What is the company’s good name after all?
Could it be its price and value in the market and long-term market stability? And how come it was always associated with the economic aspect and quality?
In the recent times, the global market has understood that a solid corporate reputation must be built and maintained not only by economic tools but also by corporate culture. And we are talking about treating your stakeholders, citizens, and employees.
Thanks to this perspective shift, the reputation is now proving to be more important than ever to long-term corporate success. More and more organizations are re-examining current positions and investing in their reputation.
Of course, the reputation keeps being intricately tied to a significant business outcome, so this issue is still definitely an important part of entrepreneurship, considering that a good corporate reputation dictates a company’s price and market value.
Building and keeping “the good name” means to work hard on yourself and constantly make progress, while firmly grounded in certain inner principles and ideas, the pillars of the company culture.
Besides reputation, another term is often mentioned. Credibility.
This term is used to express the state and nature of a professional attitude, business ethics and a fair approach to obligations.
Good corporate reputation can be explained as a complex program connected with ethical managing. The ethical guidance, in this case, plays an essential role in the context of innovative changes. The thing we all try to figure out is:
How to deal with the economic side of company leadership while building a good corporate reputation which is a guarantee of survival in the market?
Even though the terms credibility and reputation often intertwine, spotting the fine differences between the two and working on it – is a way to be sure a company is both credible and has a positive reputation.
Corporate reputation is the overall estimation in which an organization is held by its internal and external stakeholders based on its past actions and probability of its future behavior, according to leading international expert Charles Fombrun, former research professor of management at the Stern School of Business, New York University, and founder of the Reputation Institute.
On the other hand, Keller, E. B. Osborn Professor of Marketing at the Tuck School of Business at Dartmouth College defines corporate credibility as the extent to which consumers believe that a firm can design and deliver products and services that satisfy customer needs and wants
Either way, one must have covered both elements, in order to succeed. If you are asking why just take a look at the list of benefits of having a good corporate reputation and credibility:
Make no mistake, a good reputation unmistakable increases your corporate worth while providing a sustained competitive advantage.
An organization is bound to achieve its objectives more easily when enjoying a good reputation among its stakeholders, especially key stakeholders such as its largest customers, opinion leaders in the business community, suppliers and current and potential employees.
What can you do to achieve and maintain good reputation?
Besides playing hard and fair, obviously…
- ALWAYS BE HONEST, NO MATTER WHAT!
The fastest rep killer is dishonesty. No doubt about it. Just like in real life, lying in the business world is the fast lane to a bad rep.
Stakeholders love transparency more than anything, so just be straightforward about the business and your goals – and you’ll be fine.
- BE OBJECTIVE!
It is very important to eliminate topics or subjects of discussion that do not pertain to the business and not directly related to meeting your goals. Of course, if you want to focus your energy and resources on only those tasks and assets that help you meet your goals.
If that is not the case, knock yourself out with things that don’t matter.
- TRY TO BE KNOWLEDGEABLE. ALWAYS.
No matter what is it that you do, be in the know of how to do it. As simple as that.
Just remember, knowledge does not necessarily translate to leadership.
Don’t forget or put aside the importance of mastering other disciplines and skills necessary to lead teams. Find a balance between the knowledge and skills necessary to lead your team.
- KEEP YOUR PROMISES.
Always keep your word and deliver on your promises.
- TAKING RESPONSIBILITY.
This one is pretty important. Apologize and take responsibility if a mistake is made. Nothing else works. Trust us.
- DON’T BE SHY AND MODEST.
Don’t brag, but just the same don’t be silent about your victories, achievements, and positive impacts on the world. It counts.
- ASK FOR HELP.
If you can’t handle this whole reputation and credibility drill – be smart and use simple solutions. Hire a PR firm. Let the experts manage your business reputation and build up your brand’s credibility while handling all communications.
You focus on doing a thing right when it comes to your product or service. Because that is what is all about. Right?