Warren Buffet: “If you lose money for the firm I will be understanding. If you lose reputation I will be ruthless.”
Why? Because, on a 10 point reputation scale, 1 point difference is worth $500m for large corporations*.
Here’s the deck from a recent course we ran on brand reputation management and social media. How to use social media to manage your reputation – what people say about you (or your brand) when you leave the room. Unlike other courses, we hope you’ll enjoy the fact that the solution has nothing to do with creating social spam and polluting peoples news feeds.
There are smarter ways to manage your reputation in social media… Enjoy, download – and feedback welcome.
* Black, E., T. Carnes, and V. Richardson (2000). ‘The market value of corporate reputation,’ Corporate Reputation Review, 3(1), 31-42.
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We are saved from a lot of problems by having the necessary funds. In the world of investing, you need a “safety cushion” at least-in the amount of 4-6 monthly salaries. This amount can be kept on deposits, but – so that you can always partially withdraw it from the account in case of any unforeseen situation.
It sounds like you’re expressing understanding and tolerance for potential financial losses within a business context.