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A good reputation is your company’s best asset!
By Lauren | January 15, 2008
Wall Street Journal columnist George Anders published an article last week titled, “As Economy Slows, Reputation Takes on Added Meaning.” That article boils down to two principles. First, while a booming economy can cushion the harm a bad reputation does to your business, in leaner times a bad reputation can do serious damage to your company’s bottom line. Second, even with the help of pricey reputation consultants and serious hard work, it takes a lot longer to repair your company’s bad reputation than it did for the damage to be done in the first place.
No kidding.
To use a simple analogy, think back to the moment when a troubled man with a hammer took a swing at Michelangelo’s Pieta, one of the most beautiful and famous statues in Western art. It took mere seconds to damage the sculpture, but many months of meticulous work to repair it and to design a safer home for it. The Pieta now rests behind glass in St. Peter’s Cathedral in Rome, safe from further vandalism but, sadly, distanced from people who come from around the world to admire it. And despite the care of the curators who repaired it, the statue will never be the same.
It’s just as difficult to repair damage to your company’s reputation, so it makes sense to protect it in the first place. Here are a few tips to do just that:
Think slow and steady growth. The desire to make a quick profit frequently leads companies to make questionable decisions that look bad in hindsight. Instead of grabbing for big short-term gains, aim for longer-term modest growth that will pay off over time.
Welcome input. Public interest groups, consumer advocates, neighborhood associations, employee representatives, and anyone else who thinks they have a stake in how your business operates can provide you with invaluable feedback on how your company is perceived. Filter for bias as necessary, but don’t ignore their observations. Your toughest critics can be your best allies in maintaining a good reputation.
Fix it fast. When one of your constituents provides you with a valid criticism, move quickly to address it. The longer you delay, the more likely it is that your company’s reputation will suffer lasting harm. As Henry Ford observed, “you can’t build a reputation on what you’re going to do.”
Invest in your company’s reputation. Have your marketers identify places where your company can get the best bang for its buck, then give back to your community with targeted charitable contributions and special events. Contribute to your public radio station, host the Special Olympics, or sponsor a clean-up day in the local park. A proactive investment that shows your customers and community that your company is “giving back” will probably be less expensive, and certainly more satisfying, than hiring expensive reputation gurus would be.
Topics: Business Ethics, business communications, corporate responsibility, customer relations |