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Reputation.

How quickly reputations can become tarnished! It takes years to build up consumer trust but you can lose it almost in the blink of an eye. Bad news about large organisations spreads like wildfire and any suggestion that the organisation is out of control or being economical with the truth is destructive. 

Things will inevitably go wrong from time to time but, when you are hit with a catastrophe that affects your customers, these are tests they will apply:

1. Did you do everything you could to prevent the catastrophe?

2. Did you react as quickly as you should when it happened? 

3. Did you do everything you could to limit the damage?

4. Did you communicate fairly and honestly with your customers?

Consumer trust can be maintained in the face of adversity but, if there are weaknesses in your risk management or contingency planning, this is when they will be found out.

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