30th Jul , 2021
In addition to receiving business owners support from a good business coach, reputation is crucial for business success, with ethical businesses having a much higher chance to grow and thrive than businesses with poor reputations. All business owners and key corporate leaders should build and maintain ethical and reputable standards which feed directly into your business reputation and improve relationships with customers and other stake holders.
Recently in Australia and around the world, there have been many damning examples of how questionable ethical standards can seriously damage a corporate’s reputation and their business.
Although the above are large corporate or high profile individual examples, the same rules apply to SME’s and small businesses. All businesses, corporations and even Governments can’t afford to damage their reputation. The potential impact can cause a decline in customer, supplier, investor, banking and community trust, which in turn can impact bottom line, staff morale, productivity, and future financial survival of the organisation.
Any business coach will tell you that reputation is essential, as it is how a business is perceived by customers, employees, media, and other stakeholders. It is an intangible asset and is extremely powerful, as it can make or break an individual, business or other organisation.
Developing and implementing a corporate culture starts at the top, whether it be at board level or with a business owner. Most businesses exist to make a profit or to at least come out even, and building a good reputation is a critical factor to achieve this. Without a good reputation, or at the very least having systems in place to create ethical outcomes, businesses will crash. Some may slowly recover, while others will fail.
Here at International Business Mentors, we are extremely careful when selecting our business coaching and mentoring professionals. All our business coaches and mentors, must meet our very strict criteria for integrity and ethical standards. As well as the requirements for exceptional business skills, our business mentors and business coaches must have extremely high ethical standards. This is a paramount factor in their selection. To foster and develop a successful business coaching relationship, there must be trust, and trust is built on a strong relationship founded on integrity and mutual benefit.
With business owners support and guidance from a tried and vetted International Business Mentors business coach, you can better work together on your business and personal improvement and better assess general business opportunities and risks. This includes the potential loss of reputation due to ethical considerations and putting in place checks and balances to minimise any potential reputational damage as part of your business growth strategies, culture and control.
A well matched business mentor or business coach can help you with:
Different businesses and industries will have a variety of special business issues to face, but the fundamental basics of ethical standards and broad cultural alignment remain very much the same.
Call International Business Mentors today to discuss how engaging a business mentor or business coach can help you and your business build towards success. We can assist with developing business growth strategies in addition to helping you plan an ethical business environment to minimise the risks of a damaged reputation.