Business reputation is the key for success

 By Raúl Gorrín.-     By reputation is meant both the fame and the opinion about someone or something that people have. Meanwhile, for companies, reputation, we say that is the key to success. Having a good or bad reputation will be decisive for brands, as this valuation deprives the construction of the image of the organization. The corporate reputation is closely related to corporate citizenship or Corporate Social Responsibility (CSR), and is that a socially responsible company will be similar to a good person or a good corporate citizen, because it fulfills their economic, social and environmental duties.

     Specialists in Corporate Social Responsibility understand reputation as the opinion that stakeholders have about organizations. For many, there is a close relationship between corporate reputation and social responsibility, since one can’t exist without the other, without attention, meaning that both concepts are confused. CSR is a necessary but not sufficient for reputation, as a company with a good reputation have to be socially responsible, without CSR suffices for good reputation to occur, and it is that reputation requires, in addition to CSR, other conditions or variables, which precisely will be those that will allow measuring it in practice.

     Among the internationally accepted variables are: the commercial or goods and services supply, the leadership that requires having people with a good reputation, corporate governance which has to do with ethical values ​​and sound business administration, corporate citizenship, the quality of work, innovation, the economic results to be reflected in the financial balance sheet, and while reputation is not something that is included in business balances, it has a fundamental weight when it comes to valuing organizations. 

     Even for some companies it is the biggest asset, even greater than its machinery and equipment, the price at which many companies and corporations have been sold has to do more with their reputation and prestige than with the cost of their infrastructure. Moreover, companies can make huge profits thanks to their reputation, but also a bad reputation can be the cause of big losses or bankruptcy of some organizations, when the quality of the products and / or services of an organization don’t match their reputation, we are in the presence of companies with a false reputation, because despite having much prestige, what they produce is far from having a good quality.

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