The importance of reputation is such that a business and its stature are often indistinguishable. Companies of all sizes have paid a high price for failing to manage their reputation: from the Royal Bank of Scotland (which lost more than £5m due to reputation mismanagement) to recent incidents with United Airlines, which costed the company $1.4bn in the stock market, it is clear that a building and maintaining flawless reputation is essential to business success.

Reputation building is a complex process that takes time, but can cover your bases by working on five of the most important things you can do to build a fine business reputation.

1. Develop a Sense of Community

No business can survive in isolation. This is especially true in the digital era, where interconnectedness and a sense of community are strong drivers of growth and success. For business owners looking to build a great reputation, this means you must do things in the community and for the community. This could include everything from attending networking events relevant to your sector to getting your name out into the local community by sponsoring sports or charitable events.

2. Get the Press on Your Side

A positive relationship with the media will give your business more exposure. To achieve this, you will have to find out which journalists have a special interest in your field and be proactive when contacting them, having a wealth of material and engaging information ready. You can start with local newspapers or radio stations, write relevant press releases when your company reaches a significant milestone, or share positive stories about your business and its involvement with the local community. Read more »