Common Practices
In Business
UNIT 1: The Role of Business in Social and Economic Development
Business Ethics and
Social Responsibility
Prepared by:
Archie Ner, CPA
Activity
On a ½ sheet of paper, answer this question:
1. I bought a pair of really cool leather shoes from a
store on Hawthorne Street, for a really good price.
I do not know where the materials came from,
who made them, or why they could sell them so
cheaply at the little shop. Do you think I had an
obligation to find out more about these shoes
before buying them? Explain.
Business
Practice
Business Practice
–
Is a method, procedure, process, or rule employed or
followed by a company in the pursuit of its objectives.
Common
Practices
in
A. Decorum
- behavior in keeping with good taste and
propriety.
- business etiquette
Common
Practices
in
A. Decorum
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On time and promptness
On preparation
On agenda
On attire and appearance
On decorum
On basic courtesy and respect
Common
Practices
in
A. Decorum
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–
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On greetings
On handshakes
On body language
On formal and informal address
On speaking in meetings
On listening
Common
Practices
in
A. Decorum
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On cell phones and laptops
On business or visiting cards
On breaks
On appropriate communication
On bargaining
On bringing in guests
Common
Practices
in
A. Decorum
– On building relationships
– On business meals and recreation
– On gift-giving
Common
Practices
in
B. Protocol
– Unwritten rules or guidelines that are peculiar to
every culture or organization, and are supposed
to be observed by all parties in the conduct of
business, entertaining, negotiating, politics, etc.
Common
Practices
B. Protocol
– The basis of protocol
– Training in protocol
– Benefits of protocol
in
Common
Practices
in
B. Protocol
– Examples of Protocols in Philippine Business
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•
•
•
Filipino Family- Modeled Business
Business is personal
Status-Consciousness
Politeness and ambiguity
Common
Practices
in
C. Policies
– Scope or spheres within which decisions can be
taken by the subordinates in an organization
Common
Practices
in
C. Policies
– Features of Business Policy
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•
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Specific
Clear
Reliable/ Uniform
Appropriate
Simple
Inclusive/ Comprehensive
Flexible
Stable
Common
Practices
in
D. Advertising
– How company encourages people to buy their
products, services, or ideas
•
Newspaper, Magazine, Radio, etc.
Common
Practices
in
E. Marketing
– Process of product development as well as sales,
promotion, and distribution.
Common
Practices
in
F. Bookkeeping
– Process of recording all financial transactions to
keep track of cash flow
Common
Practices
in
G. Reportorial Requirements
– Public reporting of operating and financial data
by a business enterprise
– Annual Report/ Financial Statement
Common
Practices
in
H. Documentation
– Processes and items which serve as evidence for
the validity or truth of a certain claim or
statement
Common
Practices
in
I. Code of Ethics
– Sets out the company’s values, ethics, objective,
and responsibilities.