Reputation is Critical for Long Term Profits | The Discipline of Constant Dealings

#economics #reputation #profit

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.

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