How important is the reputation of a business?
A reputation of a company is crucial for the survival of a company. Reputation is defined as the judgement people make about a company in terms of finance, performance, social and environmental impact. Reputation has a direct impact on its customers and helps to build relationship with the customers and target audience. A good business reputation facilitates growth in valuable relationships which builds the entire business entity.
How important is CEO’s reputation to the reputation of the business itself?
CEO reputation is very important for leadership. The employees build their trust based on the CEO reputation. If the employee trust is built, then their morale and productivity increases. Customer’s perception on quality is based on the CEO reputation. The growth and fall of an organization is purely based on the CEO reputation. The customer-company relationship increases based on the CEO reputation. Companies trade on the high profile reputed CEOs for acquisitions and mergers.
Is it better to have the reputation of being powerful or of being fair? For example, do you want to be insured by a company that always wins, or by an insurance company that is willing to allow the benefit of any doubt?
Personally speaking, it is important for an organization to have reputation of being fair rather than being powerful. This is because people always wanted to be treated with fair and just. If a company always wins with power, then there is a group of people who loses and hence they contribute more towards the negative growth of the company. Thus fairness is always good for the management.
Goodwill is the technical word for the asset of a company being worth more than the sum of its parts. How would you measure the Goodwill of a company in dollar figures?
Goodwill is the market value of a company. If a company is making a purchase of another business entity, then the goodwill of the business entity needs to be added to the fair market value of the business or its assets. Then liability needs to be subtracted from this total sum. Thus goodwill can be got in dollar value if this concept is used.
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