“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently” – Warren Buffet
This famous quote was delivered many years ago. Businesses that didn’t heed the warning probably aren’t around to do things differently. In today’s fast-paced, high technology world, businesses not embracing Mr. Buffet’s sage advice won’t need to wait 20 years to establish a sound reputation. Businesses today can develop a 5-star reputation in as little as a year AND lose a stellar reputation in much less time. In fact, Mr. Buffet’s advice of ruining a reputation in five minutes may actually be an eternity in today’s online world.
Why some businesses dislike reviews
The main driver for what the community thinks about a business is reviews. Reviews are great if a business rightly deserves positive reviews. In a market based economy, the market (customer) has the final vote on the success or failure of a business. Fair or not, this is reality, and business owners need to understand this quickly. Businesses that monitor and react to online reviews will be in a far better position to succeed in the future.
- Inaccurate information
- Unfair, little recourse to rectify
- Not real, competitor driven
- Anonymous or unverified
Reviews are here to stay, therefore, it is incumbent upon business owners to understand their roles in protecting their online reputation. Business owners aren’t powerless (even though it may feel that way), many tools exist to help shape or re-shape an online review business profile.