Sustainability in business: 3 common risks and how to tackle them – PART 2
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This document discusses the risk of failing to understand why sustainability is important for businesses supplying the public sector. It notes that sustainability has become a legal requirement for public sector procurement in the UK. It advises businesses to learn more about sustainability issues, make sustainability a key organizational value, set up a task force to implement best practices, and engage with industry groups on sustainability discussions. Understanding sustainability's benefits, like more efficient procedures and innovative technology, helps businesses become attractive prospects for public sector contracts.
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CHAPTER2Integrity, Ethics, and Social Entrepreneur
CHAPTER
2
Integrity, Ethics,
and Social
Entrepreneurship
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
LEARNING OBJECTIVES
By studying this chapter, you should be able to…
2-1 Define integrity, and understand its importance to
small businesses.
2-2 Explain how integrity applies to various stakeholder
groups.
2-3 Identify some common challenges and benefits of
maintaining integrity in small businesses.
2-4 Suggest practical approaches for building a
business with integrity.
2-5 Define social entrepreneurship, and describe its
influence on small companies and startup
opportunities.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2-1 WHAT IS INTEGRITY?
• Integrity – A general sense of honesty and reliability
that is expressed in a strong commitment to doing the
right thing, regardless of the circumstances.
• “Doing anything for money” can quickly lead to
distortions in business behavior.
• Acting with integrity requires that an individual first
consider the welfare of others.
• Many small business owners strive to achieve the
highest standards of honesty, fairness, and respect in
their business relationships.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2-2 INTEGRITY AND THE INTERESTS
OF MAJOR STAKEHOLDERS (slide 1 of 3)
• Closely tied to integrity are ethical issues,
which go beyond what is legal or illegal to
include more general questions of right and
wrong.
• A recent Ethics Resource Center survey
indicated that employees witness various
forms of misconduct in their workplaces, with
the most frequently observed offenses
involving abusive behavior and lying to
employees.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2.1 Most Frequently Observed Forms of Workplace Misconduct
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2-2 INTEGRITY AND THE INTERESTS
OF MAJOR STAKEHOLDERS (slide 2 of 3)
• When making decisions, small business owners guided by
integrity must consider the interests of several different groups:
• Owners.
• Customers.
• Employees.
• The community.
• The government.
• Individuals in these groups are sometimes referred to as
stakeholders.
• Stakeholders – Individuals or groups that either can affect or are
affected by the performance of the company.
• Because the interests of various stakeholder groups sometimes
conflict, decisions can be very difficult to make.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2.2 Four Types of Responsibilities for Sm ...
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The document provides an overview of topics related to corporate social responsibility (CSR) in India. It discusses the definition of CSR, laws around CSR in India, why CSR is important for businesses, the CSR process including defining strategies and programs, monitoring impact, and reporting. It also provides examples of CSR initiatives undertaken by major Indian companies like Tata Steel, Tata Power, and others. The key points covered include the legal requirements around CSR spending in India, benefits to businesses from CSR, and how leading companies structure and implement their CSR programs.
CHAPTER2Integrity, Ethics, and Social Entrepreneur
CHAPTER
2
Integrity, Ethics,
and Social
Entrepreneurship
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
LEARNING OBJECTIVES
By studying this chapter, you should be able to…
2-1 Define integrity, and understand its importance to
small businesses.
2-2 Explain how integrity applies to various stakeholder
groups.
2-3 Identify some common challenges and benefits of
maintaining integrity in small businesses.
2-4 Suggest practical approaches for building a
business with integrity.
2-5 Define social entrepreneurship, and describe its
influence on small companies and startup
opportunities.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2-1 WHAT IS INTEGRITY?
• Integrity – A general sense of honesty and reliability
that is expressed in a strong commitment to doing the
right thing, regardless of the circumstances.
• “Doing anything for money” can quickly lead to
distortions in business behavior.
• Acting with integrity requires that an individual first
consider the welfare of others.
• Many small business owners strive to achieve the
highest standards of honesty, fairness, and respect in
their business relationships.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2-2 INTEGRITY AND THE INTERESTS
OF MAJOR STAKEHOLDERS (slide 1 of 3)
• Closely tied to integrity are ethical issues,
which go beyond what is legal or illegal to
include more general questions of right and
wrong.
• A recent Ethics Resource Center survey
indicated that employees witness various
forms of misconduct in their workplaces, with
the most frequently observed offenses
involving abusive behavior and lying to
employees.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2.1 Most Frequently Observed Forms of Workplace Misconduct
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2-2 INTEGRITY AND THE INTERESTS
OF MAJOR STAKEHOLDERS (slide 2 of 3)
• When making decisions, small business owners guided by
integrity must consider the interests of several different groups:
• Owners.
• Customers.
• Employees.
• The community.
• The government.
• Individuals in these groups are sometimes referred to as
stakeholders.
• Stakeholders – Individuals or groups that either can affect or are
affected by the performance of the company.
• Because the interests of various stakeholder groups sometimes
conflict, decisions can be very difficult to make.
© 2020 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2.2 Four Types of Responsibilities for Sm ...
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- 1. Sustainability in business: 3 common risks and how to tackle them – PART 2
- 2. Becoming a more sustainable business is tough but....
- 3. ...sustainability has stopped being a ‘nice-to-have’ and has become a ‘must-have’ for public sector supply chains.
- 4. Sustainability is increasingly becoming a crucial factor for the public sector during the procurement process. With the introduction of the Public Services (Social Value) Act 2013 in the UK, public sector organisations now have a legal requirement to consider the social good offered by bidders during the procurement process as well as price and quality. http://www.legislation.gov.uk/ukpga/2012/3/enacted
- 5. So what are the risks to ensuring your own business makes the grade for sustainability?
- 6. Risk 2: Failing to understand why sustainability is important
- 7. Risk 2: Failing to understand why sustainability is important How does sustainability relate to your business? • creating more efficient procedures, • achieving better ROI, • developing innovative technology • making your company an extremely attractive prospect for public sector contracts.
- 8. Risk 2: Failing to understand why sustainability is important How do I tackle it?
- 9. Risk 2: Failing to understand why sustainability is important • Learn more – get to know some environmental advocacy groups and find out more about the potential social and environmental impact of your company.
- 10. Risk 2: Failing to understand why sustainability is important • Make sustainability key to the achievement your organization values. You recognise employees, vendors, and customers for service – why not for improving sustainability?
- 11. Risk 2: Failing to understand why sustainability is important • Set a task force to tackle sustainability projects within your company and help implement best practice. Give people specific responsibilities and make sure they have a process in place to enable collaboration.
- 12. Risk 2: Failing to understand why sustainability is important • Engage with your local trade association, political figures and industry leaders and become an active part of the sustainability discussion. Public sector officials can be directly involved with the development of regulatory action.
- 13. Sustainability in business: 3 common risks and how to tackle them Thanks for viewing! Make sure to check out PART 3 in our series Follow @TrackerIntel on Twitter for more business insights