Business ethics can be a very complex field. You may wonder why this is – it should be as simple as businesses doing the right thing and avoiding acting maliciously.
The reason is that using the “right thing” as a criterion for anything in 2024 has become a fickle matter. The right thing may mean something different for different folks.
In business, different folks for different firms are called stakeholders – and each company needs to know who their stakeholders are.
A stakeholder is someone who has a vested interest in the success outcomes of any given business. To illustrate, follow this short exercise.
Mitch’s Tavern is a small but busy bar & diner owned by Mitch, serving as the local watering hole of a small town while serving excellent food. The stakeholders of Mitch’s Tavern would include Mitch, any employees, the many regulars who frequent the establishment throughout the week, and the local government, which sees it as a positive social glue for the community.
When making any decisions, Mitch must consider what is best for not just him or his employees but also those who are customers at his Tavern and the community. Otherwise, it would be poor business decision-making and violate common business ethics principles.
In the PR realm, business ethics are critical to maintaining public trust and ensuring that your target audience, whether that be the government, businesses, or consumers, does not become alienated.
Egregious violations of business ethics principles are a fast lane to losing the plot. It is always important to consider what is best for your stakeholders whenever you choose to issue business communications.
At Daisy Consulting Group, our team is experienced in running PR campaigns for various organizations and businesses. If you are wondering what steps you should take to ensure that your PR efforts are ethical and most effective in resonating with your stakeholders, contact us for a free consultation.
