What Comes First – Reputation Or Profits?
July 31, 2012 Leave a comment
“If you go to most family owned companies, their core focus is profitability. How much and how soon? Little time or money is spent in building a reputation. When I visit many of the big India business group offices in India, I rarely see a poster in the visitor’s area that communicates:
What are their business practices?
What do they stand for?
What are their values?
What are their views on treating their employees?
In most Tata Companies, I see that Value Statement at eye level while sitting on the sofa at the reception. It makes me feel nice.
By not aggressively creating a positive reputation, Companies stand the risk of being determined by legacy and hearsay. That’s a big risk that can cost you your business.
A few years ago, after buying a new car, the showroom lady called me up and asked me my preference of insurance companies. All the insurance offers were uniformly priced. I asked her to rattle the name of the Insurers and the minute I heard a Tata Company name, I just said ‘buy that one’. Why I made that decision, I still cannot rationally explain.
Building a reputation may be tough and non productive in the beginning, but ignoring it can have serious implications on your business.“