All organizations have reputational risks. Regardless if they are a small startup or an international Fortune 500 company, any risks resulting in public humiliation will be significant and damaging to the organization as it could shut down operations quickly with just one rumor floating around out there about what happened at your business over the last decade-plus of operation time frame.
You can’t put a price on your company’s reputation. Damage to it could hurt the health of both you and those who depend on what they do; even worse, if something were to happen-tracked against them for years due in part by how people feel about their work product… well let’s just say there goes any chance at survival! The following are ways we recommend protecting this invaluable asset:
- Protect your business against data breaches. Whether the cause of these is due to negligence or not, you need a plan in place for quick reaction when it does happen so that there are no lasting repercussions on reputation risk. Reacting immediately with transparency can help stem any negativity from spreading quickly while being accountable will ensure people feel assured their concerns have been heard and addressed accordingly by taking action as soon as possible after finding out about an incident.
- It’s important to have a workplace where employees believe in the same things you do. Values can be operationalized by modeling your own behavior and getting all senior people doing it as well, too.
- You need to focus on a positive image and communication. In all situations, it’s important to consistently send out signals that you’re doing well. Over time this will build up your reputation in the public eye; lessening any future damage done by an incident or problem at work. Always inform clients as well as employees what’s happening within or around our company – even if there isn’t anything too serious going down.
- Choose a serious approach to managing reputation risk and do your due diligence in identifying it. WEF’s Global Risks Report 2019 ranked ‘massive data fraud and theft’ as number four global risk by likelihood over 10 years, with cyberattacks coming in at five. The fallout from either can cause untold damage to a company’s reputation if they aren’t prepared for what comes next.
- Data breaches happen more often than we think they should, and hackers have become agile enough to launch sophisticated attacks on any given day without warning-it. The consequences can be severe: even if you are not at fault for it happening in the first place.
If you want to be seen as a trustworthy organization, it is important that your customers are happy with the service they receive. However, if their experience isn’t positive then damage can occur and this will leave them wondering who would listen if something bad did happen in future incidents when looking for help from other companies or organizations? Taking proactive steps now could save businesses time trying to fix problems later down the line so make sure everything runs smoothly by implementing good customer care strategies today.