1. Establish your core business values and stick to them or else your reputation will suffer

2. Welfare and motivation of your staff are critical to your success

3. Remember that the owner-manager's business behaviour will be taken as a role model by staff

4. If you need a partner in the business make sure that they share both your vision and values

5. Work at your relations with customers; they neither start nor stop when the sale is made

6. Don't knock your competitors

7. Stick to your agreed terms of payment

8. Record all financial transactions in your books

9. Find at least one way of supporting the communities in which you operate

10. If you are doubtful about an ethical issue in your business, take advice

The above is taken from:
Priorities, Practice & Ethics in Small Firms by Laura Spence