When talking about an organisation’s targets, many are quick to focus their attention on setting financial goals for the year ahead. While setting financial targets is important, keep in mind that having a healthy reputation will positively influence your bottom line. Setting tangible, timebound and measurable targets to grow and manage your company’s reputation is vital to thriving in a challenging economy. 

Chris Bischoff, senior stakeholder liaison at Reputation Matters, outlines three important considerations when setting targets that will take your company’s reputation to new heights in 2020:

1.     Purpose and Profit: While a healthy cashflow and profitability is key for any business, it is just as important to leave a positive influence on the people and environment around it. “We are living in a day and age where consumers are not just concerned about the value of the product or service, but also about the value that a business has within society,” says Bischoff. “Our market research has found that the younger generations specifically Millennials and Generation Z, want to be connected with a purpose and therefore will favour brands and companies that have a positive impact in society or on the environment.”

2.     Find your A Team: Human capital is one of the most important tangible assets that an organisation can have. “Your company’s employees are your core brand ambassadors and play a crucial role to foster your business’ reputation,” says Bischoff. “Their engagement with external stakeholders should leave an impression that represents your company’s values and team’s credibility. It is largely up to your employees to instil a high level of confidence with your stakeholders so that they trust that they are associated with the right brand.

3.     Measure and manage: How do you know that your stakeholders have confidence in your team, or that they feel proud to be associated with your brand through social or environmental purpose? “Building businesses that people want to do business with is what we do. Be it through reputation research or our newly launched mentorship program.,” explains Bischoff. “Once you establish a baseline score for these business elements that contribute to your reputation, you are able to measure improvement over time, especially after implementing a plan to improve your reputation.”

Reputation Matters uses its proprietary reputation research tool to measure reputation and put percentages to each business element. To extend its reputation management scope, Reputation Matters is excited about its new product offering, its reputation mentorship programme, which has been designed to provide ongoing reputation management support for companies wanting to be armed with the tools to proactively manage their reputations. 

For more information about Reputation Matters, visit www.reputationmatters.co.za. Follow Reputation Matters on Facebook (@yourreputationmatters) or Twitter (@ReputationIsKey).

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