5 Key Business Principles: The Principle of Reputation

Anything worth building is worth protecting. A company’s reputation is its most valuable asset and needs to be protected.

A company’s reputation is built over time. A good reputation is built on integrity, trust, and honesty. Employees and customers only hear half of what a company says, but experiences everything a company does or does not do. A company’s reputation will either make them or break them. It takes the mastery of the six keys and five principle of business to build and maintain a good reputation and business image. However, it does not take much to destroy a company reputation or image.

A company cannot build a reputation on what they are going to do, only on what they do or do not do.

Warren Buffett says it best, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

It is much easier, takes less time and more cost effective to build and maintain a good business reputation than it is to try to fix a tarnished one. Many times once a business image has been tarnished, it can never recover.

The Better Business Bureau says, “Image can mean everything. Having a strong corporate image cannot be overemphasized.”

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Business with a poor business reputation and business image:

• Lack credibility in the marketplace
• Struggles to gain clients
• Breeds distrust
• Usually goes out of business

Business with a good business reputation and business image:

• Has credibility in the marketplace
• Attracts and retains employees and clients
• Is the company people trust and rely on
• Has a cutting edge in the marketplace
• Flourishes and grows
• Experiences longevity

Learn about the 6 Keys of Business >>>