WA-based businesses with the best reputations have strong leaders who deliver what they promise and consistently demonstrate strong business performance.
The Business News/Clarity Communications Business Confidence Index May survey asked respondents what they believed were the key drivers of reputation.
They said the most highly thought of businesses had cultural and economic value, connection with community and stakeholders, were reliable and performed with integrity.
A business with a great reputation “does what it says on the tin”, one person responded.
It was a sentiment echoed by many, who said these businesses delivered on what was promised, had clear strategies and clarity of purpose.
“Long-standing track records for significant local contributions and community impact, financial transparency, and strong governance and alignment with public values,” another leader said were keys to building reputation.
It is the second survey in the BN/Clarity series, following the first in March. This survey saw over 500 Business News readers took part.
Asked to name the businesses with the best reputations operating in WA, Wesfarmers came out on top with 36%, BHP with 14%, Woodside at 12% and RAC WA at 9.5%.
Others mentioned were Fortescue, Rio Tinto, Bunnings and Hancock Prospecting.
Businesses are increasingly focusing on building their reputations, with strong reputation allowing them to attract better team members and investment.
Businesses often only think about their reputation when in crisis or issues management mode, at which point the focus is about minimising the negative impacts. However, businesses can do a lot to invest in and manage their corporate reputations proactively as they would any other asset when not in crisis mode. As a strong asset, it can then start working for you to achieve key business objectives – attracting key talent, positioning you strongly in the market against competitors and giving investors confidence in your strategy.
