Building business reputations
10) Provide high quality products and services. People know companies through their offerings. Satisfied customers will become repeat purchasers and will provide referrals.
9) Grow at a reasonable rate and be profitable. Wall Street insists that public companies grow and profit. Private companies are under less scrutiny; nevertheless, they still need to profit in order to invest in developing more products. These activities contribute towards a positive image.
8) Employ a management team known for personal integrity and honest business dealings. The personal behavior and business behavior of a company's management team reflect on the company. If managers are dishonest, people will question the integrity of the companies these people lead.
7) Value your employees. Employees who feel exploited will tell others, and some of these people are potential employees or potential customers.
6) Treat customers well. Mistreated or otherwise disappointed customers supposedly tell nine people why they are unhappy. Employees treat customers well when management emphasizes customer satisfaction.
5) Earn respect within your industry. Employees move around, and they talk about past employers. As a result, firms in the same industry know which of their competitors are good companies and which have weaknesses.
4) Have an effective web presence. Websites are the face companies present to the world. Having a good web and social media presence is essential to any business's reputation.
3) Be a good corporate citizen. Support local causes financially. In addition, encourage staff to participate in volunteer projects that benefit community organizations, even if projects take place in the workweek.
2) Be a good steward of the environment. A reputation for polluting can outlive a company.
1) Quickly acknowledge problems, investigate and when necessary apologize and make amends – without prodding. For years Johnson & Johnson has been high on the list of most admired companies, largely because of how they responded to contamination of Tylenol pills. The company quickly admitted the problem, issued a product recall and developed safety seals.
Ruth Winett is the founder of Framingham business research firm Winett Associates. Reach her at ruth@winettassociates.com
WBJ Web Partners
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