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Business ethics entails principles and values that direct the decisions and measures adopted by a business enterprise; they may be written or unwritten. This study explores whether profit corporations should model themselves after nonprofit corporations. Precisely, the study will answer the question: Should for-profit corporations model themselves after not-for-profit organizations to achieve a sustainable business ethics program, since for-profit corporations’ main goal is to maximize profitability to attract shareholders and/or stakeholders?
It is necessary for business corporations to adopt moral values and principles similar to those of non-profit organizations, apart from having business ethics that are profit oriented. The management should employ strategies aimed at enhancing the sustainability of the organization. When implementing strategies for maximizing profit, it is crucial for a corporation to consider society and the setting within which it operates. In order to ensure prosperity, profit corporations should take responsibility for the impacts that their actions have on society (Ferrell et al, 2010).
The most appropriate approach would be for corporations to ensure that the organization acts for the better good of the society by utilizing effective strategies. One such strategy is the ‘utilitarian approach’ where ethical decisions promote the societal well-being while causing damage to few people as possible. Corporations should implement this strategy to ensure that their activities have minimum harm to the society. This way, the organization will be in a position to win the trust of the society and gain support for expressing concern over the needs of the society. Therefore, ethical principles should be incorporated in strategies of making the employees of the corporation focus their attention to the societal needs (Ferrell et al, 2010).
The common good quality approach, which upholds the universal values, ethical and decent principles found in the society, is also essential in ensuring that the income corporations achieve sustainable business ethics. The mission, vision, objectives and values of the organizations should consider the culture within which the organization operates. Thus, profit corporations should put in place ethics that do not violate the beliefs of the society; instead, the activities of a firm should strengthen the societal values (Ferrell et al., 2010).