Whether your product is lubricants, base oils, additives or chemicals, what drives your business success is trust. Keeping the trust of your customers, employees, communities and stockholders is paramount. We have seen in the news many examples of companies losing the trust of stakeholders; most recently Facebook, where data of over 50 million users were allegedly used by an outside company without permission. Lets examine some key areas in which you may want to bolster your procedures and culture to keep the trust of those most important to your business.
The first area is product quality. Our industry pours tens of millions of dollars each year into testing and qualification of new products and the quality of these products is of utmost importance. Ensure that quality assurance procedures are in place and that colleagues adhere to them. If you do find a problem with a product, act swiftly to inform customers and take action accordingly. Being open with customers and taking immediate action will minimize the costs of the incident, both in terms of real dollars and with regard to your companys reputation.