“good business practice” would be behaviors that are good for the long-term health of your business. These are objective, not subjective. You might want your face on the news but if it hurts, rather than helps, it’s poor business practice (just ask Papa John).
You’re still assuming that long-term health of the business is the ‘good’. You may think that’s good, and when you’re a capitalist, you can choose that as your goal. It may even seem like the most obvious goal. But it’s not the only one. “Good business practice” is whatever achieves the goals of the owner of the business. Otherwise, it’s not a good business, because a business exists to serve the owner.
Scenario: A business owner chooses to liquidate his entire company and shut down so he can retire. This is a good business decision, for him. But it is clearly not good for the long-term health of the business.
“good business practice” would be behaviors that are good for the long-term health of your business. These are objective, not subjective. You might want your face on the news but if it hurts, rather than helps, it’s poor business practice (just ask Papa John).
You’re still assuming that long-term health of the business is the ‘good’. You may think that’s good, and when you’re a capitalist, you can choose that as your goal. It may even seem like the most obvious goal. But it’s not the only one. “Good business practice” is whatever achieves the goals of the owner of the business. Otherwise, it’s not a good business, because a business exists to serve the owner.
Scenario: A business owner chooses to liquidate his entire company and shut down so he can retire. This is a good business decision, for him. But it is clearly not good for the long-term health of the business.