Last month, food and drink giants Nestlè announced they had cancelled their sponsorship with the International Association of Athletics Federation (IAAF), due to fear that the recent corruption and doping scandals enveloping athletics would damage its public image. This begs the question: how important is your business image?
The importance of having a good image
In their statement Nestlè explicitly state that they wish to protect their image and reputation. This is with good reason as in 2014/15 they registered sales of CHF 91.6 billion and no doubt they would want this to continue to rise. With allegations of corruption and doping surrounding the IAAF, Nestlè would no doubt be dragged into this scandal and guilt by association would at some point take place.
A good image is vital for a business to survive. Having a good image and reputation means that you may not have to spend a significant amount of time persuading potential customers or business partners that your services are worthwhile. This could result in your business being transformed from a small, unknown business to one of the most trusted businesses in your sector. Instead of spending money on trying to improve your image, your image and reputation will speak for itself.
What happens if your business does not have a good image?
Should your image start to falter, it is important to ask why. For instance, has your business just received a bad review for the services it provides? Or are you in partnership with a business that does not have a particularly good image itself? Whatever the cause suffice to say that the problem needs immediate attention. If your business does not have a good image or reputation it could lead to the Nestlè scenario: cancellation of a partnership contract. It is interesting to note that Nestlè was not the first to act. The IAAF’s biggest sponsor, Adidas, reportedly pulled out of their contract too.
How can your business obtain a good image?
The most popular way a business can obtain a good image is getting involved in charity events. Not only do businesses get involved but so do law firms. For example, Morrisons are now the sponsors of the Great North Run in Newcastle. By sponsoring a national event that so many people use to raise money for charity, Morrisons will improve their image not only in the public eye but in the corporate eye also. Having completed the run myself I would say it indeed works!
Law firms also like to engage in charity work. For example, Muckle LLP provided pro bono services to over 60 charities that would have cost over £100,000 so that they could do their bit to help the local community. There are other great examples of law firms being active when it comes to charity work. Sills and Betteridge choose a different charity each year and then help raise money for that particular charity by organising different events, such as a bake sale or participating in the Lincoln 10K. These events and services help the local community and show the public that the law firms are responsible businesses.
This post was written by Chris Middleton. Chris is a final year MLaw student currently working in the business and commercial firm in the Student Law Office. On graduation Chris hopes to travel through Europe before securing a training contract or a paralegal job to start his law career. Outside of law Chris is a keen sportsman, with football and long distance running being his main disciplines within sport.