So what are the specific benefits of integrating public affairs early in the business planning process? Here are some initial thoughts.
Timing, facilitating policies, regulations, and allies – If considered early, a comprehensive public affairs assessment can proactively help the business planning process in identifying optimal timing for a venture, factor in ongoing political dynamics, public policy initiatives, and public predisposition. Public affairs can also help identify and/or advocate for facilitating policies and regulations around a project or investment, and seek to neutralize others. Early public affairs engagement can also provide critical stakeholder alignment and proactively cultivate third-party allies. One of the best examples of early alignment is President Franklin D. Roosevelt’s statement to a business delegation, “You’ve convinced me, now go out there and bring pressure on me”.
Measuring actual versus perceived risk – General perceptions about a given market, policy, or political regime can be misleading, or at the very least, not applicable across all companies and sectors. As such, anecdotal evidence shouldn’t be the foundation for measuring risk of any kind. While risk indices and databases are a good initial barometer, companies are always well-served by engaging in detailed, sometimes in-market assessments of the public affairs risks specific to the sector, the company, and the project.
Protecting reputation – We live in a global village (though arguably less so after Brexit and some proposed US immigration policies), so reputational damage in one market – relating to even one project – can adversely impact the company in virtually every jurisdiction it has operations or investments. As such, proactive alignment, branding, advertising, community investment, and advocacy are not only critically important to specific projects, but to the entire company.
An initial list to be sure, but hopefully goes some way towards demonstrating that public affairs isn’t incidental to a robust business strategy, it is a hallmark of one.
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