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The Need for Business Ethics

The Need for Business Ethics
The Need for Business Ethics Every individual should be guided by certain code of conduct. Ethics deal with personal conduct and moral duty and concerns human relations with respect to right and wrong. In business, ethics is doubly important and the society expects the businessmen to act ethically. Business ethics adds to the image of the company and develops a sense of trust in the minds of people and a  long lasting relationship that is to stay. If the businessmen act ethically there is no need for legal rules and regulations that govern the code of conduct. Most of today’s businessmen want to make a fast buck and does not have business ethics. Benefits of Business Ethics 1. Creates Credibility 2. Helps in ethical decision making 3. Enhances quality of living 4. Corresponds to basic human needs Business ethics is primarily concerned with the relationship of business goals and techniques to specifically human ends. It is a dynamic philosophy of socio-economic adjustments whose field is widening day by day. Definition of Business Ethics: Typical definitions refer to the “rightness or wrongness of behavior, but not everyone agrees on what is morally right or wrong, good or bad, ethical or unethical.” “Application of general principles of ethic customary in a society to the areas where business operates.” In the words of T.M.Garrett, “business ethics is a study of moral rightness and wrongness of the acts involved in the production, distribution and exchange of economic goods and services.”  Elements of Business Ethics: · It should be above business interests-no harm should be done to the society · It is more of a code of business behavior · It has responsibilities as roots and outcome as fruits · It is guided not by sentiments and emotions but by definite tenets · It has to be followed by one’s own will and cannot be enforced upon · It cultivates high sense of honesty, general welfare, justice and responsibility in the minds of businessmen · It emphasizes the importance of self discipline over external control by legislation. The businessmen should not make false promises which destroy the fair image of the business. Principles of Business Ethics: · Do not sell substandard or defective products or stick to under measurement · Do not resort to hoarding, black-marketing or profiteering · Do not destroy or distort competition · Ensure accuracy and sincerity in advertising, labeling and packaging · Do not tarnish the image of competitors by unfair practices · Make accurate business records available to all authorized persons · Pay proper taxes and satisfy other obligations · Do not form cartel agreements to control production, price etc. to the common determinant · Refrain from secret kick backs or pay-offs to customers, suppliers, administrators, politicians etc., · Ensure payment of fair wages to and fair treatment of employees · Fulfill honestly all responsibilities towards the organization. Owners, employees, consumers, suppliers, government and society at large. The most common unethical practices being followed would be: 1. Adulteration 2. Spurious products 3. Duplicates 4. Injurious products 5. Defective Advertisements 6. Low salaries 7. Poor working Conditions 8. Exploitation- Sexual harassment and bullying, use of child labor 9. Financial misconduct-Employees being made to sign for more than actually paid for 10. Tax evasion- Improper records or bogus records to show hiked up profit in the p&l 11.  Pollution 12.  Bribes and circulation of money to buy political support- The notoriously popular 2G...
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Running a Restaurant

Running a Restaurant
The Viability of Running a Restaurant A project can be made into a roaring success provided you have made your in-depth analysis and research to understand the nuances of the industry. Before plunging into the market it is better to have the data ready with you. How prepared you are to run the business is not the question; how well prepared are you to face the hurdles and challenges that come your way is all that matters. Only if you withstand the rough weather may you proceed to grow and then expand. Industry Insights Restaurant industry is one such area where many people try to set their foot daydreaming of immediate success. Unfortunately the scenario doesn’t warrant instant success. Any business that has a slow and steady growth makes it to the top. Have you ever thought about the wherewithal needed to run the show! The industry looks very appealing and promising from outside but reality matters. The industry’s main focus is on supply chain management where your primary and ultimate focus revolves round your customers, who are your main focal point. Value Added Services Customer satisfaction should be your vision, mission, objective and goal. Of course you want to make profit. For what else in the world have you entered this business. But think about it, if you are not able to attract crowds, the effort is wasted. The quality The variety The appeal The presentation The treatment The ambience The refreshment, that is being offered to the customers should make them feel special and worth the value of money they are shelling out to have an evening out with their family or friends. Rising costs make people think twice before they decide on their choice of restaurant. Be sure about the class of people whom you want to cater the needs. Go for the plan accordingly and design your restaurant. Is Your Design Appealing? The design includes a sober atmosphere where the visitors can relax, mild lighting that is soothing to the eyes, mellifluous music that creates a magical effect and the choice of drapes and furnishings that add grandeur. The core concept of food industry is “customer satisfaction”. A company’s greatest strength is the quality of its professional management. You have to manage your human resource personnel, the waiters, waitresses, the chefs, the managers, billing clerks in such a way that their one and only motive is to give quick service and great service the first time and every time. Managing Your Financials Managing your financials is an absolute necessity. The initial investment has to be taken care of since you do not know the period it takes to establish yourself in the industry. How, big chain of restaurants is run successfully all over the world? First four or five years are particularly important to prove your credibility both to yourself and others. They do their complete market research wherein the customers’ preferences are jotted down and taken into consideration. High performing and high potential managers are put into place to run the show without a hitch. Well trained waiters are a big plus. Big companies diversify to invest their profits in ever prosperous areas like food industry, where people are constantly looking for new arrivals and the “brand image” that the big companies establish cannot be matched by small time players. Great service is the key factor that makes these big time players unique. Locational Advantage Locational advantage is the most important criterion for a restaurant industry. Sufficient space must be provided for parking and the access to the location be made a pleasurable experience. Don’t go for guidance from your local competitors or friends, they will...
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