Page 6 - NBIZ Magazine February 2024

The wise words of Benjamin technology, so these now educated numerous definitions for a business
Franklin remind me, “It takes many folks can make money. or organizational culture. Most of
good deeds to build a good reputation, For those in small businesses, why these definitions refer to the values,
and only one bad one to lose it.” And is reputation important? First, one expectations, and practices that guide
yet, so many ignore the reality of how must recognize how many small busi- the actions and behaviors of the team
one bad deed can destroy a reputation. nesses exist here in the U.S. Per the members.
One can witness that on the news, 2017 U.S. Census data, the majority of A survey by Harvard Business
social media, and in those confidential U.S. business with 19 or fewer employ- Review suggested that companies
conversations that he/she has with ees accounted for 72.99% of all U.S. with a strong corporate culture see a
clients and colleagues. businesses. Of these small businesses, four time increase in revenue growth
Sometimes professionals, due to the majority had 5 employees or less. compared to those companies with
their own priorities or the priorities Today, there is an emphasis on a weak culture. This emphasis on
their employers place on them, will buying local and supporting local culture within businesses is possibly
potentially sacrifice their reputation small businesses. Again, data from why the focus on culture continues to
for money. Watching the movie the U.S. 2017 Economic Census dominate the local and global busi-
Glengarry Glen Ross, one can witness revealed in real estate, the single unit ness landscape.
an excellent example of “sacrificing” firms accounted for $64.8 billion in For small businesses to maintain a
values and ethics for money. The Latin revenue compared to the multi-unit consistent and positive reputation, it
writer, Publilius Syrus (85-43BC), firms with $48.2 billion in revenue. does require a commitment to having
who was a enslaved person that won Small businesses, in order to clearly articulated, shared values with
his freedom from his Roman Master survive and ultimately thrive, must agreement by all to adhere to them. As
wrote, “A good reputation is more rely on their reputation, which also each small business is only as strong
valuable than money.” can translate into word of mouth as its weakest link, each contributing
Now in today’s technology-driven (WOM). Referrals are the consistent member must also have a commitment
world where Artificial Intelligence bread and butter for small businesses. to his or her own moral code of ethics,
(AI) continues to expand, reputation This is why monitoring social media which must be in alignment with the
is increasingly important. There are and public reviews is so essential values of the small business.
now lawsuits against developers of AI to maintain a consistent and high How does one know about one’s
programs specific to plagiarism. In business reputation. professional reputation? For me,
real estate, AI is reading photographs People buy from people they know beyond my own moral code, my
and writing marketing descriptions. and trust. Trust and reputation are values, verbal compliments, and writ-
Of course, there are those profiting imperatively linked to the culture ten referrals have allowed me to know
from AI by educating others on this of the organization. There are what my clients think of my reputa-
tion. Most of these written testimonies
have indicated that I “go the extra
mile” when working with my clients.
Of course, not all referrals are positive
as some individuals will always be
unhappy. However, when one can
focus on what he/she can control and
“ A survey by Harvard try to do the best in all situations,
then he/she should be able to maintain
Business Review suggested a positive reputation that others can
see, read, or hear. Brian Koslow recog-
that companies with a nized the power of reputation in these
words: “There is no advertisement
strong corporate culture as powerful as a positive reputation
traveling fast.” N
see a four time increase in Leanne Hoagland-Smith is a clarity

revenue growth compared strategist, solving people and pro-
cess problems. As a thought leader
to those companies with a who challenges the status quo, she
turns tomorrow’s goals into today’s
weak culture. ” results. Follow her on Twitter @
CoachLee.

6 NBIZ ■ FEBRUARY 2024