（2023 招商）One of the main crises facing companies today is that of loss of reputation. Damage to reputation almost always has a snowball effect and entails damages to share price as well as to public confidence. Some business people say that their company’s reputation is their main asset. Consequently, it is necessary not only to preserve it, but also to invest in it, because once you have lost some of it, not only is it extremely difficult to regain it, but also costs huge amounts of money.
When handling a crisis, management must react as quickly as possible, speed of response is particularly crucial when human lives are in question. The next step is to enter into dialogue with all your stakeholders, and to make sure that you maintain a steady flow of information. You have to explain to the public what went wrong, and accept responsibility for any mistake you have made. If you are indeed responsible for what happened, an admission of liability is your only viable course of action. Denying responsibility will inevitably damage your reputation in the long term, and increase the chances of legal action being taken against you.
Q: What is this article mainly about?

A Why and how to preserve company’s reputation

B How to deal with crisis

C The definition of asset

D How to have a conversation with stakeholders