You can’t find it listed as an asset on any financial statement, but ask anyone – a good reputation is priceless. If you have ever used Yelp to select a restaurant, store, or vacation destination, you already know how valuable good reviews can be. Conversely, how many times have you read a bad review and subsequently avoided a particular establishment? Small business owners live and die by Yelp and similar recommendations which provide immediate feedback on your reputation. “ It takes many good deeds to build a good reputation, and only one bad one to lose it. ” -- Benjamin Franklin via Brainyquote.com Elements of reputation Your reputation is not always within your control. It can be impacted by the actions of a single customer, supplier, or employee. As an owner, your job is to create an environment that supports a positive reputation. With proper training, every member of your team should understand the following about your business: Your core values. When it comes to business decisions, where do you draw the line? How do you treat employees? Financial goals. Are you trying to cut costs or grow revenues? A cost cutting focus can lead employees to cut corners and risk, impacting quality. How far are you willing to bend the rules to meet your revenue targets? Payment and collection terms . What are your rules around vendor payments? Are you willing to pay 45 days or later, or do you want all bills paid as soon as possible? How strict are your rules about credit limits, terms, and collection policies? Community involvement. Do you have a budget for charitable contributions? What types of causes are you willing to support? Visual elements. Who owns your brand identity? How clear are your logo and color usage requirements? Your story. Do you have a consistent, focused message that is routinely delivered by your staff? Product specifications. What are your beliefs about sourcing local products, sustainability, and environmental impact? How do you vet suppliers and other vendors? Housekeeping. What are your standards for office cleanliness, managing clutter, and keeping the kitchen sink free of dishes? If you don’t think the status of your restroom impacts your brand, you are mistaken. Just ask any woman about Nordstrom’s. Customer complaints. How do you handle complaints and mistakes? Do you make it easy for customers to return products? While a great reputation is a valuable asset, it needn’t cost you a fortune to protect it. Establish clear policies, set the tone for high standards at the top, and reward behavior that increases your reputation. Before you know it, your reputation will be golden. By: Geni Whitehouse
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