The Value of a Great Reputation
Einstein once said, “What good is a reputation if not put to good use.”
Years ago, my wife heard me share with several CEOs that the most important asset they had was their reputation and that my job was, as an advisor, to not just keep it intact, but do what I could to increase it. Shelly was so excited, she ran out of her office and said “That’s what our company needs to be called—1 REPUTATION!” Well, she was right and off to the races we went after years of owning, running, and selling Longnecker & Associates.
A Great Reputation… why so key?!
Well first and foremost… YOU ONLY HAVE 1!
Having a great reputation is crucial for us all—whether as individuals, businesses, and organizations alike. It’s something we all must invest in and continually work hard to accomplish. Why? Here are a few reasons why a strong reputation is critical:
- Trust and Credibility: A good reputation helps build trust among customers, clients, partners, friends, family, and the general public. When people have confidence in your character, abilities, and/or services, they are more likely to engage with you, refer others to you, and establish long-term relationships with you.
- Competitive Advantage: In today’s competitive world, a positive reputation can set you apart from your competitors. A strong reputation can attract new customers, win engagements, and open doors to a host of new opportunities. It can be a key differentiating factor that gives you an edge in the marketplace.
- Customer Loyalty: A good reputation fosters customer loyalty. When people have a good experience with a brand or individual, they are more likely to become and remain loyal, make repeat purchases and recommend you to others. Loyal customers can become your best brand advocates, helping to enhance your reputation and success even further.
- Employee Attraction and Retention: A great reputation not only attracts customers but also talented individuals. People truly appreciate working for reputable organizations and individuals that are known for their integrity, values, and positive work environment, to name a few. A strong reputation aids in attracting, retaining, and motivating the employees of today and connecting with the generations of tomorrow!
- Crisis Resilience: A well-established reputation acts as cushion during difficult times. In the face of challenges or crises, organizations and individuals with strong reputations tend to have a better chance of weathering the storm. They often get the benefit of the doubt, receive more support from regulators and stakeholders and thereby recover more quickly.
- Business Partnerships and Key Collaborations: A positive reputation can facilitate partnerships and key collaborations with other individuals, businesses, and organizations. When your reputation precedes you, potential partners are more likely to review you as reliable and trustworthy, making it much easier to establish mutually beneficial relationships.
- LEGACY: Most importantly, a positive reputation establishes the building blocks toward a great legacy. Legacy is that lasting imprint and/or impact that an individual, organization or brand has that is left behind in perpetuity. Legacy even goes beyond reputation and encompasses the broader significance and contributions over time. Legacy is about the long-term lasting effects, achievements and influence that shape the future, and how one can influence and bless others for generations to come. Your legacy can open up doors and possible opportunities for collaborations where you might not otherwise have access.
Like a reputation, you will only have ONE LEGACY.
Luke Shen Tie Chi said “ One’s reputation and legacy are quite significant.” Amen.
Building a strong reputation is the best step toward creating a meaningful and impactful legacy. By consistently acting with integrity, delivering value, having a positive impact, mentoring, and truly treating others the way you would want to be treated… individuals, organizations, and families can shape a legacy that reflects their values, vision, and aspirations and makes those around them even better!
Bottom-line, reputations that build into positive legacies have the potential to shape our present and future by influencing the way we think, act, and progress as families and in society. It is essential to reflect on and learn from the reputations we have and the legacies shared to ensure we all strive for positive and life-altering change that is impactful, nurturing, and helps our community.
“It takes 20 years to build a reputation,
and five minutes to ruin it.
If you think about that, you’ll
do things differently.”
Warren Buffet