How Incidents can Impact the Reputation of a Business
Updated: Sep 21, 2022
Managing the reputation of your company is crucial if it's going to grow.
Companies whose service is so good you want to shout about it sell more and their customers remain loyal for longer. This usually means they can charge a premium for their services. I know I don't mind paying slightly more if top-notch service is a guarantee.
Companies with a good reputation usually get the top picks when it comes to hiring, too. Everybody wants to work for the guys who put their employees, and ensuring their safety and well-being, at the top of the to-do-list.
Accidents can happen at any time, however. And with the digital age upon us, it seems larger incidents are all over the internet before the company even realises they have had an accident.
Accidents like these, and the subsequent media coverage, even for small businesses, can put a serious dent in a companies reputation. That means loss of business due to unhappy customers, upset employees and difficulty in finding the right person for the job down the line.
Health and safety plays a large role in the ongoing reputation of a company and while researching the topic I came across a few articles that I found interesting:
1. What are the consequences of poor health and safety procedures?
This article is written by Katie Martinelli for High Speed Training Ltd and details the real costs of neglecting health and safety. From increased illness and injury to the loss of reputation. Recognising the important of health and safety will save your business time, money and productivity.
2. What are the effects of reputational damage?
Published on the Business Continuity Institute's blog, this article explains how your business reputation can be damaged, the importance of standing up and taking responsibility when something goes wrong, and how you can minimise the risk of reputational damage.
3. Just how important is your business'online reputation?
This beautifully designed infographic slide from Towergate Insurance contains information and statistics on several areas of online reputation and how gaining or losing trust can affect yours. The info provided in this inforgraphic is a must-see if you're looking to improve, or figure out what went wrong with, your reputation.
4. 5 companies that got risk wrong - and paid the price
Management Today looked into companies that failed to meet health and safety regulations. They researched from February 2016 to February 2017 and found some tragic accidents that came with some massive fines. They reported that the 20 largest fines of that year cost a whopping £38.6 million total.
5. Health and safety - it's about the bottom line, not just back backs
The Guardian point out that taking care of health and safety isn't just about protecting people, but also our environment and economics. They also go over the most common accidents that happen in the workplace and briefly touch on health and safety regulations.
Ensure your employees can spot hazards and control them. Sign them up for the COSHH Risk Assessor Certification™. I'll teach you everything you need to know about risks, hazards, and chemical risk assessments.