Meaning ● Virtue Ethics, in the context of SMB growth, focuses on cultivating ethical character within the business. It suggests that consistent demonstration of virtues like honesty, fairness, and responsibility directly improves stakeholder relations and builds brand trust, acting as a catalyst for sustainable expansion. ● Further, by automating certain decision-making processes based on predefined ethical codes, SMBs can reduce biases and ensure fairness across all operations. Scope ● The scope of Virtue Ethics extends to all facets of SMB operations, including employee relations, customer service, supply chain management, and even the implementation of new technologies. When considering automation, for instance, Virtue Ethics pushes businesses to examine the potential impacts on the workforce and community, emphasizing socially responsible implementation. This proactive stance mitigates risks, potentially saving SMBs considerable time and resources in the long run. ● Within SMB implementation strategies, Virtue Ethics ensures that technology serves human needs while also supporting profitability. For example, instead of focusing solely on cost reduction through automation, a virtuous approach would consider retraining displaced workers or creating new, value-added roles within the company.
