access to this
information built in.
If possible, consider investing in a paid ad
campaign on social media channels like Facebook and
Twitter. Both offer options to help you reach a specific
audience based on their location, gender or interests.
Testing a small, inexpensive paid advertising
campaign can help you refine ads and create more
successful campaigns. Sharing pictures of your
products, customers and events on Instagram and
other social media sites can also be effective ways to
get new followers.
Other Types of Advertising Media
(1) Direct Mail:
 This is one of the oldest types of advertising media.
Under this method message is sent to the prospective buyers
by post. A mailing list is prepared for this purpose. Circular
letters, folders, calendars, booklets and catalogues are sent
under this type of advertising. In the sales letter an appeal is
made to the buyers separately.
It contains detailed information with regard to the
product. The main aim of these letters is to create the reader’s
interest in the product. The letter should be attractive,
interesting and convincing. Booklets and catalogues contain
information regarding detailed description and prices of
different varieties of products.
This method is very effective as it establishes direct
contact with the consumer and also maintains secrecy in
advertising. Detailed information with regard to the product can
be sent to the buyers. The letters and circulars contain
personal appeals which are greatly helpful in arousing their
interest in the products. This method can be effectively
undertaken in case the manufacturers are selling directly to the
consumers.
Direct mail advertising suffers from certain drawbacks
also. It has limited access i.e. a small number of buyers can be
covered. There are practical difficulties in preparing and
maintaining up-to-date mailing list. This is also not suitable for
every type of product.
(2) Newspapers and Magazines:
These are the important forms of press advertising.
Newspapers are the most effective and powerful medium of
advertising. Newspapers contain valuable information with
regard to different current events. It may be referred to as ‘a
store house of information’. There are daily, bi-weekly and
weekly newspapers. Newspapers have widest circulation and
read by many people. The newspapers may be local, provincial
or national.
There is a separate advertisement department in
every newspaper which classifies and designs different
advertisements in the paper. Before selecting a newspaper,
the advertiser should take into consideration various factors
viz., coverage of the newspaper, the class of customers and
the cost of advertising etc.
The newspapers offer widest circulation and have
universal appeal. The cost of advertising is lesser as compared
to other media. The newspapers have more repetitive value
and are very helpful in introducing a new product. These are
suitable for all types of goods having wider markets.
A high degree of flexibility is ensured by newspapers
i.e., the advertisement campaign can be undertaken and
stopped quickly. Advertisements are the main source of
revenue to the publishers. The most important benefit derived
from the newspapers is that the advertiser’s message can be
conveyed to the readers quickly.
Besides newspapers suffer from certain drawbacks
also. They have shorter life and are not suitable for illiterate
people. Most of the people read the papers casually especially
in the morning hours when they are in a hurry to join their
respective jobs.
Secrecy cannot be maintained in this type of
advertising. Another drawback of newspaper advertising is that
they are in black and white prints. Colored advertisements are
not covered, which are more appealing and attractive.
Magazines or periodicals are other important media of
communication. Magazines may be released weekly, monthly,
quarterly, bi-annual or annual. These are read with more
interest by the readers as compared to newspapers.
Advertisements given in magazines are more descriptive and
attractive. They are usually in colored form which depicts the
product nicely and gives lasting impression to the reader.
There are magazines or journals meant for general
public and special class of people. There are exclusive
magazines relating to industry, trade, finance and economics
etc. There are also special magazines for men, women and
children. The magazines have longer life and are very suitable
for advertising specific goods.
Magazines have lesser flexibility as compared to
newspapers. Last minute changes cannot be introduced in the
advertisement as they are sent to the press many days before
the publication. There is lesser repetitive value and no secrecy
can be maintained.
Cost of advertising is higher as compared to
newspapers. Their circulations are small and are suitable for
educated readers only. In the introduction of a new product,
magazines are not much suitable on account of lesser
continuity.
(3) Radio Advertising:
Radio advertising is very popular these days. The
advertisements are broadcasted from different stations of All
India Radio. Radio advertising can be explained as “word of
mouth advertising on a wholesale scale”. The advertising
messages can be in different regional languages.
The most important advantage derived from radio
advertising is that it covers every type of listener whether
illiterate or educated. It is a very effective medium for
popularizing on mass scale various consumer articles. The
coverage of this medium is wider extending to a large number
of listeners. It ensures quicker repetition.
Radio advertising suffers from shorter life, limited
memory and short messages. Cost of advertising is higher.
The message may not be listened properly by the listener.
There is no secrecy. This is useful for those who possess radio
sets. There is lesser flexibility and lack of personal touch.
(4) Television Advertising:
This is the latest and the fast-developing medium of
advertising and is getting increased popularity these days. It is
more effective as compared to radio as it has the advantages
of sound and sight. On account of pictorial presentation, it is
more effective and impressive and leaves ever lasting
impression on the mind of the viewer.
 It is a very costly medium which can be employed by
big concerns only; it has a shorter life span and limited
coverage. Back reference to the advertisement cannot be
made after its presentation. The duration of the advertisement
is very limited.
Despite of the above-mentioned drawbacks, this
method of advertising is gaining rapid coverage and immense
popularity among the masses.
(5) Film Advertising:
This is also known as cinema advertising. This also
provides sight and hearing facilities like television. Short
advertisement films are not prepared by big business houses
which are sent to different cinema houses to be shown to the
audience before the regular shows or during the intermission.
It has more repetitive value but not to the same viewers. Its
coverage is limited which benefits the local population only.
It is a very costly medium involving higher distribution
and film making costs. Only big organizations can afford to
produce advertisement films. It ensures more flexibility at
larger costs. Its effectiveness cannot be measured properly.
Film making is a time-consuming process.
(6) Outdoor Advertising:
This type of advertising includes different media like
posters, placards, electric displays or neon signs, sandwich
men, sky writing, bus, train and tram advertising. This is also
known as ‘Mural advertising’. The main aim of outdoor
advertising is to catch the attention of passerby within twinkling
of an eye.
This is the most effective medium of advertising. This
is very suitable in the case of consumable and household
articles like soaps, medicines, fans, shoes and pens etc.
Posters and placards are usually fixed on the walls
near the road sides, railway station and bus stands. These
posters are made of thick paper or metal plate or wood and
carry the advertising message which can be easily read and
seen from a distance.
The posters also pasted on the back of buses, trains
and trams which are greatly helpful in carrying the message
throughout and outside the city. Painted displays are prepared
by expert painters which carry attractive multi-colored pictures
also to impress upon the people.
Electric displays or neon signs are also used in order
to impress the passerby. These carry a very short message.
This is a very costly device.
Sandwich men move from street to street carrying the
posters and peculiarly. They shout and sing praising the
concern and the product. Sky writing is also known as air
advertising.
The pilots of the airplanes through whom this is carried
write the advertiser’s message in the form of smoke or
illumination. The message is quite visible even from a long
distance. Balloons fitted with the message and pictures of the
product are also flown in the sky.
This type of advertising has a wider coverage and
leaves effective impression on the people. It is very suitable for
making the product popular and creating proper brand image.
It has greater flexibility and can be designed by keeping in view
the peculiarities of a particular locality. It requires lesser time
and effort on the part of the advertiser to undertake this
medium. This is more durable and economical form of
advertising medium.
It has been referred as reminder or residuary publicity
which is used by the advertiser after all the other advertising
media.
Sticking of bills and posters destroys the walls of
different building and adversely affects the cleanliness and
beautification of a particular area.
Various media like skywriting, sandwich men, balloons
and electric displays are very costly. They are beyond the
means of a small trader.
(7) Window Display:
It is a common method which is usually undertaken by
retailers who display their products in the shop windows in
order to attract the customers. This is also known as exterior
display.
It is the most effective and direct method of influencing
the people. Window display has direct appeal to the onlookers.
It is instrumental in arousing the desire to purchase in the
prospective customers. It acts as a silent salesman.
In order to operate this method successfully, goods
should be arranged properly and systematically in the show
windows. The articles in the windows should be regularly-
changed. The advertiser should not forget that the window is
the index of his shop. Utmost care should be undertaken to
display the products in windows.
(8) Fairs and Exhibition:
A trade exhibition or a fair is organized on extensive
scale which is attended by different manufacturers and traders
along with their products to be sold to the large number of
people who visit the exhibition. The exhibition may be either
organized on local, provincial or international basis. The
examples of some of the international exhibitions are EXPO 70
of JAPAN, ASIA 72 and recent trade fair at Delhi every year.
Different stalls or pavilions “are allotted to various
traders who display their goods in these pavilions. The
manufacturers also distribute the sales literature and
sometimes free samples of goods to the people. Facilities of
practical demonstration are also provided to the customers.
The customers clearly understand the method of operation and
use of the product.
In the case of international exhibitions, traders of
different countries assemble at one place; they can
conveniently share the experiences of their respective
countries with each other which are really informative and
useful for all of them. It provides ample opportunity for learning.
The huge gathering of people in the exhibition provides a larger
market for sale.
(9) Specially Advertising:
Most of the business houses in order to increase their
sales, advertise their products, give free gifts like diaries,
purses, paper weights and calendars to the customers. The
name of the firm or the dealer is inscribed on the articles
presented.
E. MARKETING
What do customers get from you, and what do they get
from your competitor? This is the essence of the
customer experience, and it’s what differentiates your
business. The better you are at shaping that
experience, the greater your reach – and your profits
– no matter the industry.
Fundamentally, it requires knowing:
• Who your customers are, and what they want and
need
• How to tell your core story in a way that compels them
to buy
• Everything there is to know about your product or
service, so you can educate your prospects about why
your offering is the best choice
Strategic social media presence can help make
your customer service more responsive, enable you to
reconnect and re-engage with your customers and make
your marketing truly world-class. Here are eight essential
keys to making it happen.
MARKETING BEST PRACTICES
1. FIND OUT WHERE YOUR CUSTOMERS ARE
Choosing which platforms to focus on is marketing strategy
best practices 101. Customers prioritize different social media
platforms; factors like age, demographic and interests play
heavily into what will catch your customers’ eyes – and
where. Developing buyer personas will help you get a better
picture of your target market. To create accurate personas,
your team will need to conduct market research and reach out
to former, current and potential customers. Determine where
the majority of your customer base spends most of their time
and engagement online, then focus your budget and time
there.
2. BE AVAILABLE
Any marketing practices you engage in – no matter how
successful – will not produce results if your team is not
available. You need to be there for your customers when they
need you. In today’s always-on environment, you must meet
that expectation by helping your customers access
information, get help and share experiences. You also must
offer this on their schedule and across different forms of media,
including Facebook, Twitter, Google+ and other channels.
Spend a few minutes daily monitoring your social media
presence, or assign a staff member to do so, and you will gain
valuable intelligence about your prospects and customers.
3. RESPOND QUICKLY AND WITH MEANING
Everything is immediate now and your marketing strategy best
practices must reflect this. Customers expect prompt
interactions. A quick reply is valuable only when you fully
understand a customer’s questions, intentions and needs. As
Tony always says, your customer’s life is your business’ life.
You’ve spent years learning the competition; now it’s time to
learn about your customers and respond in a meaningful
fashion when they need your help. If you don’t understand
what they need, ask questions and deeply listen. This will help
you connect with your customers and turn them into raving
fans.
4. UNDERSTAND THEIR GOALS AND HELP THEM
MAKE INFORMED DECISIONS
Social media channels provide the opportunity to ask your
prospects about what they really want from your product or
service. In this consultative approach to marketing practices,
you’re letting each customer know, “We’re listening, and we
want to establish a long-term relationship with you.” When you
really understand your customers’ needs, you can take
massive action to create the outcomes that make them feel
welcome, important and comfortable.
5. COLLABORATE WITH YOUR CUSTOMERS TO
CREATE VALUE
You’re not just marketing a product – you’re partnering with
your customers. Successful businesses are more collaborative
now than ever before, adding value that helps clients realize
their goals. Marketing best practices dictate that you tailor your
products and services to the customer, not the other way
around, and that begins with your marketing outreach. Start a
dialogue with your customers on your social media channels
to get feedback on their pain points and how your products or
services can make their lives easier. When you work with them
to innovate, you know you’re moving in the right direction.
6. ADD A PERSONAL TOUCH
You probably remember every detail from your company’s
earliest days – including the face of your very first customer.
Are your current customers as memorable? Current marketing
strategy best practices state that individualized relationships
now excel routine transactions. A thoughtful social media
strategy, properly executed, will enable you to become more
familiar with your customers. You’ll then be in a position to ask
questions, gather intelligence, become more of a partner and
add those personalized touches that lead to loyal customers.
7. BUILD CREDIBILITY
Social media marketing practices won’t work if your customer
base doesn’t trust you. To build credibility, you need to share
information that establishes you as a thought leader in your
industry. Constantly selling to your followers is ineffective and
potentially counterproductive. To make your
business different on social media and drive word of mouth,
share insightful and helpful information that matters to your
customers. Educate them. Entertain them. Engage them in
meaningful conversation. This is the foundation necessary if
you want to build a social strategy that leads to a larger
customer base and more sales.
8. MEASURE AND REFINE
What’s working and not working with your social media
strategy? Marketing best practices include tools to measure
your efforts and determine which platform is driving the most
traffic and engagement. When you know what’s resonating
with your customers, you can create more of these interactions
and reduce the posts that are being ignored. Adopt a practice
of constant and strategic innovation to try out new technology,
platforms and tools so you’re always on the cutting edge.
F. BOOKKEEPING
Know what will help keep your business running like a
beautiful machine? Good bookkeeping practices.
Completed regularly, these habits will give you not only
confidence, but peace of mind. Neglect these practices
and mistakes will fester, leaving you up the proverbial
creek with lots of back work to do. Bottom line: Good
bookkeeping practices performed consistently will keep
your business running at its very best and allow you to
discover and fix problems before they derail you.
The best way to understand good bookkeeping
practices is to group them into daily, weekly, monthly, and
quarterly tasks. Daily tasks become habits as you repeat
them often. They make up the basic duties of your day-to-
day workflow. But it’s easy to get bogged down in the
details, right? And you’ve got a business to run! That’s why
less frequent tasks are your opportunity to step back and
look at the big picture. They keep you fully informed about
your business performance. Add these weekly, monthly
and quarterly tasks to your calendar so that you will
remember to include them as part of your business
roadmap.
Daily task
1. Enter every business transaction into your
general ledger to create a permanent financial
history of your business. The general
ledger proves the accuracy of all transactions
and exposes discrepancies such as double
billings or payments. It provides an internal and
external audit trail that will come in handy if you
are called upon to explain your company’s
finances.
2. Invoice your customers or clients as soon as the
sale or service is completed to avoid delays.
3. Make cash deposits every day. Record both your
cash and electronic payments in the proper
journal section at the end of each day.
4. Run a daily cash flow report to stay informed on
day-to-day operations. Make any needed
adjustments.
5. Back up your financial files using a primary and
redundant back-up source.
Weekly Tasks
1. Run a weekly cash flow report and check that
your data entries and filing are complete and up-
to-date.
2. Run your accounts payable and accounts
receivable reports and make sure that all bills are
paid on time to protect your credit rating.
3. Check for any overdue accounts receivable and
send a reminder to the client or customer if
necessary.
Monthly Tasks
1. Meet with your bookkeeper and/or accountant for
your monthly financial review.
2. Run a reconciliation report called a trial
balance to ensure that all of your debits and
credits are in balance. Check that all entries have
been posted to the correct subledgers, and that
there are no errors.
3. Send out monthly statements to your clients or
customers. Add “reminder statements” for those
that are overdue.
4. Refine your collection policies to coordinate with
your aged Accounts Receivable reports.
Quarterly Tasks
1. Work with your tax advisor to prepare and file
your quarterly taxes, as required by your
jurisdiction. File all reports on time for sales
taxes, employee payroll taxes, GST
(Canada) or FICA (USA), etc. Timely filing will
avoid late penalties. Review the cost of benefits
such as health insurance, bonuses, or retirement
plans for yourself and your employees. Consult
with your tax advisor on how changing
regulations will affect you and your business.
2. Meet with your accountant for a quarterly
reflection. This is your opportunity to step back
and examine the big picture. Run the reports
produced with your business accounting
software and then ask some tough questions.
What are the numbers on my balance
sheet showing me about the overall business
performance? Are my cost projections in line with
my gross profit goals? What trends are
emerging? Is my revenue rising or falling?
Are cost of sales or expenses escalating? Do I
need to trim expenses or delay major purchases
or acquisitions? Are my business goals
supporting my personal goals, such as my
retirement, my children’s education, my quality of
life? Have I added or lost employees, introduced
new products, won or lost any accounts? What is
my competition doing? How’s the state of the
economy? Do I need to modify my financial plan
to reflect these new realities?
3. If your company has inventory and equipment,
complete an inventory of all relevant items.
4. Ensure that whatever system you are using your
data is backed up and secure.
Continuous monitoring and refining of your
business roadmap shows lenders and investors that
 you are responsible. You will be able to adjust quickly
to changes in your personal and professional life. Your
year-end financial responsibilities will be exponentially
easier if your daily, weekly, monthly and quarterly
bookkeeping tasks become true habit. Proactive
measures will reward you with time and money
saved—and that’s great—but the real value of good
bookkeeping habits lies in the peace of mind you gain
from knowing that your business is on track and taking
you exactly where you want to go.
G. REPORTORIAL REQUIREMENTS
Reporting requirements is essential for any
software system or business application. In order to
objectively measure the effectiveness of a system or
product, you need precise analytics. That’s why it’s so
important to carefully vet any new reporting function
before putting it into use. In this article, we’ll define
requirements reports, explore some common tools
and documentation guides, and discuss how to create
a useful reporting requirements document.
What is a Requirements Report?
A requirements report is a document that
outlines the necessary elements of a project or
system. It includes information on the purpose, scope,
and goals of the project, as well as the stakeholders
involved. The requirements report also details what
needs to be done in order to complete the project
successfully.
A system requirements document explains
what a product will look like when it is finished. The
document describes the product’s purpose, features,
operating conditions, user experience, characteristics,
and national or international standards to which it must
adhere.
A requirements report can provide stakeholders
with a preview of the overall set of requirements,
depending on their needs and interests at that moment
during the project. This type of report is based on views,
which per the IREB syllabus are categorized into three
types:
• Selective Views: By selecting specific criteria, you
can generate a subset of requirements. For instance,
the list could be narrowed down to show only those
with high priority.
• Projective Views: While only a few features of the
requirements are visualized, more intricate details
such as its history are concealed to hone in on the
current version of the requirements.
• Aggregating Views: By analyzing the requirement
set, helpful information that is not immediately obvious
is generated; such as a pie chart displaying what
percent of requirements are in each status (pending,
reviewed, approved, validated, etc.).
Views are created by utilizing filters and sort
settings. For the majority of reports, a combination of
selective, projective, and aggregating views is employed
to generate data.
According to a study by the Carnegie Mellon
Software Engineering Institute, developing and tracking
system requirements remains difficult for developers. The
main issues highlighted in this research were a failure to
adequately address user or operational needs, as well as
the inability of stakeholders to keep track of requirements
throughout the product development life cycle.
Requirements reports are important because they
help ensure that all stakeholders have a clear
understanding of what is required for a successful
outcome. Without a requirements report, it would be
difficult to track progress or identify potential problems.
Benefits of Requirements Reporting:
There are many benefits of using Requirments
Reporting tools, templates, and documentation guides.
Some of these benefits include:
• Improved clarity and understanding of project goals
and objectives
• Better tracking of progress and identification of
potential problems
• Enhanced communication between stakeholders
• Increased likelihood of success for the project or
system.
Requirements Reporting allows to deliver the right
information to each stakeholder at each moment in the
project lifecycle. It helps stakeholders to make the right
decisions based on the right data. Requirements
Reporting can help make any software system or business
application more successful.
Creating a Useful Reporting Requirements Document:
When creating a reporting requirements document, the
following are the things you will need to include the following
information:
• Product Description
• User requirements
• Environmental requirements
• Standards
• Constraint information
Once you have considered these factors, you can begin to put
together a useful reporting requirements document.
Remember to include all essential information and make sure
that it is clear and easy to understand. With a well-crafted
requirements report, you can ensure that your project or
system is successful.
Let’s start creating our document!
Step 1: Collect Requirements. The product’s stakeholders,
those who will pay for it and those who will use it, should be
noted in the system-requirements report. A well-defined
procedure for collecting needs is strongly advised. Use cases,
scenarios, prototypes, and a thorough examination of contract
stipulations are some useful approaches for gathering
requirements.
Step 2: Apply Industry Standards. In the system-
requirements report, list any industry standards, international
standard organizations (ISO), and other government or legal
requirements that apply to the product.
Step 3: Describe the system’s operational
environment, such as interfaces with power sources, other
equipment, software, databases, and users. For the purpose
of the system-requirements report, safety criteria may be
included in the operating environment.
Step 4: Examine limitations. Constraints on the product
specifications may stem from users, processing power,
electricity requirements, cost, and hardware and software
integration.
Step 5: Make a list of functional requirements, such as the
speed of operations, resources utilized, performance in
extreme environments, testing standards, quality, safety, and
dependability.
Step 6: Create a development timetable with the planned
completion of key milestones along a timeline.
Step 7: Write the introduction for your system
requirements report. The title page includes the name of the
organization, the date, and the author’s name. On the cover
page, signatures from the responsible parties may be included.
Make a table of contents and a list of figures and tables during
this step. Create an introduction that addresses any required
references.
To produce reports that are based on selective, projective, or
aggregating views, the defining of requirement attributes is a
necessity. These criteria should allow users to apply filters,
define sorting criteria and calculate aggregate values.
Therefore, specifying the appropriate set of attributes is critical
for successful requirements reporting. This will vary depending
on different stakeholders’ information needs; however, ISO-
29148 and other standards provide an overview of some
commonly used attributes such as type, priority, author source
history, status, risk effort, etc.
What are Some Common Requirements Reporting
Tools?
As mentioned earlier, there are many different
reporting requirement tools available. These tools can
help improve clarity, communication, and overall
success for any software system or business
application.
When creating a new requirements report, it is
important to consider the purpose of the report, the
audience of the report, and the format. With these
factors in mind, you can craft a well-designed
Requirements Report that will help increase the
likelihood of success for your project or system.
Requirements Reporting is a vital part of any
software system or business application. With the right
tools, templates, and documentation guides,
Requirements Reporting can help make any project
more successful.
Conclusion:
Requirements reporting is the process of
creating documents that contain all the information on
requirements that stakeholders need along the project
lifecycle. Requirements reports can also display an
excerpt from the total set of requirements containing
only the content of interest for a stakeholder at a
specific point during the project. The main benefits of
requirements reporting are that it helps to ensure that
all stakeholders have a common understanding of the
system’s requirements, reduces ambiguity and
confusion, makes it easier to identify potential
problems with the system early on, and can help to
improve communication among stakeholders. In order
to create effective requirements reports, you need to
first understand who your stakeholders are and what
their needs and expectations are. You also need to
have a clear vision for the system you want to build.
H. DOCUMENTATION
In today's fast-paced business world,
organizations must continually adapt and improve to
stay competitive. One critical aspect of this is ensuring
that internal processes are efficient, consistent, and
scalable.
This is where process documentation comes
into play. As a crucial part of maintaining and
optimizing business operations, process
documentation serves as the foundation for growth
and continuous improvement.
Process documentation is the act of creating
clear, concise, and comprehensive written records of
a company's processes, procedures, and policies.
These records serve as a reference for employees,
outlining the necessary steps to complete tasks and
achieve objectives. By providing a structured
framework for various aspects of an organization's
operations, process documentation helps ensure
consistency, accuracy, and efficiency across the
board.
Examples of process documentation include:
• Step-by-step guides: Detailed, sequential
instructions for completing a specific task or operation
• Checklists: A list of items to verify, inspect, or
complete, ensuring consistency and thoroughnes
• Tutorials: Educational resources that guide users
through a process, often including tips and best
practices
• Process maps, diagrams, or flowcharts: Visual
representations of a process that display the
sequence of steps, decision points, and possible
outcomes
• SOPs (Standard Operating Procedures): Formal,
written instructions that outline how a specific task
should be performed within an organization
• Workflow documentation: Formal documentation that
specifically focuses on operational aspects of a
process, such as task sequences, interactions
between roles or teams, and dependencies.
• Company policies: Official rules, guidelines, or
principles that define how employees should perform
tasks, make decisions, or interact with stakeholders
Processes can be documented across various
departments, such as engineering, customer service,
and marketing. The approach may vary based on
whether they are driven by an incoming trigger or a
desired outcome.
• Engineering or programming. What does the bug
testing process look like when you release a software
update?
• Customer service. How do you respond to a message
from a customer who requests support?
• Marketing. What steps do you go through to publish a
new blog post?
Visual components, like flowcharts, can
enhance process documentation by providing a clear
overview of the workflow.
I. WHY IS CODE OF ETHICS IMPORTANT?
Business ethics studies appropriate business policies
and practices regarding potentially controversial
subjects, including corporate governance, insider
trading, bribery, discrimination, corporate social
responsibility, fiduciary responsibilities, and much
more. The law often guides business ethics, but at
other times business ethics provide a basic guideline
that businesses can follow to gain public approval.
Understanding Business Ethics
Business ethics ensure that a certain basic
level of trust exists between consumers and various
forms of market participants with businesses. For
example, a portfolio manager must give the same
consideration to the portfolios of family members and
small individual investors as they do to wealthier
clients. These kinds of practices ensure the public
receives fair treatment.
The concept of business ethics began in the
1960s as corporations became more aware of a rising
consumer-based society that showed concerns
regarding the environment, social causes, and
corporate responsibility. The increased focus on
"social issues" was a hallmark of the decade.
Since that time, the concept of business
ethics has evolved. Business ethics goes beyond just
a moral code of right and wrong; it attempts to
reconcile what companies must do legally vs.
maintaining a competitive advantage over other
businesses. Firms display business ethics in several
ways.
Principles of Business Ethics
It's essential to understand the underlying
principles that drive desired ethical behavior and how
a lack of these moral principles contributes to the
downfall of many otherwise intelligent, talented
people and the businesses they represent.
There are generally 12 business ethics
principles:
• Leadership: The conscious effort to adopt, integrate,
and emulate the other 11 principles to guide decisions
and behavior in all aspects of professional and
personal life.
• Accountability: Holding yourself and others
responsible for their actions. Commitment to following
ethical practices and ensuring others follow ethics
guidelines.
• Integrity: Incorporates other principles—honesty,
trustworthiness, and reliability. Someone with integrity
consistently does the right thing and strives to hold
themselves to a higher standard.
• Respect for others: To foster ethical behavior and
environments in the workplace, respecting others is a
critical component. Everyone deserves dignity,
privacy, equality, opportunity, compassion, and
empathy.
• Honesty: Truth in all matters is key to fostering an
ethical climate. Partial truths, omissions, and under or
overstating don't help a business improve its
performance. Bad news should be communicated and
received in the same manner as good news so that
solutions can be developed.
• Respect for laws: Ethical leadership should include
enforcing all local, state, and federal laws. If there is
a legal grey area, leaders should err on the side of
legality rather than exploiting a gap.
• Responsibility: Promote ownership within an
organization, allow employees to be responsible for
their work, and be accountable for yours.
• Transparency: Stakeholders are people with an
interest in a business, such as shareholders,
employees, the community a firm operates in, and the
family members of the employees. Without divulging
trade secrets, companies should ensure information
about their financials, price changes, hiring and firing
practices, wages and salaries, and promotions are
available to those interested in the business's
success.
• Compassion: Employees, the community
surrounding a business, business partners, and
customers should all be treated with concern for their
well-being.
• Fairness: Everyone should have the same
opportunities and be treated the same. If a practice or
behavior would make you feel uncomfortable or place
personal or corporate benefit in front of equality,
common courtesy, and respect, it is likely not fair.
• Loyalty: Leadership should demonstrate
confidentially and commitment to their employees and
the company. Inspiring loyalty in employees and
management ensures that they are committed to best
practices.
• Environmental concern: In a world where resources
are limited, ecosystems have been damaged by past
practices, and the climate is changing, it is of utmost
importance to be aware of and concerned about the
environmental impacts a business has. All employees
should be encouraged to discover and report
solutions for practices that can add to damages
already done.
Why Is Business Ethics Important?
There are several reasons business ethics
are essential for success in modern business. Most
importantly, defined ethics programs establish a code
of conduct that drives employee behavior—from
executives to middle management to the newest and
youngest employees. When all employees make
ethical decisions, the company establishes a
reputation for ethical behavior. Its reputation grows,
and it begins to experience the benefits a moral
establishment reaps:
• Brand recognition and growth
• Increased ability to negotiate
• Increased trust in products and services
• Customer retention and growth
• Attracts talent
• Attracts investors
When combined, all these factors affect a
business' revenues. Those that fail set ethical standards
and enforce them are doomed to eventually find
themselves alongside Enron, Arthur Andersen, Wells
Fargo, Lehman Brothers, Bernie Madoff, and many
others.
Types of Business Ethics
There are several theories regarding business
ethics, and many different types can be found, but what
makes a business stand out are its corporate social
responsibility practices, transparency and
trustworthiness, fairness, and technological practices.
Corporate Social Responsibility
Corporate social responsibility (CSR) is the
concept of meeting the needs of stakeholders while
accounting for the impact meeting those needs has on
employees, the environment, society, and the community
in which the business operates. Of course, finances and
profits are important, but they should be secondary to the
welfare of society, customers, and employees—because
studies have concluded that corporate governance and
ethical practices increase financial performance.
Businesses should hold themselves accountable
and responsible for their environmental, philanthropic,
ethical, and economic impacts.
Transparency and Trustworthiness
It's essential for companies to ensure they are
reporting their financial performance in a way that is
transparent. This not only applies to required financial
reports but all reports in general. For example, many
corporations publish annual reports to their shareholders.
Most of these reports outline not only the
submitted reports to regulators, but how and why
decisions were made, if goals were met, and factors that
influenced performance. CEOs write summaries of the
company's annual performance and give their outlooks.
Press releases are another way companies can
be transparent. Events important to investors and
customers should be published, regardless of whether it
is good or bad news.
Technological Practices and Ethics
The growing use of technology of all forms in
business operations inherently comes with a need for a
business to ensure the technology and information it
gathers is being used ethically. Additionally, it should
ensure that the technology is secured to the utmost of its
ability, especially as many businesses store customer
information and collect data that those with nefarious
intentions can use.
Fairness
A workplace should be inclusive, diverse, and fair
for all employees regardless of race, religion, beliefs, age,
or identity. A fair work environment is where everyone can
grow, be promoted, and become successful in their own
way.
How to Implement Good Business Ethics
Fostering an environment of ethical behavior and
decision-making takes time and effort—it always starts at
the top. Most companies need to create a code of
conduct/ethics, guiding principles, reporting procedures,
and training programs to enforce ethical behavior.
Once conduct is defined and programs
implemented, continuous communication with employees
becomes vital. Leaders should constantly encourage
employees to report concern behavior—additionally, there
should be assurances that if whistle-blowers will not face
adversarial actions.
Monitoring and Reporting Unethical Behavior
When preventing unethical behavior and repairing
its adverse side effects, companies often look to
 managers and employees to report any incidences they
observe or experience. However, barriers within the
company culture (such as fear of retaliation for reporting
misconduct) can prevent this from happening.
Published by the Ethics & Compliance Initiative
(ECI), the Global Business Ethics Survey of 2021
surveyed over 14,000 employees in 10 countries about
different types of misconduct they observed in the
workplace. 49% of the employees surveyed said they had
observed misconduct and 22% said they had observed
behavior they would categorize as abusive. 86% of
employees said they reported the misconduct they
observed. When questioned if they had experienced
retaliation for reporting, 79% said they had been retaliated
against.
Indeed, fear of retaliation is one of the primary
reasons employees cite for not reporting unethical
behavior in the workplace. ECI says companies should
work toward improving their corporate culture by
reinforcing the idea that reporting suspected misconduct
is beneficial to the company. Additionally, they should
acknowledge and reward the employee's courage in
making the report.
The 12 ethical principles for business executives
1. HONESTY
All personnel must be committed to telling the truth in
all forms of communication and in all actions. This
includes never purposely telling partial truths,
selectively omitting information, making
misrepresentations or overstatements. Honesty also
means reliably sharing both good and bad news with
equal candor.
2. FAIRNESS
All dealings and relationships must be founded on a
conscious commitment to fairness, treating others as
you would like to be treated. Fairness requires treating
all individuals equally and courteously, never
exercising power arbitrarily and never exploiting
weaknesses or mistakes for personal or corporate
benefit.
3. LEADERSHIP
Demonstrated by a conscious effort to set a positive
example of ethical behavior, leadership is a
commitment to excellence through ethical decision-
making. Businesses and business executives maintain
their leads by constantly improving operational
efficiency, worker satisfaction and customer approval.
4. INTEGRITY
Organizations and personnel demonstrate integrity
through a consistency between actions and words that
inspires trust and credibility. Integrity also means
keeping promises, honoring commitments, meeting
deadlines and refusing to participate in unscrupulous
activities or business dealings.
5. COMPASSION
Fostering a business environment of empathy and
compassion requires a commitment to being kind and
caring toward all personnel, business partners and
customers. Business goals must be benevolent,
ensured by spending enough time to understand the
needs and sensitivities of others, including the local
community.
6. RESPECT
Respect is demonstrated by a full commitment to the
human rights, dignity, autonomy, interests and privacy
of all personnel. It means recognizing that everyone
deserves equal respect and support for sharing ideas
and opinions, without fear of any penalty or form of
discrimination.
7. RESPONSIBILITY
Employees exhibit responsibility by taking full
ownership of their jobs, striving to be conscious of the
emotional, financial and business consequences of
their actions. Taking their responsibilities seriously
also demonstrates employee maturity and ability to do
a job without needing strict supervision.
8. LOYALTY
Loyalty is proven by never disclosing information
learned in confidence and by remaining faithful to
coworkers, clients, business partners and suppliers.
Loyal employees avoid conflicts of interest, help build
and protect the good reputation of their company and
help boost the morale of their coworkers.
9. LAW-ABIDING
Organizations must fully comply with all applicable
laws and codes from local, state and federal agencies.
Law-abiding businesses and personnel also adhere to
industry and trade regulations, marketplace standards
and any additional mandatory organizational policies,
practices and procedures.
10. ACCOUNTABILITY
Accountability requires a total commitment to the
ethical quality of all decisions, actions and
relationships. High expectations for ethical behavior
drive business practices when an organization and its
personnel are held accountable to fellow employees,
consumers, the local community and the wider public
in general.
11. TRANSPARENCY
Committing to transparency requires making business
information and policies available to appropriate
groups, such as financial investors, personnel and
consumers. It includes, for example, sharing criteria
 for price hikes, wages, hiring, granting promotions,
addressing workplace infringements and firing
employees.

12. ENVIRONMENTAL CONSCIOUSNESS

Organizations and personnel demonstrate a

commitment to the environment by helping mitigate
the effects of global climate change. Beneficial actions
include reducing the negative environmental impact of
doing business by improving energy efficiency to help
lower carbon emissions, reducing water usage and
reducing waste.

Ethical business practice examples

When you consider the 12 ethical principles for

business, you might imagine that it can be hard to stick to the
company morals while also seeing through basic business
principles. But it is possible and can have waves of positive
outcomes. Here are some real-world business ethics
examples:
• Since 1970, Chick-fil-A has helped over 80,000
employees fund academics through a total investment
of $136 million in scholarships.6
• Among other animal welfare and corporate
responsibility projects, McDonalds is on course to use
only cage-free eggs throughout their franchises
worldwide.7
• In 2018 Nike made its company morals clear when it
stood by Colin Kapernick as a brand ambassador
when the former 49ers quarterback claimed NFL
teams weren't hiring him for standing with the political
movement Black Lives Matter. Nike didn't only make a
political stance but also increased its brand reputation
among the public. Critically, the move also likely
helped its stock price remain higher than competitors.