Is your business reputation currently under fire?
Going through a difficult experience like bankruptcy can damage a company's public profile initially, but acknowledging its shortcomings and creating a transparent action plan to turn the situation around also provides the business a unique opportunity to reinvent itself during the downtime. Forward-thinking leaders spend time reassessing their product offerings, customer service strategies, and market positioning to better align with current consumer expectations.
Taking a proactive approach to get back into the public's good graces assures past and prospective stakeholders that the company is not only recovering from a bad season of missteps productively, but it's also evolving for future success. Below, 10 Fast Company Executive Board members each share an action step company leaders can take to restore confidence among former stakeholders and supporters after their recovery and reflection period.
1. BE RADICALLY TRANSPARENT THROUGHOUT THE JOURNEY.
Company leaders should implement radical transparency about their journey through the financial crisis, restructuring process, and specific reforms instituted. Publicly acknowledging past mistakes while clearly communicating the concrete steps taken to prevent recurrence demonstrates accountability and signals a genuine transformation that previous stakeholders can trust. – Tarek El Ali, ZBIOME™
2. CONTROL YOUR BRAND'S NARRATIVE.
Use strategic reputation management to rebuild trust: Proactively publish positive news, optimize SEO with owned content, and engage stakeholders directly. Controlling the narrative online helps suppress negative articles and restore your brand's public image. – Scott Keever, Keever SEO
3. SHARE YOUR RENEWED COMMITMENT TO CUSTOMER EXCELLENCE.
Just as we build system resilience by establishing data integrity checkpoints, leaders should rebuild their brands by implementing transparent recovery milestones, demonstrating their financial stability and renewed commitment to customer-focused excellence. Then, share these progress markers regularly with previous stakeholders and supporters to rebuild the brand's reputation and credibility. – Chongwei Chen, DataNumen Inc.
4. FOCUS ON HIGHLIGHTING YOUR INVESTMENT VALUE FOR THE FUTURE.
Honestly express what you have learned. Don't explain or defend what happened or what you did. Create your business case for what's next and consider how creating that can bring value to stakeholders' investment in you and your plan. – Jay Steven Levin, WinThinking
5. OUTLINE YOUR ROAD TO RECOVERY AND RESTRUCTURE.
Engage in transparent, consistent, and empathetic communication with previous stakeholders and supporters. This means openly acknowledging challenges the company faced, taking responsibility where necessary, and outlining the steps taken to recover, restructure, and ensure long-term stability. – Britton Bloch, Navy Federal Credit Union
6. ENSURE YOUR REBRAND ADDS TANGIBLE VALUE TO THE INDUSTRY.
First, rebrand thoughtfully and ensure the information about the new leadership is clear and communicated across your website, marketing materials, and customer touchpoints. Consistency and clarity here build trust. Second, don't stop at the visuals—reinforce the rebrand with substance. Launch improved products or services that reflect the new direction. A fresh identity means little without tangible value behind it. – Al Sefati, Clarity Digital, LLC
7. PAY YOUR BILLS IMMEDIATELY.
The number one thing leaders can do post-bankruptcy to rebuild brand trust and credibility is to pay everything immediately as the bills come in. It will take some time, but doing that will show vendors and customers that you have made positive changes. – Baruch Labunski, Rank Secure
8. COMMUNICATE YOUR WINS AND STRENGTHS.
We help our clients with this every day. Don't run from it, but don't lead with it either. Make sure your wins and strengths are front and center online, so when people look you up, they see progress, not just the past. If it comes up, own it, but frame it as part of the journey. – Travis Schreiber, erase.com
9. EXPLAIN WHAT WORKED, WHAT DIDN'T, AND WHAT'S CHANGING.
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