A company needs to understand that there is a process of strategic planning where strategy formulation, evaluation, and implementation are important. Therefore, to follow this process, a company has to consider the following key ethical consideration;
The organizational values of an organization are the key element that guides a way to achieve the objectives and deliver the results. If an organization is lacking in organizational values, then it should start developing them and make them a part of the strategy. If the strategy is not being matched with the values of an organization, then it needs to reassess its strategy.
Individual values are also being valued at the organization. The strategy must consider the individual values of an individual. If the strategy is not consistent with the individual values, then the individual must say this to the management.
Strategic planning refers to creating business strategies, implementing and evaluating the results from those strategies.
Strategic planning integrates various departments within an organization to achieve strategic goals. To effective implementation to strategic planning, ethics plays an important role. Ethics keeps a pace in the activities of people to make strategic planning work. Business ethics is a wide aspect; it does not only work within the organization but also with people associated with the business. Such as vendors, suppliers, clients, etc.
Ethics in strategic planning is beneficial not only for business but also for the people who are associated with the business. Business ethics make people work with moral responsibilities to create an environment of moral values and objectives.
The objective of ethics in strategic planning is to make people aware of the moral values that are associated with every decision a business takes. Implementing strategies ethically and evaluating the results of such strategies depicts the ethical culture of a business.
Ethical practices in a business place can leave a positive implication such as high sales, more customers, satisfied workforce, low regulation cost, and high goodwill.
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