Full Transcript
Hi Everyone, welcome to the You’re Daily Cup of Joe Podcast, with your host Joe Bautista. In this podcast, my goal is to give you quick lessons that you can reflect on in your journal so you can grow yourself physically, mentally, emotionally, and spiritually and have a better career, better relationships, and better personal finances while you enjoy your morning cup of coffee.
I’m also the author of the book “More You Know, More You Grow: How to Get Better Every Day”. In this book, I wrote down over 30 tips to help you grow in those four cornerstones. I’m also the founder of Grow With Joe, where I combine self-development coaching and financial planning for Latino Professionals.
In today’s episode, we are going to talk about the ways we can protect our reputation. Warren Buffett is accredited for saying it takes 20 years to build a reputation and five minutes to ruin it. And this is very true, once you do something to sabotage your reputation, it can take 20 years to build it back up.
The easiest way to protect your reputation is to consistently show that you do good work, you do what you say you’re going to do, and you avoid doing unethical things. This is why it takes 20 years to build up a reputation because of the consistently good work. One time you do something, it can be a fluke, but doing consistently good work over 20 years tells a different story.
When it comes to a business’s success, it requires three things, technical skills, branding, and marketing. And as a weighted average, only 20% of success is contributed to technical skills, 40% of success to contribute to branding and marketing.
If you look at a company like Coca-Cola, they have been in business for over 100 years, and the coke you bought 20 years ago is going to be the same coke you can enjoy today. Now I don’t really drink pop, but coca-cola does a good job at marketing and branding. They’re on many different platforms for advertising and having a consistent experience.
Now Coca-Cola has a reputation issue back in the 1980s when they try to switch to a new formula called New Coke and the customers hated this. Coca-cola was able to go back to its old formula but they had a reputation with its customers to bounce back from the poor product launch.
No one or company is perfect, and mistakes will be made, and if they are made, it’s best to take ownership of the process and fix it the best way you can. America does a great job and forgiving people who do good afterward and show that they learned from their mistakes, but if we can avoid ruining or harming our reputation, we should take this path.
Warren Buffett had his own mess that he had to fix mistakes and it was back in 1991 when a company that he invested in called Salomon was involved in a bond trading scandal that almost caused the firm to declare bankruptcy. And Warren Buffett spent a lot of time with that business to fix it and by fixing it, it allowed Buffett to maintain his oracle status. This event is probably what caused Buffett to say this quote.
Make sure you protect your reputation because it will make up 40% of your success and keep sending out messages that promote your brand. It will be your greatest asset.
And that’s it for today’s episode, to summarize it, it takes 20 years to build a reputation and five minutes to ruin it. And it doesn’t take many people to ruin your reputation. It can just take one disgruntled employee or customer to spread their negative message that damages your brand. So make sure the expectation are clear, don’t make promises that you can’t keep, and do consistently good work. This will help protect your brand and if something goes wrong, accept full responsibility, fix it, and then make changes to your procedures so the mistake doesn’t happen again. Otherwise, you might not recovery from the fall and all that hard work will just disappear. Don’t let this happen to you if you want to have a great life.
If you would like to get the journal questions for today’s episode, you can sign-up for my monthly journaling subscription newsletter, where you get daily journal questions Monday through Friday, and as a bonus, you will also get my time management course and my personal development cheat sheet. You can get all this for $13/mo, which is less than the cost of an audible subscription and it’s less work to gain more wisdom. You can get this offer at growwithjoe.me/journal
Thanks for listening today! To get a free copy of my Audiobook “More You Know, More You Grow: How to get better every day” just go to my website growwithjoe.me/book and you can download it right there.
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Thanks for joining me today and remember if you go with Joe, you can grow with Joe, cause Joe knows Dough.
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