• Home
  • Blog & News
  • Building or breaking your brand and company value through reputation

Building or breaking your brand and company value through reputation

By Pavlo Phitidis

Over the past few weeks, we’ve been shocked by the news, as McKinsey, SAP, KPMG, Bell Pottinger and so many others, have hit the headlines with significant reputation-related crises. It only seems fitting then, that we chatted this week on The Money Show with Bruce Whitfield about building, or breaking, your brand, through reputation. As Warren Buffet’s 2014 memo to Berkshire management said: 

“We can afford to lose money, even a lot of it. But we can’t afford to lose reputation, even a shred of it.

Here are a few actions you can take to both build and avoid hurting your brand.

Why is a brand even relevant?

Your brand is the symbol of your business, and created by the impression people hold of your business. Correctly built and well-maintained, your brand helps your business grow and makes it easy to attract customers, close deals and, of course, become an asset of value that an investor finds attractive, or that a keen buyer wishes to acquire. Ultimately, your reputation is the most valuable, intangible, and vulnerable, asset to your business. Guarding and curating it is essential. Here’s what you should consider when it comes to your brand: 

Changes in reputation drivers over time

Your business changes as it grows, and so too does your brand and reputation. As a startup, your reputation is created by the way you behave, as a business owner, from day one. At that stage, your business’ brand is closely tied to your personal reputation, and how you conduct yourself in every situation. But when your business grows up a little and you begin to build, the curation of your reputation will depend highly upon the efficiency and effectiveness of your company operations and systems. Consistently positive customer experiences will augment your company’s reputation, while inconsistencies will directly damage your brand. 

Build fast and hold on to your reputation

As Warren Buffett reminds us: “it takes twenty years to build a reputation, and five minutes to ruin it.” Taking incremental steps in building your business and brand will later lead you to the point where your business matures. At that point, your ability to communicate effectively with multiple stakeholders becomes an important part of sustaining a positive reputation. 

Set your goals and manage your environment with care

As a business leader, it’s up to you to create an environment for your growing company that safeguards against reputational damage. Don’t make the mistake of Wells Fargo’s CEO, who created a sales incentive programme for staff that left the company highly vulnerable to reputational damage. Avoiding practices and systems that could lead your business towards tarnishing its reputation is vital, as Warren Buffett said: “if you lose money for the firm, I will be understanding. If you lose reputation, I will be ruthless.” Once a reputation has been damaged, it’s extremely difficult to repair it. 

Do what you do, and don’t do what you don’t do

True risk for your growing business, doesn’t come from doing what you’re good at. Instead, risk comes from not knowing what you’re doing. Rather than giving into the temptation of looking for greener pastures, or a new industry to enter, look towards improving your business, skills and products as they are right now. That not only gives you an exceptional edge against your competitors – it also strengthens your reputation.

Learn to hear, see, and interpret, truth from lies

Being able to filter information and work only with the facts can be difficult, especially in highly pressured times. Nazi propagandist, Joseph Goebbels said: “repeat a lie often enough and it becomes the truth” but truth is only ever found in action. If you’re trying to figure out the facts, or fiction, relating to a business situation, look for inconsistencies in action, or unpredictable behaviour. Listen to the way people relate a story to you, because tone can be a giveaway too. Don’t be fooled by big talk, because action counts far more, for your business, your brand, and your future. 

Curating and maintaining a robust reputation to build the brand of your growing business is imperative.  At Aurik, we will work with you to build a business that delivers a consistent customer experience, one that will build your brand and your company valuation. Let’s work with you to build your business into that asset of value.

 

Tags: Case Studies, AoV Mindset, The Money Show, Building your Business, Positioning your Business, Brand

How to Build your Business & Capitalise on a Seemingly Negative Business Environment
The Money Show Building your Business

How to Build your Business & Capitalise on a Seemingly Negative Business Environment

The reality of a recession is sinking in, and it seems the echo chamber of negativity is overwhelming. South Africa’s business...

Read more

How to build a resilient business in a technical recession
Building your Business

How to build a resilient business in a technical recession

Our economy is in the midst of a technical recession and business owners are wondering how to weather this economic storm....

Read more

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check
The Money Show Business Growth

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check

You’re not alone. It’s becoming more and more difficult to generate leads, turn those into customers, and grow your revenue....

Read more

Product businesses in the industrial sector need to build differently to survive and thrive
Building your Business Business Growth

Product businesses in the industrial sector need to build differently to survive and thrive

Keeping water flowing through the kilometres of underground pipes keeps all players in water infrastructure awake at night,...

Read more

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.
The Money Show Building your Business

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.

As a small business owner, your biggest investment will be your staff. How you hire, who you hire, and when you hire, will...

Read more

Turning the talk of your Business Strategy into the Walk of Execution and Results
The Money Show Business Strategy

Turning the talk of your Business Strategy into the Walk of Execution and Results

In recent meetings with frustrated business owners, Pavlo Phitidis picked up on a significant trend – a high level of complaints...

Read more

Why, When and How to Sell your Business.
The Money Show Selling your business

Why, When and How to Sell your Business.

Every business only has two destinations: it closes, or you successfully sell it. Globally, however, 94.6% of all businesses...

Read more

How to build your business through delegation
The Money Show Business Growth

How to build your business through delegation

Your business journey most often begins with just you. Along the way, however, as you figure out how to build your business,...

Read more

Managing Business Growth – The Killers of Business Growth
The Money Show Business Growth

Managing Business Growth – The Killers of Business Growth

Ask any business owner what they’d like for their business, and they’ll say “Growth”. But managing business growth isn’t...

Read more

KVD: A fisherman’s tale
Building your Business Business Growth

KVD: A fisherman’s tale

American Kevin VanDam is one of the top-ranking bass fishermen in the world with two Major League Fishing Cups, four Bassmaster...

Read more

How to build your business: Break it to build it throughout the growth cycle
The Money Show Building your Business

How to build your business: Break it to build it throughout the growth cycle

You build your business within the context of your business environment. When your business environment changes more rapidly...

Read more

More small business growth insights from GrowCo
The Money Show Business Growth

More small business growth insights from GrowCo

On The Money Show with Bruce Whitfield, Pavlo Phitidis shared further small business growth insights, gleaned from attending...

Read more

Learning lessons from the GrowCo conference

Learning lessons from the GrowCo conference

GrowCo gives attendees the opportunity to learn from the best in the industry with more than 600 people attending – including...

Read more

Reflections on Small Business Growth from GrowCo
The Money Show Business Growth

Reflections on Small Business Growth from GrowCo

On The Money Show With Bruce Whitfield, Pavlo Phitidis shares what he learnt about small business growth, scale, competition,...

Read more

Characteristics of a business owner’s spouse can  be make or break
Asset of Value Business Development Family Business

Characteristics of a business owner’s spouse can be make or break

What’s it like to be the significant other or the spouse of a business owner? People generally believe that when you are...

Read more

Turning a sweet start into a smart start: Making money from honey with your start up business
Business Opportunities The Money Show Start Up

Turning a sweet start into a smart start: Making money from honey with your start up business

What happens when your small side business suddenly shows a whole bunch of potential? How do you turn a hobby into the startup...

Read more

Creating a Succession Plan for your Family Business
Succession Business Succession Succession planning

Creating a Succession Plan for your Family Business

The statistics are terrifying. A mere 28% of family businesses, across the globe, successfully move from founder to next...

Read more

How to break a bad deal and not break your business
The Money Show Business Exit Exit strategy

How to break a bad deal and not break your business

Britain broke market access with BREXIT, and Trump broke the Iran deal with just a tweet, but neither seemed to consider...

Read more

Strategies for Business Growth that Go Beyond a Blind Belief in Brand Value
The Money Show Business Strategy Strategic Planning

Strategies for Business Growth that Go Beyond a Blind Belief in Brand Value

No business is ‘too big to fail’. Blind idealism didn’t work out well for Kodak, and now another iconic brand is filing for...

Read more

Identifying and Preventing Burnout when You’re a Business Owner
The Money Show Growing business value Building your Business

Identifying and Preventing Burnout when You’re a Business Owner

Burnout creeps up on you like the Dementors of Harry Potter fame. You may not see it at first, but it slowly takes over and,...

Read more

Big Questions from Business Owners Like You
The Money Show Growing business value Growing Business Systems

Big Questions from Business Owners Like You

The Money Show with Bruce Whitfield, Pavlo Phitidis set out to answer some big questions from business owners, like you:

Read more

Small Business Financing: To Debt, or Not to Debt?
Business Opportunities The Money Show Business Growth

Small Business Financing: To Debt, or Not to Debt?

Finding the right small business financing solution for your growing business is critical. Is going into debt the right option...

Read more

How to Protect Your Margins & Grow Your Business in a Cost Inflationary Environment
The Money Show Accelerating Growth Business Growth

How to Protect Your Margins & Grow Your Business in a Cost Inflationary Environment

Everyone is beginning to feel the pressure of an increase in VAT, petrol levy, and other price increases. Rising costs will...

Read more

The Key Components of Collaboration
The Money Show Building your Business Business partnership

The Key Components of Collaboration

While we’ve been looking to fill 13 positions within our company, Pavlo has also been dealing with several international...

Read more