A good reputation is critical to any business seeking long-term profits.  Reputation is beliefs or opinions that are widespread about an individual or a business.  Businesses don’t own their reputation.  They have to do what is necessary to influence public opinion.  Businesses can use many methods, most commonly, selling high quality goods or services.  A business must maintain the discipline of constant dealings.

It’s possible for a business to benefit in the short-term by destroying their reputation.  A business can misrepresent its goods or services.  This will lead to dissatisfied customers. They will take their business elsewhere.  The media will criticize the business, affiliates will distance themselves, and honest employees will seek out honest employers. The cost for immediate gain will damage the businesses’ reputation.

It’s precisely the fact that businesses can be motivated by earning profits quickly, rather than providing real value, that makes reputation the most important intangible asset.  It requires years of consistent excellent performance to acquire a good reputation.  Businesses require greater effort to maintain their good reputation.  A business cannot afford to risk years of investment by letting down its standards of quality for one moment.

The only way for a company to achieve success is honesty and integrity.  A bad reputation is a death sentence for any business.  The company will earn a bad reputation with shoddy products.  Any business seeking long-term profits will seek to achieve a good reputation, and a good reputation takes years to acquire.  Businesses will do what is necessary to improve and protect their reputation.