Conflict of Interest in Business

A conflict of interest in business occurs when an individual or organization has competing interests or loyalties that can influence their decisions and actions. For example, if a manager has a financial stake in a supplier, they might favor that supplier over others, even if it's not in the best interest of the company. This can lead to unethical behavior, as personal gain may overshadow responsibility to the organization or its stakeholders. Maintaining transparency and following ethical guidelines are crucial to managing these situations and ensuring fair decision-making.