If your reputation’s at risk, you have a crisis on your hands
It’s practically a mantra here at Bernstein Crisis Management – “reputation is your most valuable asset,” but out in the world many organizations just don’t get it.
The reality is that no matter how successful you are, if your reputation takes sufficient damage you will find it extremely difficult, if not impossible, to continue on with business as usual.
Word spreads
Whether it’s broken promises, unsafe goods, dishonesty, or any number of other scenarios, once your reputation is damaged, your organization is at risk. This has been magnified a hundredfold since the advent of the Internet made global communication as simple as clicking a mouse, and the damage even one reputation-shaking incident can have will continue to increase as social media allows users to share stories, find others with similar experiences, and basically spread word of your organization’s failures across millions of screens.
The good news is that you can spot and nullify many reputation risks in advance using crisis management tools such as vulnerability audits, as well as by conversing with both external and internal stakeholders. Of course, the best way to avoid major reputation loss, even when caught by surprise, is to establish a reputation as a strong, caring, responsible organization in the first place. That way, you’ll not only have a “cushion” on the initial impact, but will also often have outside supporters that are willing to come to your defense, even unasked.
The cost of complacency
From personal experience, we can say that the cost of properly preventing reputation damage is FAR less than the spending required once your name is in the gutter. Many of our clients incurred millions of dollars in avoidable legal, operational and public relations/marketing costs as a result of assuming that reputation damage would just blow over.
We’ll say it again, a strong reputation is, inarguably, the most valuable asset that any organization, or individual, can own, don’t leave yours in jeopardy. Which makes crisis preparedness an investment, not an expense.
The BCM Blogging Team
https://www.bernsteincrisismanagement.com/