How do I restore my image as a respectable business after my competitor ruins it?

Start soul-searching immediately! Find out from your past clients what led to the sad demise of your business? Look, delve deep into yourself to find out personal and professional reasons for the grand bust! Once you have {objectively} analysed all this - and found the chinks in your armour - start afresh! But do avoid past pitfalls! 

Find out how it happened. You are a respectable business and did nothing that could harm your reputation. Someone else did it so let them take the heat for it. Prove them wrong, by acting up to your business values. Maybe some publicity or PR could help. What you want is to let satisfied customers tell about their experience with your business and if possible with emphasis on the very points made by the competitor to counteract the claims. 

There’s no point pretending these things didn’t happen so acknowledge them. Facing something head on instead of letting it nibble away at you from the side takes away the power that thing has over you. The greatest boost to confidence is when you push through and achieve something, defying what/who it was that destroyed your sense of self. There was a famous saying that  "you can’t let an experience define you forever and there reached a point where you realise You could simply choose to not let that event ruin You or your perception of yourself.”

In such situation a close review of market situation and go through the company data and find out the short falls where it need to work efficently and utilise the company resources more effectively in order to full fill the end user requirment in a best way and need to work harder on organization Pr and marketing  

Since it was vunerable,you should restore it mainly internally!

Might be best to do a website post to let satisfied customers tell about their experience with your business and emphasis on the points made by the competitor.

Depending on the assessment of the damage and the contributions of the competitor. You will come up with a strategy to repair the damage and get back to business.

For example: If the competitor has said negative things about your products, come up with a way of communicating about the value of you product to your clients and target clients. Come up with mainstream media ad to promote the value of your products in reference to cost.

Whatever strategy you decide to employ should be informed by the damage and factors around it.

Find out how it happened....

First things first - Long term repositioning strategy.

When it comes to PR issues I'm not a big believer in hitting the ball while its in the air. Sitting down and formulating a strategy might be the most difficult thing to do while fielding a social media hashtag fire but i believe its the best thing to do.

Reparing a tarnished reputation cannot be done over night. The business needs dissect and diagnose the issue, come up with ways to rebuild trust with its employees and its stakeholders while keeping various communication channels open and active for those who have questions. 

The success of my business has been my customers. Figure out customers who have liked & appreciated your service in true sense & make them your brand ambassadors. let them share their experience about your brand, your image will slowly & eventually come up.

People lose their tempers, set poor expectations, and embarrass themselves at the office every day. While perfect employees don’t exist, unemployable ones do. Here are a few simple guidelines that can help you can maintain a positive professional reputation.