7 Principles of Admirable business Ethics:

Be trustful: Recognize customer want to do business with a company they can trust, when trust is at the core of a company, its easy to recognize. Trust defined is assured reliance on the character, ability, strength and truth of a business. Keep an open mind: For continuous improvement of a company, the leader of an organization must be open to new ideas. Ask for opinions and feedback from both customers and team members and your company will continue to grow. Meet obligations: Regardless of the circumstances do everything in your power to gain the trust of past customers and clients. Have clear documents: Re-evaluate all prints materials including small business advertising, brochures and other business documents making sure they are clear, precise and professional. Become community involved: Remain involved in community related issues and activities, thereby demonstrating that your business is a responsible community contributor. Maintain accounting control: Take a hands-on approach to accounting and record keeping, not only as a means of gaining a better feel for the progress of company but as a resource for any questionable activities. Gaining control of accounting and record keeping allows to end any dubious activities promptly. Be respectful: Treat others with the utmost of respect. Regardless of differences, positions, titles, ages or other types of distinctions always treat others with professional respect and courtesy.

Advantages of business ethics:

Business ethics offer companies a competitive advantage. Consumers learn to trust ethical brands and remain loyal to them even during difficult periods. In 1982, Johnson and Johnson spent over $ 100 million dollars recalling Tylenol its best selling product, after someone tampered with bottles of the painkiller. The company followed its Credo, a set of ethical organizational values and the result was a boost in consumer confidence despite the contamination scarce. Society benefits from business ethics because ethical companies recognize their social responsibilities.

Disadvantages of Business Ethics:

Business ethics reduce a companys freedom to maximize its profit. For example, a multinational company may move its manufacturing facility to a developing country to reduce costs. Practices acceptable in that country such as child labour, poor health and safety, poverty level wages and coerced employment will not be tolerated by an ethical company. Improvements in working conditions, such as a living wage and minimum health and safety standard reduce the level of cost savings that the company generates. However, it could be argued that the restrictions on company freedom benefit wider society. Ethical business guidelines also help a small business demonstrate social responsibility to consumers. As a provider of products or services a small company must choose voluntary actions such as cleaning up factories to become known for social responsibility. A business can market these voluntary actions to increase consumer trust in its brand. The small business owner is the person who sets the example for all employees in making socially responsible decisions not required by contractual or legal obligations.

Areas of corporate responsibility:

Theodore Levitt contends that corporate activity is limited only by two constraints Economic Legal

But these two are not enough to guarantee authentic happiness. To attain its purpose corporate responsibility must be extended to all areas economic, legal, ethical and philanthropic. Economic responsibility: A corporation must be profitable; this is the foundation upon which all other areas rest. Legal responsibility: A corporation must obey the laws of the country. Law is the social codification of right and wrong. Every corporate transaction must be in accord with these rules. Ethical responsibility: A corporation must be ethical, every corporate transaction, decision and policy is bound by the obligation to do what is right, just and fair. Negatively it must avoid harm to authentic happiness of all. Philanthropic responsibility: As a legal person in the community, a corporation must be a good citizen contributing resources to the community and improving its quantity of life. Contribution are not licenses for a firm to do something wrong.

Conclusion:
The above strategy is considered a win-win strategy in which all parties allowed to share the benefits of business activities. In contrast the vision proposed by Smith and Levitt leads to only one-win, namely the people who own capital or have greater economic power. Moreover, their vision provides roots for antagonism and distrust making the business world a Hobbesian war or Darwinian struggle for survival by the fittest. This would be but a new weapon of the developed countries to threaten the developing countries in an era of economic war. There can be no free-trade without fairness; trade can be no implemented only in an atmosphere of fairness, trust, care and mutual sharing. Hence, the old ideology be replaced by a new vision if the world.