Every year at the Berkshire Hathaway meeting there is a clip played in reference to the Saloman scandal years ago. The meeting, which is going on at this time, replayed it again and it's worth hearing. These are the actual words Buffett said when addressing the employees after Berkshire inherited the scandal, "Lose money for the firm, and I will be understanding; lose a shred of reputation for this firm, and I will be ruthless."
I don't know about you, but I like this. Losing money through tries and effort is one thing, losing reputation is unforgiveable.
My thought is that we need to take that attitude with our businesses and departments. When he was talking about reputation here he was referring to integrity and honesty, being up front with things. These were non-negotiable.
If we want to truly distinguish ourselves in any endeavor, this is where to do it. You would be surprised at what customers will forgive you of if you're open and honest and known to have impeccable integrity. They know you'll do everything you can to make things work for them or make it right.
No amount of money can buy a reputation, it is earned over a long period of time and can be lost in a moment. This is one place where we can't afford to be soft.
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