Identity of a Business Organisation
There have been definitions of a business entity over the years. It has been defined as a legal entity, as a real entity, as an organisation set up by an individual or group of individuals for the sake of conducting business etc. The most suitable definition for us is that which defines a business entity as a community of persons that come together for a common objective, not bound only by contract, but also by how they relate with one another.
This definition allows for individual members to own their part in ethical consideration of the business. While most businesses are set up with the idea of maximising profit, we believe it should be more about optimising profit.
Ethics ought to have a big role in the identity of a business. It should be approached not as a” nice to have” but integrated into the business such that it becomes a culture. Ethics and profitability together would ensure the business stands the test of time and is a going concern. Ethics and profitability are also a reflection of the relationship between the company and its stakeholders.