Business Practices: Decorum & Ethics

Business Practices Overview

• Business practices are established methods, procedures, and ethical standards that organizations use to operate effectively.
• These practices ensure efficiency, compliance, and ethical behavior.

Learning Objectives

• Sharing observations on existing business policies and practices
• Differentiating between ethical and morally unacceptable policies
• Crafting ethical codes/codes of conduct

A. Decorum

• Decorum refers to professional conduct, proper behavior, manners, and etiquette.
• It reflects respect, integrity, and competence, fostering positive work environments and professional relationships.

Key Elements of Decorum

• Time and promptness
• Preparation for meetings and tasks
• Following a set agenda
• Appropriate attire and appearance
• Showing basic courtesy and respect
• Greetings and introductions
• Professional handshakes
• Awareness of body language
• Formal and informal address
• Speaking effectively and listening in meetings
• Cellphone and laptop use
• Proper handling of business cards
• Taking breaks
• Appropriate communication
• Bargaining etiquette
• Bringing in guests
• Building relationships
• Business meals and recreation
• Gift-giving

Time and Promptness

• Consistent punctuality displays professionalism
• Arriving 15 minutes early to meetings allows for preparation
• Effective deadline management involves submitting work early to allow for revisions.

Preparation

• Being prepared for business interactions shows professionalism.
• A candidate should study the company's background and rehearse answers for a job interview.

Agenda

• Meeting chairpersons should send out a meeting agenda one week ahead of the meeting
• Attendees should raise any points or concerns with the chairperson 48 hours before the meeting

Attire and Appearance

• Dressing appropriately shows respect and seriousness, which is vital for earning respect.
• Business attire include tailored suits, corporate attire, and polished shoes.

On Decorum

• An individual's attitude reflects professionalism in the same way clothing does.
• Excessive slang, gossiping, and sharing private information are signs of unprofessional behavior
• Etiquette includes respectfully addressing colleagues, active listening, and keeping workspaces tidy.

Basic Courtesy and Respect

• Displaying courtesy and respect is the foundation of business etiquette.
• Basic courtesy involves using polite phrases, holding doors, respecting personal space, and acknowledging contributions.

Greetings

• Standard greetings involve handshakes and smiles
• Address elder people first in formal settings

Handshakes

• Handshakes often involve light physical contact, like a tap on the arm.
• Superiors should typically extend their hand first

Body Language

• Lifting the eyebrows without smiling means "no" in Filipino culture
• Pursing lips can be used as a form of pointing
• Maintaining steady eye contact during presentations can show confidence

Formal and Informal Addresses

• Address new business contacts by their family name using Mr., Mrs., or formal titles like Doctor.
• Avoid using first names until invited to do so.

Speaking in Meetings

• Take turns and wait to be called
• Raise your hand to request acknowledgement of your turn

Listening

• Practicing active listening by taking notes and maintaining eye contact
• Responds thoughtfully and always ensure to have a full understanding

Cellphones and Laptops

• Setting devices to silent during meetings and only using them for relevant tasks can help to maintain focus
• Urgent calls should be taken outside of the meeting room

Business or Visiting Cards

• Business cards should be presented with both hands, with the text facing the recipient.
• Individuals should take a moment to appreciate newly received cards and store them in a professional container

Breaks

• Taking a 15-minute break and returning on time
• The goal is to refresh while keeping conversations at a moderate volume and without disrupting the work space

Appropriate Communication

• Using professional language with clients is important as well as relaying succinct points during a meeting.
• The proper channel should be used whether that be a call or email based on the urgency of the issue

Bargaining

• Bargaining has become a natural process for obtaining better conditions
• It is important to remain respectful and courteous

When Presenting Guests

• Inform the receptionist and relevant personnel and greet them smoothly
• Brief the guest on company policies for security purposes

Building Relationships

• Employees need to check with colleagues and clients
• Networking events are for creating lasting connections

Business Meals and Recreation

• Proper dining table manners for showing respect
• Balance business conversations with light conversation
• Be aware of other countries cultural dining norms

Gift Giving

• Ensure that gifts are a symbol of appreciation, and are professional and thoughtful

B. Protocol

• Protocol consists of the unwritten rules or guidelines specific to a culture or organization.
• These guidelines, when followed, ensure seamless communication, professionalism, and efficiency.

Types of Business Protocols

• Communication protocols: including email etiquette and phone manners
• Meeting protocols: including setting agendas and follow ups
• Workplace conduct protocols: including adhering to corporate culture and ethics
• Security and data protection protocols: keeping data confidential
• Crisis management protocols: the handling of emergencies
• Financial and compliance protocols: expense reports and budgeting

C. Policies

• Policies are formal guidelines developed by a business that defines how it operates
• Policies are a framework for behavior that helps with compliance with laws, ethical standards, and company values

Features of Business Policy

• Specific and Clear
• Guiding Framework
• Consistency
• Flexibility
• Long-Term Orientation
• Legally Compliant
• Objective-Oriented
• Top-Management Driven
• Communicable and Enforceable
• Scope and Coverage

Common Business Policies

• Human resource policies: including hiring and recruitment
• Financial policies: including payroll and budgeting
• Operational policies: including safety and quality control
• Customer service policies: including product refunds
• Compliance and legal policies: including anti-corruption

D. Advertising

• Advertising is a strategic communication practice to promote products or services through various media channels.
• Digital advertising employs social media platforms, search engines, and websites.
• Traditional advertising uses TV commercials, radio ads, billboards, and print media.
• Social media advertising utilizes platforms like Facebook, X, and TikTok.
• PPC (pay per click) is used on Google and Bing, while display advertising uses banner ads.
• Digital advertising also uses targeted emails and newsletters in addition to promotional tactics.

E. Marketing

• Marketing is the process of identifying, creating, communicating to, and delivering value to customers.
• Marketing involves market research, branding, and pricing.
• Modern marketing practices are used to create content through blogs, articles, videos, and social media.
• SEO (Search Engine Optimization) is used to raise websites' visibility on Google.

F. Bookkeeping

• Bookkeeping is the routine recording, organizing, and maintaining of financial transactions.
• This helps businesses keep track of cash flows, financial health, and ensure accuracy in financial reporting.

Bookkeeping Practices

• Recording transactions from sales, supplies, and receipts
• Creating general ledgers that categorize assets
• Balancing financial records with double-entry accounting
• Tracking accounts payable and receivable

Bookkeeping Actions

• Matching internal records with bank statements
• Recording employee salaries
• Generating balance sheets
• Retaining records for tax purposes
• Monitoring expenses and preparing budgets

G. Reportorial Requirements

• Reportorial requirements are mandatory reports that organizations submit to regulatory bodies, stakeholders, or internal management.
• These reports ensure compliance with laws, transparency, and accountability.

Common Reportorial Practices

• Annual reports provide stakeholders with information on the company's activities and financial performance
• Necessary Financial Reports
  • Balance sheets show assets, liabilities, and equity
  • Income statements report company revenues, expenses, and profits
  • Cash flow statements track cash inflows and outflows
• Tax reports: including corporate income tax, VAT (Value Added Tax), and withholding tax
• Government compliance reports: including SEC registration
• Operational reports: including sales and marketing reports
  • Board resolutions document board meetings
  • AGM (Annual General Meeting) Reports summarize discussions with shareholders.
• Environmental and social reports: including compliance with the ESG

H. Documentation

• Business documentation is recording, organizing, and maintaining important information, which ensures accountability.

Types of Business Documentation

• Policy and procedure documents: including employee handbooks
• Financial documents: including tax records
• Legal documents: including contracts
• Operation documents: including workflow documentation
• HR documentation: including employee records
• Marketing and sales documents: including customer records
• Technical and IT documentation: including software guidance

Common Documentation Practices

• Standardized procedures use templates, fonts, and structures
• Version control maintains records of updates
• Clear naming conventions use descriptive names
• Backup and disaster recovery implement data-loss strategies
• Documentation should align with industry laws