Learning Business: The Meaning of Fairness in Business

By: SAURABH SATA


posted on: February 4th, 2016

 Business is an activity undertaken by a company to meet its goals.One main goal of most companies is to earn profit. These profits are generated when the company sells goods or services to customers in return of money. A company can operate and grow by making profit. But it should not adopt unfair means to earn money.
 The development of a country largely depends on the growth of its businesses. Government collects taxes from companies. Then, it uses taxes to develop roads, railways, schools, hospitals, public toilets and other facilities for the people. Hence, it is very important that acompany pays the lawful taxes. Italso should not bribe government officials or other authorities to get its work done.
 Businesses need people to make products and sell them. When companies hire people, the unemployment level in the country falls. However, individuals should be recruited on the basis of their merit and qualification. This will encourage people to study and become more qualified. There should be no discrimination on basis of age, gender, nationality, race, religion etc.
 A firm must provide its workers a safe and healthy work environment. It should give proper rest and meal breaks and pay fair salaries. This will enhance the well-being of employees and motivate them to perform better.
 A fair company is not just one that is ethical to its employees but also one that treats its customers and suppliers well. Say for example, a company into Fast Moving Consumer Goods (FMCG) that manufactures soaps, biscuits, toothpastes needs to give good quality products to its customers at competitive prices. Another example is that of a property developer. A business which makes new homes for people should inform them about the actual area, electrical and water supply, property taxes and give what has been promised at the time of buying the house. It should also make timely payments to its vendors like contractors, electrical suppliers, construction workers, painters, plumbers and carpenters.
 Today, the environment is facing a serious danger due to increase in pollution. Companies should use eco-friendly machines to produce goods. Such machinesmake less noise, consume less electricity and release less carbon dioxide.
 A good and fair business is one which can do all of the above. But can a business do all this without making enough money? Probablynot. Therefore, it is important for a business to earn profits.
 However, it should give some part of its profits for Corporate Social Responsibility (CSR) activities. This could include growing more trees in the city, organising health camps, funding children’s education, building good roads or even helping talented people start their own business.
 Fairness in business can create a huge positive impact on the country and its citizens. It will help in making this world a better place for us and for the future generations.

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