Work hard to impress

Jeremy Tauri.

There is one thing that can make or break your business. It can turn you into a reliable household name or see you relegated to the scrap heap.

It's not the best software system or the flashest premises, or even the coolest logo. It's your reputation.

Warren Buffett is often quoted as saying: "It takes 20 years to build a reputation and five years to ruin it."

Maintaining a good reputation is why businesses will often go out of their way to fix problems for customers, find difficult solutions and solve problems - claiming the customer is always right, even if they are really aren't.

If your business is getting busier, it can be easier to forget how important it is to continue to put in the maintenance work on your reputation.

If you can, avoid giving customers a chance to complain in the first place. Keep an eye on your social media and online presence and make sure you are comfortable with the information circulating about you. If not, address it.

When it is not possible to avoid a customer complaint, act quickly. Sometimes a well-handled complaint can actually turn someone into a proponent for your business.

Look for opportunities to do good in your community and cement your reputation with others. This could mean volunteer work or even keeping an eye out for people who need help. Do your bit to show you are a good corporate citizen. Goodwill towards your business is priceless.

Try to maintain all your relationships, even with people who are not your biggest clients. They might have a contact who might one day need your services. If you have to bring one to an end, do your best not to burn bridges. That person may need you again.

Guard your reputation fiercely. It's useful in good times but when times get tougher, it can be priceless.

- Jeremy Tauri is an associate at Plus Chartered Accountants.