The success or failure of your business can hinge upon its reputation. If customers are happy with your business, you can expect your profits to continue when positive word spreads. But if they are unhappy with your customers, for any reason, then your reputation could suffer. As such, financial losses can be expected.
To ensure a better reputation, it’s important to consider the ways in which your reputation could suffer. In this regard, you can look at the companies that have let their customers down.
One such company is Philips, whose sleep and respiratory devices had to be recalled due to the health risks posed to their customers. Defective medical device lawyers, Rosenfeld Injury Lawyers, go into further detail, so follow the link to learn more.
Another company is Wells Fargo, the well-known financial institution, which came under fire for unethical business practices. Practices included charging customers mortgage fees that weren’t necessary and selling them auto insurance that they didn’t actually need. It was reported that some of these practices came about because employees had to meet unrealistic sales targets.
And there are many other companies, both large and small, that have faced similar blows to their reputation, for all kinds of reasons.
The message for you is simple: Learn from the mistakes of others. Considering the examples we have given, this might mean more diligence when creating products for your customers, and a move away from any unethical practice that could come to light.
By doing what is right, you will prevent customers from suing your business, avoid media backlash, and reduce the risk of bad word of mouth on social media and business review sites.
What else can you do to ensure a better business reputation?
There is much you can do in this regard. One of the best things you can do is encourage a culture of ethics and compliance across your business, from your management personnel right down to the employees who work at the bottom of your organization. By drawing up policies that every employee needs to follow, and by monitoring employee behaviors, you can mitigate the risk of bad practices from taking place.
You should also follow by example. Your employees’ eyes will be on you, so in every area of your business, you need to follow policies and practice good behaviors to prove yourself as a positive example. This way, you will also mitigate the chances of bad word of mouth from your employees, which could also affect your company’s reputation.
You can also take steps to be a greener business, improve customer service, and create better products for your customers. Fairer pricing is a good way to improve your reputation too.
If your customers are satisfied with your business, you can encourage them to share positive word about your company. This could be on social media, review sites, and offline to their friends and family. If they really are pleased with your company, you won’t even need to bribe them.
So, consider what else you could do. If you can take action now, you will safeguard the future of your business.