Don’t let your reputation shut down great opportunities
We frequently discuss the ways company culture can lead to reputation threats, but what about when it comes to dealing with other businesses? When it comes to the big money that surrounds purchases and mergers, the results of a Bank Director survey of executives and board members are telling. According to the survey, a full 35% of respondents have walked away from purchasing another institution purely due to the culture there.
In other words, despite initially believing a deal to be advantageous, a culture that presents potential issues is enough to overcome the desire for profit in a sizable number of decision makers. This phenomenon isn’t unique to the banking industry either. We’ve seen concerns over reputation and culture spoil deals in a wide variety of fields, and as weak ethics and poor decisions continue to make international headlines we don’t expect that to become anything but more common over the coming years.
Protect your reputation and ensure your corporate culture is more likely to be admired than to send potential partners running or it will cost you somewhere down the road.
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For more resources, see the Free Management Library topic: Crisis Management
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[Jonathan Bernstein is president of Bernstein Crisis Management, Inc., an international crisis management consultancy, author of Manager’s Guide to Crisis Management and Keeping the Wolves at Bay – Media Training. Erik Bernstein is vice president for the firm, and also editor of its newsletter, Crisis Manager]
– See more at: http://managementhelp.org/blogs/crisis-management/2015/11/21/holidays-reputation-and-you/#sthash.WMQjd0qR.dpuf
Jonathan L. Bernstein, president of Bernstein Crisis Management, Inc. has more than 25 years of experience in all aspects of crisis management – crisis response, vulnerability assessment, planning, training and simulations.
Erik Bernstein is vice president of Bernstein Crisis Management. Erik started with BCM in 2009 as a writer and subsequently became social media manager for the consultancy itself as well as for a number of BCM clients before moving to the VP position.