Ethics simply put is a code of behavior considered correct. Morals, on the other hand are personal philosophies on right and wrong. Looking at ethics in a business sense, one can separate into 2 distinct categories: business ethics and professional ethics. Business ethics are ethics in a business setting whilst professional ethics demands the creation of a predetermined framework or set of rules to guide the professional when making ethical decisions.
Developing an ethical framework within your business by involving all your employees will provide your business as a whole methods in dealing with ethical dilemas. Your framework should feature consideration of everyone's duties, the consequences of alternatives and indentifying stakeholders and so on. Your ethical model will exemplify how decisions can be made and is best internalized rather than memorized.
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