Business and Society Directory

Business and Society

How do Business and Society Relate

Business and society are two closely related terms. The term “business” is most of the time perceived as “profit” and rarely thought about in connection with the environment where a business is supposed to be started. Yet, as technology keeps on evolving and the impacts of the changing world are more and more worrying, today we can only talk about business in society and entrepreneurs look for ways in which to make up successful business with least negative impact on the society and therefore the environment.

Business and society are however connected both ways. On one side, business can lead to an improvement of the society as this means employing more people. This would lead to a decreased unemployment, paid taxes and happy employees who are able to provide themselves and their families whatever they need. The problems start when business is done irresponsibility and has a negative impact n the society. The main role of business is to basically create wealth for shareholders, employees and society and when it fails to do so, there is something wrong.

Most of the businesses have now adjusted to the modern times and are conducted based on a set of values and principles which in the end help in avoiding things going wrong. Most of the companies have formally written values and principles and become more and more explicit by providing what we would call a framework for its behavior. These principles and values are situated however beyond the legal obligations that every company must respect. Actually, including social and environmental indicators in the economic and financial reports of a company has become a requirement of doing sustainable business in today’s economy. Companies nowadays seem to be more responsible in respecting this set of values and principles, which are in the end mutually supportive with the sustained profits. The number of principles and guidelines that are produced for business by different organizations both governmental and non-governmental are constantly increasing. Because companies face multiple demands in order to endorse their initiatives, they had to come up with ways on how to approach corporate responsibility issues in the most convenient way. As a result, some of the companies have developed their own business principles while others used external guidelines or codes as reference points. An institution that might regulate some of the codes on which businesses are endorsed with least effect on the society and environment is the ICC or the International Code Council. According to the ICC, the principles on which a certain business is conducted should reflect the same values that are listed in the ICC Business Charter for Sustainable Development, and also in the ICC Rules of Conduct on Extortion and Bribery in International Business Transactions.All these new rules, guidelines and principles are a result of the fact that today development is not enough anymore. Development must be nowadays sustainable which means that businesses should provide social stability for as long periods of times as possible and this is simple if they work within the framework established by the values and principles they agree to respect.

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