Reputations and Misconceptions

“It takes 20 years to build a reputation and 5 minutes to ruin it.” — Warren Buffett

How many of us have experienced this in some way, shape, or form?  For everyone, having a good, solid reputation is a major key to success.  For business owners and community leaders, it is integral.

A recent speech at the BYU Management Society breakfast meeting about maintaining your integrity gave me reason to think about the reputations we craft for ourselves, and misconceptions that can damage that reputation.  Today, I’ll put myself on the line and talk about how a misconception affects me and my business.

As many of you know, I wrote the songs for a couple of albums and they each qualified for Grammy nominations — 17 total.  For many people, when they hear that I qualified for 17 Grammy noms, they assume that I am a Grammy Nominee.  However, technically, that is incorrect.  I am a Grammy Qualifier, which means I made it into the first of 3 rounds.  Those that make the top 5 of the second round are officially known as Grammy Nominees. The winners of the third round, those that you see at the Grammy awards on television, are known as Grammy Winners and they get to take home that iconic trophy.

Regardless of how many times I try to clearly explain that I made it into the first round with each album and I am only a Grammy Qualifier, people often take the shortcut and just say I’m a Grammy Nominee.  They don’t do it out of malice, but because the Grammy voting process is mostly a mystery to the general public, many people feel it’s just easier to say that I received 17 Grammy nominations.

Why do I care about this misconception?  Well, if an attorney representing the Grammys thinks I am making false claims, I could get into trouble because the attorney’s job is to protect the Grammy brand.  I’m a business woman, and I understand the concept of protecting your brand.  If I look like I’m making up stuff about being a Grammy Nominee, or even a Grammy finalist, the misconception could damage my reputation and become a major liability.  Even though I have made very little money off of my music career, this misconception could potentially lead me to financial ruin.

Okay, so I’m only a Grammy Qualifier, but many would agree with me that it’s still a big deal and an honor.  Because I have many years of sales and marketing, I believe that experience was what helped me get my music heard around the world, including India and China.  This accomplishment, regardless of my Grammy Qualifier status, has given me tremendous credibility as an online marketer, and that naturally lends itself to the name of my marketing business, Rock Star Marketing.

Have I intentionally made false claims?  No.

Are there misconceptions about my accomplishments?  Yes.

What does that do to my reputation?  Well, for some, it shows that as an online marketer, I know what I’m doing and I’m doing it well.  For others who think that I’ve played into the hype, I would agree.  After all, I am a marketer, and aren’t marketers responsible for getting people excited about the products they’re selling?  You betcha!

Okay, so that’s today’s confessional about my reputation and misconceptions. I’ll say my Hail Marys and hopefully be done with it.  For public record, I want to make everyone aware that I am only but a humble “Grammy Qualifier”.  I did not appear on television at the Grammys, and I did not win an award, but I made 2 quality albums and did a pretty darned good job of doing the online marketing all by myself with my own money and tenacity.

Now, I’ll ask you.  What could be a misconception about your business that could harm your reputation?

  • Do you have poor reviews on Yelp or Google from a couple of years ago that have hurt your business, even though you have worked through those issues?
  • Do you have a former client, partner, or employee that has publicly shared stories about you when you lost your temper or cheated someone?
  • Are you feeling guilty because you bent your otherwise “straight as an arrow” code of ethics?

If you have misconceptions that negatively affect your reputation, what should you do? For me, I choose to live a life free of regrets.  If I know I have done something wrong, I apologize immediately.  If I find out that my actions negatively produced shock waves without my knowing it at the time, I accept responsibility for my errors and I make amends.

After all is said and done, if you live with high integrity, misconceptions will not damage your reputation. If you did fall out of integrity, but apologize and make up for the mistakes you’ve made, in time your reputation will eventually heal itself.  Your reputation will always be safe if you do the right thing, at the right time, for the right reasons.

Do You Know What You Don’t Know?

A brand new client called this week and, of course, I got excited!  He’s a talented, manufactured stone expert, who is launching his own business. He admitted that he knows all about manufactured stone, but he doesn’t know everything about marketing.This made me think about all the things we know we know, all the things we kind of know, and all the things about which we have no clue. However, sometimes we have just enough knowledge to become dangerous…and that can be potentially disastrous for our business.

Let me start by saying that there are many, many things I don’t know. When I face an issue in my business where I don’t know something, or I don’t know enough, I contact an expert or a mentor who can guide me through…even if it’s a YouTube video. After all, if I don’t know what I don’t know, a friendly guide can keep me from breaking my nose and stepping on toes in my business.

How many of us think that we have the common sense, limited budget, and street smarts to just get the job done?  I think we can safely say that most of us have confronted this issue many different times in our lives. We especially do things ourselves when we lack the funds. But whether or not it’s about money, often times we’ll do a DIY project, only to find that we could have saved money or saved face in the long run.

To be clear, it’s not a bad thing to go out and try something new to learn, grow, and figure out how to improve. It’s just that we need to reign in our ego a bit at times and admit that we think we know what we’re doing, but it’s better to find someone who can do it better.

For example, I’m good at balancing my checkbook, but I am not aware of all the ever-changing tax laws that my CPA, Leslie Bruhn, knows. I certainly know how to run my businesses, but I call upon my mentors when I get into a situation that could benefit from an outsider’s perspective. Lastly, my new client, who knows everything there is to know about manufactured stone, doesn’t know all the nuances about website design, Search Engine Optimization, and the laws around telemarketing like I do. That’s what makes business collaboration so fun. I rely on my mentors, clients, friends, and partners to help me avoid getting into trouble by leveraging their knowledge.

So, today’s homework, if you choose to accept it, is to review the areas in your life where you know something fairly well, but you could benefit from the help of an expert. Once you’ve targeted the area you could improve, contact an expert and collaborate to improve. Trust me, you’ll make fewer mistakes — especially on important items like wills, taxes, and insurance.

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