New business owners concentrate their efforts on getting their enterprise up and running for the first few years after start-up. Once the business has a viable brand and receives high target market visibility, these business owners discover something they hadn’t noticed before: Business class.
Business class is predicated upon the reputation of the business and the professionalism of the business owner. The link between reputation and how industry perceives the level of class a business has attained is clear. Reputation is the foundation of professional status and the particular class the business falls into. The benchmark of the standing and reputation of a business and its owner is achieving the ranking of becoming one of the Fortune 500 companies. This may also be achieved by ranking in the top ten of state industries.
Building a Business Reputation to Achieve Highest Ranking
Throughout daily business transactions, time should be set aside to build a business reputation of stellar ranking. This is done through taking part in important business associations and memberships relative to the particular industry in which the business is categorized by its Standard Identification Code (SIC) number. The US government identifies the primary business operation of each business by assigning it a SIC code. This is the first step in identifying the class of which the business is part. Once the industry of the business is clearly identified, it’s easier for the business owner to begin to create a business reputation in their specified industry.
It’s worth noting that most of the top ranked Fortune 500 businesses received their ranking as a result of the reputation of the business, its profitability and overall business value. Quality is the singular determining factor in reputation for the business owner and business operation. It becomes a professional asset when the reputation is free of negativity.
How Business Operations Affect Reputation
Many business owners don’t realize that the financial stability of their business affects the public’s perception of their business reputation. For example, when a business exhibits tendencies toward financial debt, this can ruin the reputation of the business and the owner. This creates a professional liability. Business owners who understand the innate connection between a good record of financial stability among its clients, suppliers and vendors reaches a level of professionalism that creates an asset.
Tips to Avoid a Negative Reputation
As a member of an industry, businesses must maintain ranking among their competitors for market share. To avoid a negative reputation, the business owner must have a proven track record of excellent customer service, outstanding reliability and product/service quality. If all of these facets are a regular part of the business, the reputation of the business and owner expands access to financial resources, ease in maintaining business class and greater visibility.
Avoid a negative reputation by ensuring that business expenses are paid on time and the business owner has developed a highly recognized business presence in the specified business community. This entails taking part in a broad range of activities that helps to promote business name and rank. These activities and events may be local, statewide or national.
Build a Reputation for Legislative Vigilance
Another way to achieve a reputation that becomes a professional asset is to establish a presence in government. Understanding all of the potential obstacles in legislation as it pertains to business and industry and maintaining vigilance of issues adds to the business owner’s reputation as a knowledgeable, business savvy individual. When business owners represent their industry when legislative obstacles arise, the end result is more recognition among elected officials.
How Valuable is Reputation as a Professional Asset?
The contemporary media is full of examples of why reputation is your best professional asset. One of the most recognized reputations in business is Warren Buffet, CEO, philanthropist, largest shareholder in Berkshire Hathaway. He maintains a stellar reputation for investments and business wizardry. His reputation as the “Oracle of Omaha” is well recognized in nearly every phase of business in the US. Microsoft’s Bill Gates is another business mogul with a reputation for business acumen and philanthropy. These men provide a view of how valuable a professional asset reputation can be. Others with similar reputations that have proven to be professional assets include Carlos Slim Helu, George Soros, Michael Bloomberg, Donald Trump and Steve Jobs.
Study the Value of Reputation to Develop Your Professional Asset
The steps to a highly recognized and valued reputation of the levels and class of the top magnates of Fortune 500 companies begin with studying methods that elevate reputation. Visibility plays an important role. Business owners may have excellent reputations in their particular industry. Without a high level of visibility and business branding, their reputation may be obscured.
Study the value of reputation to understand the long-term professional asset it will become. Implement strategies and methods within your business and industry that advance your company name and your level of professional class. Here’s a simple way to do this. Attend a meeting of your state Chamber of Commerce. Note which business owners’ names are quickly recognized. Part of this has to do with their contributions to their communities, business associations and their industry. Is your business name among the top in your state? If not, there may be quite a bit of planning and designing of a strategy to deeply embed your name in the industry within your state.
Why Reputation is Your Best Professional Asset
Reputation is your best professional asset because it creates wider ripples in the business and industry stream from which your name and business methodology benefits. Don’t forget that reputations are also built on providing business seminars and publishing papers that represent your business techniques.
Media promotion is one of the best ways to help drive business reputation. Every industry has a regular media event that promotes top business owners with the best reputations. The more often you invest in these activities, the more your professional asset gains in value.