Keep track of common Reputational risks for your business
Good reputation is paramount in both, business & life – which is why you should be aware of any potential risks to your business’s reputation. The most common reputational risk examples that affect businesses range from exterior threats to internal blind spots.
Whether customers are writing negative reviews about a business, a CEO is embroiled in a public scandal, or anything in between – reputational risks are anything that could potentially damage your business’s reputation.
At Digibox Online, we help businesses in monitoring, protecting, and improving their online reputations. For businesses whose reputations have been compromised, we also offer Online Reputation Management services to help overcome as well as neutralize the negative links of the business appearing in the Google search results.
In this article, we define reputational risk and explore several examples of common risks to a business’s reputation. We then provide actionable tips and strategies you can use to protect your business from reputational crisis.
Facing a reputational crisis?
Do not let a negative public image damage your future. Contact us today for a confidential Online Reputation Management consultation.
What is Reputational Risk?
Anything that leaves your business vulnerable to negative publicity is a potential risk to your reputation. The reputational risks vary for different businesses but Digibox Online offers prompt and apt solutions for all kind of reputational crisis that could hamper a business’s reputation and lead to financial losses.
Digibox Online’s Online Reputation Management service helps prevent these situations (and respond to them when they do occur). Being proactive in addressing your business’s vulnerabilities can help prevent many risks to your reputation.
Types of Reputational Risks
The main two categories in which we can split reputational risks include: internal and external factors. Below, we give a few examples of each type of risk to your business’s reputation.
Internal Reputational Risks
Mismanagement or poor business practices are some of the common internal factors that lead to reputational harm. Below are some examples of such internal risks:
- Low product or service quality,
- Poor customer service,
- Inadequate working conditions for employees,
- Inappropriate behaviour and/or public statements by senior management,
- Poor social responsibility, and
- Irresponsible data security practices.
These common shortcomings at your end can cost you your customers and could also lead to public backlash.
External Reputational Risks
Other reputational harm can be caused by outside factors and third parties. Such external risks include:
- Negative media coverage,
- Social media smear campaigns from competitors,
- The behavior of third parties like partners and vendors,
- Legal action from dissatisfied customers or angry ex-employees, and
- Negative rumors.
Every business wishes to protect its reputation but only few take the right action at the right time. We always suggest businesses to be prompt at managing their online reputation to prevent the bad from getting worse.
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