Creating a recession proof reputation

Creating a recession proof reputation

Claire Walker

Claire Walker

The current economic outlook is not what we’ve hoped for. With inflation rising to its highest level in 40 years, many businesses are rightly concerned about the future. Even some of the biggest tech companies are struggling with the current economic headwinds. Meta are slashing their hiring plans, while others are being forced to trim their current workforce.

While tough times lie ahead, managing the reputation of your company is a business imperative. After all, brand loyalty driven by a good reputation will keep your stakeholders in your corner, even when the going gets tough.  

Businesses that have made it through pandemics and economic downturns have all had one thing in common – they've placed prominence on their company reputation, internally and externally.  

Here are some key actions to consider when looking to create a recession proof reputation:

Stakeholder engagement

Embed reputation management into your company culture, so that your entire organisation is onboard with its importance. After all, the reputation of your organisation doesn’t just exist in the C-suite, it cuts across the entire organisation. For IT, it’s about protecting a company’s assets, no consumer wants their data leaked by a company. Whereas for HR, it’s important to be viewed as a good employer.

Stand out from the crowd

Not every company can be a Tesla or a Meta, but that doesn’t mean you can’t stand out. Most organisations have something worth shouting about. Find what that uniqueness is and leverage  it and use it to connect with your employees and customers. Having a reputation for innovation, resilience, and agility will help engage your stakeholders and create a ‘halo effect’ with shareholders.

Reputation in the round

As well as engaging internal stakeholders, you should think carefully about your reputation in the round, by considering every avenue of your reputation. Your executives, press coverage, share of conversation, among other things, can have an impact on your reputation. There are multiple touchpoints, and you should be addressing each one.

‘Ensurance’ is the best policy Investing in your employees, suppliers, customers, and third parties is crucial and will pay dividends in the long run. Additionally, you should regularly audit internal policies, as well as those of your partners. While this is a laboursome process, it will ensure you’re covering all your bases. Above all, actions speak louder than words, so don’t be afraid to replace out of date policies or end relationships that no longer align with the values of your company or could be seen as harmful to your reputation.

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