Manage - don't damage - reputations, from Lizzie Wastell

A strong reputation is something that businesses rely on to help them not only survive but also to thrive. A positive reputation attracts and retains the best talent while at the same time ensuring loyalty from customers and other stakeholders. But while a good reputation can take years to build, it can be demolished in only minutes, so it’s imperative that businesses of all sizes safeguard it passionately.

Be consistent
Just because there is a crisis, like the current pandemic, businesses at their core shouldn’t change how they act. Values should guide businesses during testing times and ensure they are well-placed to meet challenges head on.

Treat employees well
Companies who engage with their employees well tend to have better reputations. How best to do that? Communicate effectively and in a timely manner. Be as transparent as possible, even if the topic isn’t nice. It is particularly important employees understand why tough decisions have been made. Do this, and loyalty and trust will flourish.

On the flip side, Wetherspoons is a good example of how not to do it. Tim Martin, Chairman at Wetherspoons, told its more than 40,000 employees it could not afford to pay them while it worked out the details of the UK’s furlough scheme, damaging its relationship with its employees and severely wounding its reputation externally as well.

Remember all the stakeholders
Communicate with your other stakeholders too. Recognise that different stakeholders have different issues. Target the right people in the right way. There is no one-size-fits-all approach.

The take-away? Reputation management is highly complex. Businesses who focus their energies on managing their reputations will be better placed to survive a fast-changing landscape, especially in times of uncertainty.