It takes time, energy, and continuous effort to build a brand that attracts loyal customers and is rewarded by word of mouth referrals. Without a doubt, the good name you worked so hard to earn is one of your most valuable business assets; in addition to your solid customer base and positive employee relations, it is what is known in business as “goodwill.”
If you’re like many small business owners, you realize your company’s goodwill is vitally important, but you may not know how to protect it. After all, how people feel about your brand isn’t a tangible asset you can insure, like a building or machinery.
There are steps you can take to safeguard your goodwill in the marketplace. This article will show you how.