Reputation is an intangible asset that plays a significant role in the business of any company. It has its own material expression and can be reflected in the financial statements. If we reduce it to dry formulas, then it is equal to the difference between the market value of a business and the book value of its assets, excluding debt obligations. Business reputation is a whole system of attitude towards a company on the part of its business partners and clients. Building a reputation in business means increasing the profitability of the company.
Instructions
Step 1
An increase in reputation is possible with an increase in trust between the company and its customers. At the same time, the company assumes responsibility for the quality of the services provided or manufactured goods. It guarantees the accuracy and timeliness of the provision of information related to its activities. With such relationships with customers and clients, the company's PR-actions can increase the volume of sales, increase the value of the company's shares and bring additional profit.
Step 2
To increase the company's reputation, it is necessary to constantly confirm the status of a reliable partner, strictly fulfilling its financial and contractual obligations, and being responsible for them even in the event of farce-majeure circumstances.
Step 3
The reputation of a company with potential partners also depends on how large its financial and professional resources are. Therefore, such a company pays great attention to the selection and retention of personnel that guarantee a consistently high quality of its services and goods.
Step 4
All transactions of a company that wants to improve its business reputation must be accompanied by all the necessary information and be carried out in compliance with global business ethics and environmental requirements.
Step 5
Recognizing the existence of a business reputation requires managing it in the best interests of the company. For this purpose, it is necessary to take care of "reputation management", which will track and monitor it. The purpose of such reputation management will be to prevent reputational risks and make decisions that can damage the company's image and reduce its reputation.
