Common Practices

In Business
UNIT 1: The Role of Business in Social and Economic Development

Business Ethics and

Social Responsibility
Prepared by:
Archie Ner, CPA
Activity
On a ½ sheet of paper, answer this question:

1. I bought a pair of really cool leather shoes from a

store on Hawthorne Street, for a really good price.
I do not know where the materials came from,
who made them, or why they could sell them so
cheaply at the little shop. Do you think I had an
obligation to find out more about these shoes
before buying them? Explain.
Business
Practice
Business Practice
– Is a method, procedure, process, or rule employed or
followed by a company in the pursuit of its objectives.
Common in
Practices
A. Decorum
- behavior in keeping with good taste and
propriety.
- business etiquette
Common in
Practices
A. Decorum
– On time and promptness
– On preparation
– On agenda
– On attire and appearance
– On decorum
– On basic courtesy and respect
Common in
Practices
A. Decorum
– On greetings
– On handshakes
– On body language
– On formal and informal address
– On speaking in meetings
– On listening
Common in
Practices
A. Decorum
– On cell phones and laptops
– On business or visiting cards
– On breaks
– On appropriate communication
– On bargaining
– On bringing in guests
Common in
Practices
A. Decorum
– On building relationships
– On business meals and recreation
– On gift-giving
Common in
Practices
B. Protocol
– Unwritten rules or guidelines that are peculiar to
every culture or organization, and are supposed
to be observed by all parties in the conduct of
business, entertaining, negotiating, politics, etc.
Common in
Practices
B. Protocol
– The basis of protocol
– Training in protocol
– Benefits of protocol
Common in
Practices
B. Protocol
– Examples of Protocols in Philippine Business
• Filipino Family- Modeled Business
• Business is personal
• Status-Consciousness
• Politeness and ambiguity
Common in
Practices
C. Policies
– Scope or spheres within which decisions can be
taken by the subordinates in an organization
Common in
Practices
C. Policies
– Features of Business Policy
• Specific
• Clear
• Reliable/ Uniform
• Appropriate
• Simple
• Inclusive/ Comprehensive
• Flexible
• Stable
Common in
Practices
D. Advertising
– How company encourages people to buy their
products, services, or ideas
• Newspaper, Magazine, Radio, etc.
Common in
Practices
E. Marketing
– Process of product development as well as sales,
promotion, and distribution.
Common in
Practices
F. Bookkeeping
– Process of recording all financial transactions to
keep track of cash flow
Common in
Practices
G. Reportorial Requirements
– Public reporting of operating and financial data
by a business enterprise
– Annual Report/ Financial Statement
Common in
Practices
H. Documentation
– Processes and items which serve as evidence for
the validity or truth of a certain claim or
statement
Common in
Practices
I. Code of Ethics
– Sets out the company’s values, ethics, objective,
and responsibilities.