00;00;07;00 – 00;00;32;05
Steve
One of the keys to being a successful communicator is to really get into the DNA of the business. To understand the business of the business. Join us as we talk with Professor Matt Regas, PhD, and Ron Kulp, who’s a fellow with Prsa. They are both on the public relations faculty at the College of Communication at DePaul University in Chicago, USA.
00;00;32;07 – 00;01;00;03
Steve
We’re going to cover a range of topics, such as how young professionals need to expand their news diet and how that helps them. The importance of mid-career professionals understand financing sheets, quarterly reports, all of those things, and how senior leaders need to understand that they can’t do it alone. So how do they foster business acumen and an understanding of the business among their team?
00;01;00;05 – 00;01;29;00
Steve
We’ll talk about entrepreneurial mindsets. We’ll talk about entrepreneurial mindsets. And we will talk about having communications be part of the fundamental DNA of the business. Join us on the next episode of Building Brand Gravity. Thank you for joining the latest episode of Building Brand Gravity, where we talk about the key issues, trends, and topics that are top of mind among senior communicators, branding experts, and marketing professionals.
00;01;29;01 – 00;01;58;11
Steve
I’m Steve Halsey, one of your host. Today’s episode is called Building Business Acumen for PR professionals. From entry level to CCL. And I’m so excited today to have two of the preeminent minds in the industry Professor Matthew Regas, PhD. Ron Kulp, who’s a fellow with Prsa. And he’s a professional in residence. Both are currently on the public relations faculty in the College of Communication at DePaul University.
00;01;58;13 – 00;02;22;24
Steve
That’s located in Chicago, USA. If you don’t know that, and they’re really helping develop that next generation of communication leaders, they’re also both members of the Paige Society. It’s a community of the world’s leading communicator, who’s focused on creating community among senior communicators to improve business and society. Matt and Ron, welcome to the podcast.
00;02;22;26 – 00;02;24;05
Ron
It’s great to be here, Steve.
00;02;24;10 – 00;02;25;23
Matt
Thanks for having us, Steve.
00;02;25;25 – 00;02;54;23
Steve
Yeah, you two are quite the dynamic duo and coauthors of several books. I’m sure many of our listeners have, have read those at different points in time. Business acumen for strategic communicators of primer. There’s business essentials for strategic communicators creating shared value for the organization and its stakeholders. You’ve also if that wasn’t enough, you co-edited Mastering Business and Strategic Communicator or First Strategic Communicators.
00;02;54;23 – 00;03;18;18
Steve
So insights and advice for the C-suite of leading brands. So these books are used by a lot of colleges and universities classrooms. I can also tell you from an agency perspective, we use them for professional development and our agency in-house with clients. So you two are definitely on the leading edge of the profession. And we’re here today to talk about, look, I’ve got a copy right here.
00;03;18;20 – 00;03;36;01
Steve
Business acumen for strategic communicators. Workbook, your latest work. Guys, maybe you could start by sharing a little bit of what inspired you to write this latest book and to put it actually in a workbook format for communicators at various stages of their careers.
00;03;36;04 – 00;04;06;22
Ron
I’ll jump in. I’ll jump in to start. Matt, the thanks again. Steve. The the, whole idea, these business acumen books originated some 15 years ago when I joined the faculty at and DePaul met, came into my office one day and said, what do you think about this idea that we’re going to help improve the business acumen of students and young professionals?
00;04;06;24 – 00;04;42;09
Ron
And before we finish the sentence, I said, I’m in. Well, literally no. There are four books later. We’re now into the workbook. And the workbook, quite frankly, came out of discussions with academics in some agency heads and CEOs after the last book, Business Acumen came out that that they said, we need tools that will allow us to work with our teams to up their game with business acumen and business knowledge.
00;04;42;12 – 00;05;14;02
Ron
And so we decided that maybe a workbook would be handy. At first we were doing a lot of workshops and we were, you know, going around the country doing this on one off occasions with corporations and and other universities. But we just couldn’t extend, you know, our, our reach any further, by making more visits. So what we decided to do was time for a workbook that can really make this accessible to a broader audience.
00;05;14;05 – 00;05;36;25
Steve
And and, professor, I guess, what about what about from your standpoint? I mean, you’re you’re really deep in the classroom all the way through, like graduate programs. So, so, so so why now? What have you seen that that’s that’s really saying, hey, now’s the time to not just double down based on your books, but like, triple down and quadruple down on business acumen for comms.
00;05;36;27 – 00;06;11;14
Matt
Yeah. You know, the funny thing is, is we had we had the trilogy, and that was nice and easy. We had three of them. Then we went for four and were like, is it a quartet? If you’ve got four books, what is this? What is this called exactly? I would just build upon, you know what what what Ron said this book is really about active learning, you know, and, and, we’ve all heard that, that wise adage of, you know, give a person a fish, you feed them for a day, teach a person to fish, and you feed them for a lifetime.
00;06;11;14 – 00;06;29;21
Matt
And so that is really this book, right, is to give you the hands on learning experience so that you can actually then kind of fish for yourselves when it comes to corporate communications, content and analysis. And that brings us, that brings us to this, this latest work.
00;06;29;24 – 00;06;45;01
Steve
Well, and what I think what I think is interesting is, you know, a lot of people that have gone through journalism, communications, PR that the joke is, hey, I went that route because I want to be creative and tell stories, but I don’t want to get in. I don’t want to do math. I don’t want to get in numbers.
00;06;45;01 – 00;07;11;27
Steve
I don’t want to see spreadsheets. But you’re saying, hey, actually, to be successful and to be more creative, you’ve got to understand the numbers. You got to create this spreadsheet. You’ve got to understand those things that create value. So I guess over the next half hour or so, that’s kind of where I want to put my questions with you guys is really you know, understanding that foundational element that that business acumen isn’t something that is a nice to have.
00;07;12;00 – 00;07;37;28
Steve
I mean, it is a must have, you know, for any, any communicator to have an impact. And so let’s start by talking about the different stages of you, of, people. So you think about students or entry level PR professionals. They need to develop this fundamental understanding of business acumen and business fluency. But, you know, to a, to a, to a young student, to a junior, a business acumen.
00;07;37;28 – 00;07;55;10
Steve
And that can seem like a really like out there concept. So so Ron, maybe you can talk a little bit about why is it important for those starting their careers to understand that business acumen is an essential skill for being a good communicator?
00;07;55;12 – 00;08;43;21
Ron
Yeah, those starting out, especially in an agency environment, they’re so busy doing tactical execution of events and projects and news releases and the like that they don’t have the opportunity necessarily to say, well, how does this translate into making the business successful? And it’s when you can move into that’s phase and and have the business knowledge to communicate that, hey, you know, if we do this, maybe it’s going to help us better communicate the message because we’re now as the person who’s responsible for tactical execution of a project, we’re looking at it from the perspective is, how is this going to drive business?
00;08;43;23 – 00;09;27;07
Ron
And that is what’s been missing for years. When we talk to see CEOs and agency heads in preparation for, I think, our second book universally, they came back in the old days, ten years ago, writing was the number one requirement desired by these folks for the staffs they hired. Well, writing is still very important, but it today they’re telling us, and they’re hiring people who have more strategic view and they hire business IQ because they know that good writers make good thinkers.
00;09;27;07 – 00;09;30;25
Ron
But good thinkers also need to understand the business.
00;09;30;27 – 00;09;52;04
Steve
Yeah, I think I think that is it. That is an important thing. And the way I think about it is everything ultimately has a ladder up to what is that business strategy? What is that business goal otherwise, you know, why are you doing that? And if you start with an understanding of what the business is trying to achieve, even how you think about KPIs becomes a very different.
00;09;52;04 – 00;10;20;08
Steve
Right? Like you said, it becomes less tactical and really about how are we trying to to correlate what we’re doing to achieving those business outcomes. So so, Matt, from from your perspective, when you’re talking to your students about career trajectories, right? Because, I mean, if even at undergraduate and graduate, they’re thinking, hey, you know, I want to be a senior leader at an agency someday, I want to be a CEO someday.
00;10;20;10 – 00;10;31;27
Steve
So what specific skills do you talk to them about? What specific skills from the workbook can give early career professionals an edge and stand out in the job market?
00;10;32;00 – 00;11;01;01
Matt
You know, it’s interesting when you think about and and, Ron, those astute from the classroom, when you think about Gen Z, you know, our our current students now for the most part undergrad and also and also some of our graduates, I would argue the entrepreneurial mindset is really critical. And that mindset can help you succeed in, in, you know, a large agency or a midsize agency.
00;11;01;04 – 00;11;27;08
Matt
But a lot of our students, you know, Steve, also want to, they think they might want to work for a boutique agency or start their own thing, or freelance or have a side hustle. And so it’s like, okay, great. We want to support you in that. But to do that, you’ve got to understand the dollars and cents and you’ve got to understand the business of the business, whether it’s at a large scale or a smaller scale.
00;11;27;11 – 00;12;02;10
Matt
And I think we know that a lot of those principles are similar. So I really think the, the entrepreneurial mindset, you know, is is valuable whether you’re in-house on a large, you know, comms team or you’re, you’re an entrepreneur inside of an agency and you’re developing new business and new practice areas and new, solutions. And so I think that this new book, again, helps you practice how to go fishing and how to learn these different pieces.
00;12;02;10 – 00;12;35;26
Matt
And I would say from a tactical piece, it’s almost like learning a chessboard. Right. And so when you’re a junior person, you know, you’re focused on learning how one piece generally trade moves on the chessboard, but there’s a lot of value. And even as a younger person earlier in your career, to understand that big picture of how all the pieces you know, how how the Queen moves on the board and understand sort of that larger strategy because you can then create more value, that classic seek first to understand, to be understood.
00;12;35;29 – 00;12;39;26
Matt
You know, there’s a there’s a lot of truth, to that classic adage.
00;12;39;29 – 00;13;11;23
Steve
But I like I like that concept of the chessboard and understanding the rules of the game. So you understand, even if where I’m at, I can only move this far. This is how everything is moving around me. And I’m not asking you guys to give away the secret sauce, but for some of those listening to our podcast who may be in the earlier stage of their career, can you can you just give a flavor of some of the exercises or some of the things in the workbook that that they can go through to help understand that chess board and the rules of the game?
00;13;11;25 – 00;13;51;20
Matt
I’ll, I’ll kick things off and now I would say, before you’re even doing the exercises for a young professional, it’s about expanding your news diet. So if you want to understand the language and thinking of business, you need to build habits to where you get exposed to the different terminology and the different concepts. And so, knowing about pop culture and sports and hopefully public affairs, it’s always going to be really important, but also carve out time to where your, reading something like JD.com, or CNBC.com or a Business Insider.
00;13;51;23 – 00;14;02;26
Matt
And that’s going to give you then foundationally as you dive into then the exercises that’s going to then build familiarity I think and, and curiosity. Right.
00;14;02;28 – 00;14;28;29
Steve
Yeah, I think, I think that’s interesting expanding your news diet but but even expanding, where you want to create news. Right. And and this feels like it was ten years ago, but it was probably like three years ago. I think one of the most interesting examples was I found myself raising my son home on a Sunday morning because DJ Marshmello was going to drop his new album in Fortnite.
00;14;29;02 – 00;14;54;23
Steve
And, you know, for me, just thinking, oh my gosh, from a truly omnichannel communications professor, perspective, I mean, to think that how I’m going to drop an album is I’m going to create a concert in a virtual game that people can create avatars. And it was it was it was amazing way to think differently. But that was achieving a very good business, objective.
00;14;54;26 – 00;15;28;02
Steve
So I want to transition a little bit to thinking about, I’m going to kick this back to you, right. Thinking about kind of taking that transition from tactical to strategic. Right. So when we’re getting to a little bit more of our mid-level PR professionals, you know, they’re trying to think about how do I translate some of these tactical outputs, how do I become more of, strategic advisor role in their their most cases aren’t going to be working directly with the C-suite, but they’re going to be working with senior managers of business, senior managers of communications.
00;15;28;05 – 00;15;50;23
Steve
If you’re in-house, that’s when you really start seeing a lot of the inner organizational connections starting to come in. So maybe you can you can address for us, for mid-level professionals who are often just moving into those managerial roles, how does business acumen help them start contributing more strategically to their organizations?
00;15;50;25 – 00;16;13;11
Ron
You know, for the junior, staff member, I think the big thing that we as their managers need to do is to let them know, you know, the okay, do you understand why we’re doing this project? Very often we give them an assignment, they take it, they’re like order takers. They salute and leave and come back and give us something.
00;16;13;11 – 00;16;44;23
Ron
And we’re then scratching our heads as their manager is saying, this really doesn’t hit what we’re trying to do, and we don’t take the time to say, well, let me tell you why we’re initiating it at this moment, what the goals are for the business, and really bring them in to more knowledge about how what we’re doing helps drive results for the company.
00;16;44;26 – 00;17;14;18
Ron
And when you strike that, you’ve struck gold with not only junior talent, but the mid level talent. There’s often in the same boat. But I think a lot of times, especially junior talent, because they’re doing so many other things, especially in an agency, they may be working with 7 or 8 clients that they feel it’s too overwhelming. So we have to do is break it, as we have in the book, break it into segments that make it comfortable for them.
00;17;14;22 – 00;17;36;03
Ron
If they just start out with something like, what is the bottom line? We hear it all the time, but we also know that a lot of young people say, I have no idea what they mean when they say that. That’s something that said between my boss and peers of his or hers. So we have to make sure that we make it comfortable for them.
00;17;36;05 – 00;18;06;20
Ron
And then the senior leaders have to make sure that their mid-level talent is really getting up to speed with these terms. We did an agency workshop, a recently where the person in charge of the programs said, oh, we don’t have to go into all those details. I know my team knows this information. So Matt says to me, what do you think?
00;18;06;23 – 00;18;31;06
Ron
Do you think they really know it? I said, I don’t think they do, just based on my own personal experience. At both corporate and agency jobs. So we took a risk and we kind of ignored the, the, the direction and we started with the basics. Wouldn’t you know that when we surveyed the group they didn’t know the things that their boss thought bosses thought they should know.
00;18;31;09 – 00;18;57;17
Ron
So it’s all making it as approachable as could be and to bring people inside the tent. If you’re a senior person, you have all that information. How do you share it, and how do you make sure that your team understands how that business is in business and how they make money, and how this all translates into success for the enterprise?
00;18;57;25 – 00;19;27;12
Steve
Yeah, I think that’s I think that’s really important how you tie everything together. And they can understand sequentially how it fits together. And, and Matt, in our discussions, you know, you’ve talked a lot in the past about the importance of building those relationships across departments. But part of that is critical is having the critical skill set to be able to have the conversation with finance, to have the conversation with operations, to have that conversation with legal.
00;19;27;14 – 00;19;46;23
Steve
So maybe you can share a little bit, like what insights do you have for when people get to that mid level? What are the things they need to think about in creating those connections? And even the language they choose to not just demonstrate the basics, but demonstrate more of a fluency in, business acumen.
00;19;46;26 – 00;20;21;28
Matt
Yeah. You know what? That’s a that’s a great question, Steve. And actually, that’s in part what inspired our edited book, our Mastering Business for Strategic Communicators, which is really about, it’s, it’s current or former CEOs explaining and then how they work effectively. Collaborate across different departments and functions, whether that be legal HR, corporate corporate strategy, finance, and then and then we have sidebars, which was a fair amount of work to put together for members.
00;20;22;00 – 00;20;52;05
Matt
Then you know, the CFO or Co is then Chro is sharing their experience of how commerce adds value or doesn’t or could do, better. So I think maybe a starting point is, make career folks being very intentional about not staying, within our traditional lanes, you know, of who we might naturally interface the most with, particularly as a mid-level, professional.
00;20;52;08 – 00;21;32;00
Matt
But consciously, you know, I’m reminded by, a great example, a friend, a friend of ours, I think, you know, Lisa Berger, as well, Steven, she shared an example when she was with Navistar, you know, for many years. So industrial transportation company, and she talked about purposely she would park, you know, there’s there’s the office in the front and the white collar workers, and then you’ve got your production and your engineers in the back and she would purposely enter every day from the back of the factory and go through so she’d have opportunities to build relationships with front line, employees.
00;21;32;03 – 00;22;02;07
Matt
Right. And got out so that she can help them look around corners and see what is really in and build that trust. And, and, relationships. And so I think that intentionality of actually consciously getting out of your classic rhythm, that’s easy to stay within, particularly within large organizations, and actually start figuring out who are the folks that have what I, Warren and I think of as hearts of teachers.
00;22;02;09 – 00;22;26;08
Matt
Right. That are we we’ve met these people. They do exist in all of these different functions that you can get comfortable with, then bouncing ideas off of them. And they they’re not just dismissive. Right. But they’ve got that heart of teachers now having to run something by you. What do you think about this or particularly like financial or accounting concept and that you can bounce things back and forth.
00;22;26;08 – 00;22;50;27
Matt
Because our goal a lot of times is to take complex stuff and make it relatable and understandable. But it’s very hard to do so, as we know when we don’t fully understand what we’re, communicating. So I think that intentionality of always networking, building relationships, finding those hearts of teacher pros and other functions outside of comms is critical.
00;22;50;29 – 00;23;12;18
Steve
Yeah. I mean, that that intentionality, I think is key. I love that example that you shared of, you know, coming in from the back of the factory. And I would also, you know, recommend to any of our communications leaders out there any opportunity you have, particularly for your mid-level, to let them go out and do some right along with your sales team.
00;23;12;20 – 00;23;37;10
Steve
You know, I was fortunate, earlier in my career with a number of clients to actually get out in the field and do ride alongs and actually see how the discussions happen. And like we said, there’s a lot of complexity that needs to be boiled down. But understand what that sales environment is like, what that was the view of the brand is like how you need to, like get that communications to the appropriate level.
00;23;37;10 – 00;24;01;24
Steve
I think is is key. So, so so some great advice there. Now, Ron, I want to turn a little bit. You guys spent a lot of time in the book talking about understanding quarterly earnings and financial statements. So as we think about those in like the mid career level, when it where this starts really seeming to make a little bit more sense when they’re starting to get a little bit more access to the C-suite.
00;24;01;26 – 00;24;13;02
Steve
What, what advice or what counsel do you have regarding, financial reports and quarterly earnings calls for those in the mid-level?
00;24;13;04 – 00;24;48;04
Ron
I can start out by saying, don’t do it the way I did. You know, I spent the first, first, 12 years of my career as a reporter and then working in the government in New York. And quite frankly, unfortunately, Business Essentials weren’t part of either of those jobs. So when I joined Eli Lilly and Company, I was there maybe two weeks in, my boss comes in and says, oh, the person who usually does the earnings release has just gone over to another company, Merck.
00;24;48;06 – 00;25;11;00
Ron
And so we need somebody to write the report. So go up and meet with the CFO. So I go up with my reporter’s notebook, which are still carrying, and I’m taking notes furiously. I have no idea what he’s saying. And I come back, I come back and I said, I think I’m in trouble. And and so my boss.
00;25;11;00 – 00;25;45;16
Ron
So what do you need to know? And I said, like, what are earnings? And I was serious. So he, he trips me over to the director of, of Investor relations who takes me under his wing. Bob Draper is forever my hero and we take it from the top and he is my tutor on everything. Regarding earnings releases, I learned so much in that experience, and even though I probably went through 24 drafts back then, we were a through we we did the alphabet.
00;25;45;18 – 00;26;13;17
Ron
We started with a and if we’re lucky by Z, we have a final draft of the release. So we finished the release, sent it to the CFO, the CFO and the CEO for approval. Not because of what I did, but because I was a communicator. And I listened well to Bob Draper from Investor Relations. We put together a darn good earnings release, and it was a career changer.
00;26;13;20 – 00;27;00;19
Ron
Next thing you know, the CEO says, you know, the guy who left also had responsibility for the end report. So let’s give the new kid the annual report. Now I’m in deeper than I ever thought I could be. That was a career defining moment. It appeared on my resumé. It also was a job responsibility for every role corporate role I had after leaving Lily, because it jumps up the page as something that, if you understand the business of the business and you can do an annual report and an earnings release, then you understand the business.
00;27;00;22 – 00;27;25;25
Ron
And like I said, it was a defining moment. It’ll be the defining moment for other mid career people who want to find ways. And one of those ways of doing it is raise your hand and say, could I sit in on one of the sessions where it’s Guy? Writing the press release on earnings is talking to management about how how it’s put together.
00;27;25;28 – 00;27;40;19
Ron
And then, of course, listen to the earnings calls. You learned so much through that. Again, first of every listener earnings call was the one I was asked to put together after that, that press release. So hands on is nothing like it.
00;27;40;22 – 00;28;10;14
Steve
Yeah I thought, I thought for me what was was, was interesting was for, for a large public company. I wrote their annual report for a number of years. And what I found interesting about it, when you think about, where things sit in the corporate world, was my ID badge was sponsored by the CFO. So, like, when we were scouting locations and places to shoot, you know, the images and everything that we’re going to do to bring the theme to life.
00;28;10;14 – 00;28;32;07
Steve
It became a joke when I would travel with senior managers to see what rooms I could access that they couldn’t, and the fact that I could access rooms because I was sponsored by the CFO, that, you know, a leaders in the company couldn’t was, was really speaks to the importance of understanding, that that the language of it.
00;28;32;07 – 00;29;00;10
Steve
But then also as Matt, as we talked about is having those connections. So so let’s then switch to senior stage career, right. You’ve got that seat at the table, you’re a CEO, you’re a senior agency, had counseling on the earnings reports. All of these type of things. How does business acumen change at that point and how does it allow what’s required to be seen as more of an equal partner?
00;29;00;10 – 00;29;13;19
Steve
I mean, you guys have interviewed a ton of key CEOs. Where does it where does it pivot? Where does it change once that Co is has that seat at the table and wants to be that partner in the decision making?
00;29;13;21 – 00;29;42;15
Matt
Yeah. It’s it’s so interesting right. Because we continue to see nail service speaking. You were talking about CFO just now Steve of of reporting structures and you know for a while it was do large corporations have cost okay. We’re established there now. It is co taking on additional roles and responsibilities. We’re calling that Co plus. And so now we’re at this point where we’ve got the seat at the table.
00;29;42;17 – 00;30;06;16
Matt
And it’s like okay see CEO and comms team. What are you going to do with it. Because the other thing that we all know, I you know, this conversation also takes part with Investor relations officers. They all feel they deserve a seat at the table. There’s there’s this, mushrooming of sea level positions, and they can’t all sit around happily around that table.
00;30;06;16 – 00;30;34;14
Matt
And so I think we’re at this interesting phase of what do we now do, really, as counsel or an advisor to demonstrate our value and our worth to, to, to live up to, this elevated role for our function. And, you know, I think one thing that Ron and I have seen is our function talks a lot about whether it’s agency or in-house, about learning and development of our teams.
00;30;34;16 – 00;30;57;05
Matt
But then when you look at the data, it’s not as encouraging. Always have how much we are truly spending to help level up, not just, you know, the top person. That’s great, but the success of the top person, a lot of it’s going to rest on the quality of their team and the skill set and knowledge of their team to help support them as a counselor and advisor.
00;30;57;08 – 00;31;26;15
Matt
And so I think every everyone listening today, I would challenge them that you’re actually doubling down on your learning and development, programs and giving. You know, we talked earlier in this call about the junior folks and the mid-level folks. Make sure that you’re investing in them, and not just giving lip service, but you’re putting real dollars and cents behind opportunities to help them grow so they can help you, be more successful in your roles as senior leaders.
00;31;26;17 – 00;31;46;23
Steve
So, Ron, how about from your perspective, having sat at some of those senior, most, most positions, how did that kind of influence what you wanted to talk about in this book for those senior communications leaders just to make sure they’re they’re thinking about key topics, key issues, key training for their staff.
00;31;47;00 – 00;32;16;28
Ron
I think it really struck me in the last couple of corporate jobs where the CEO actually anoints you, you are responsible for this because very often it’s not said. They assume and some Coes automatically move in. Many of them now have MBAs and other, experience that, that equip them to have a seat at the table and be considered a business leader.
00;32;17;01 – 00;33;09;10
Ron
Well, the rest of us had kind of earned that seat. And then the light bulbs went off. When I learned that I can’t do it alone. I’ve got this big team, big corporate team of people, and I need to break this down and make sure that there is somebody assigned to every major business unit who understands the business of that business, and all of a sudden, the business unit heads were coming to me and saying, can you free up time for Jay, Jan or Paul, or Ted to sit in on my weekly meetings because we as an organization value his input and he’s going to learn or she’s going to learn more from
00;33;09;10 – 00;33;44;14
Ron
having been there. So all of a sudden we moved some of the mid-career talent into what I consider pretty senior roles with some very big, sizable business units. And the business unit head was happy that they had somebody who was really in communications and understood what they were trying to achieve, and then that trickled down to the people, then that they came back and they had to say to the junior staff, here’s what we need to do and why.
00;33;44;16 – 00;34;11;29
Ron
So it was game changing for organizations all over the country. The realized that I just can’t keep it to myself. And aren’t I good that I in the in the turn to a person for every major strategic business decision spread that knowledge and you become more successful through what your team is doing.
00;34;12;01 – 00;34;58;08
Steve
Yeah. That’s, that is that is great advice Matt I’m going to give you this nice easy softball question around acronyms ESG and D DNI. You guys in your book you delve into ESG and DNI reporting as we know it is changing. It almost seems like daily you know, from you know, I would say, you know, being somebody based here in New York, you know, from the municipal level to the county level to the state level, to the federal level to, you know, you have the EU looking at, you know, multiple changes and ESG and materiality assessment and sustainability and all of that.
00;34;58;10 – 00;35;28;22
Steve
And then you also have the cultural overlay. So you’ve got like regulatory reporting, you’ve got cultural overlay. You guys delve into that in the book. What advice do you have. And can you talk a little bit about how communicators need to think about ESG and DNI reporting? In a world that’s in heavy flux on these areas and in a world where I don’t really see people running away from the activities more so than the terms.
00;35;28;27 – 00;35;32;11
Steve
So but nice. Easy one for you, Matt.
00;35;32;13 – 00;35;56;07
Matt
I thought this was an easy one, Steve. But I guess you were as you were unpacking it, I’m like, no, seriously, it’s it’s, it’s an excellent question. And it couldn’t be more in the moment right now. Right. So, you know, it seems like each week now we’re seeing a different company in different ways.
00;35;56;07 – 00;36;27;05
Matt
Let’s say, adapt to what they’re what they’re going to at least publicly do around Dei, and ESG. You know, it’s interesting, I think many listeners and I think the three of us are familiar with survey data. The American public shows, like you said, the actual acronyms DTI and ESG, perhaps lower levels of support than when actually specifically programs are explained.
00;36;27;05 – 00;36;50;06
Matt
Do you support sustainability? Do you support diversity? Here’s how we’re doing. So as an organization, we know that that gets higher levels of, support. And we know that some organizations seem to think the solution to that is we’re not going to call it ESG. We’re going to call it sustainability, or we’re going to call it, impact.
00;36;50;09 – 00;37;19;08
Matt
Whatever that solution, whatever that decision might be, we do know that as communicators, our job is going to be to really explain these programs and the specifics of them and to tie it increasingly, what we’re seeing to, the business and business outcomes and business benefits, even if I think all of this would agree that it’s the right thing to do, right to support Dei in ESG.
00;37;19;10 – 00;37;50;25
Matt
But in the larger, the larger world that we are operating in, I think socio politically, many of us can agree that if we’re a financially oriented stakeholder, if we can see how these things help ladder up and support, superior business and financial outcomes, that would seem to me to be the less disputable and something that, wherever we might fall in the political spectrum that we could, get behind.
00;37;50;25 – 00;38;05;17
Matt
And so I think that this has made it, I think the communicator in the construction even more important, when it comes to navigating, as we know, a very, complex landscape around ESG.
00;38;05;22 – 00;38;33;20
Steve
Yeah. And I and I think as, you know, as you talk about that and kind of what I see out there, you know, it’s very much about, like you said, how do we connect it to the business, who we are, what is the authentic purpose of your enterprise? And I think with that, if you start with that as the foundation, then how you tell that story and the metrics you use to tell that story, I think that’s when you get that authentic level of things.
00;38;33;20 – 00;38;59;22
Steve
I think part of the challenge, and, you know, it was a conversation I had with the senior co, a couple of years ago who was basically saying, you know, what issues and topics do you have the right to really talk about that? You’re credible talking about it’s not saying you don’t value all these things, but what are those things that as a company, does it make sense for you to report on, to talk about?
00;38;59;22 – 00;39;31;02
Steve
And how does that tie ultimately from what we’re talking about here? What is that business strategy? What is that business acumen? So, you know, Professor Regas, you made me think of something I didn’t think about before, but that ability to translate your ESG or your Dei initiative reporting results is in itself a form of business acumen. That’s that’s really critical for professionals develop overall and then within the ecosystem of their respective companies and brands.
00;39;31;05 – 00;39;54;29
Steve
So, you know, things are not static, right. And, and and even since, since, you know, you guys wrote this book, you know, there’s little things a few elections happening in the world. All of these things mean that what we have to do is be continuous learners. Right. And that business acumen isn’t something, hey, I take a course, I get the check mark.
00;39;54;29 – 00;40;25;28
Steve
I am good to go because there’s always new regulations, there’s always new pressure, there’s different Supreme Court regulations. If they’re in the US, there’s all these things that factor. So Ron, you talk a lot about personal growth and like legacy. So when you think about business acumen is something that evolves over time. What advice do you have to communicators and what challenge do you have to them to continually develop their skill set, no matter where they said.
00;40;26;01 – 00;40;51;00
Ron
I think, you know, if you look at it as newcomers, the, the young people starting out in the profession, I don’t want them to become overwhelmed at the thought because it seems far more complicated. Even if you look at our glossary, almost 600 terms, that that they’re probably about 30 that they really need to know about.
00;40;51;03 – 00;41;18;26
Ron
So I want them to figure out how they can know the businesses they’re working for and, and how business overall might operate. So I usually start out by saying, if you do nothing else, pull up the front page. The Wall Street Journal, read the left hand column What’s News, and just scan it and you will find out what is going on within the company.
00;41;18;26 – 00;41;47;19
Ron
I had one CEO that constantly challenged me in meetings where he say, well, did you see that? What what? The news was here about Pfizer today? And I was a deer in headlights. Well, I knew what he was doing. He was reading the Wall Street Journal because he had the luxury of having a driver, and I didn’t, but so I got up earlier and I read the What’s News column, and I went to the, the index in the journal and, and the times.
00;41;47;21 – 00;42;14;07
Ron
And I read what is being said about my company and or our competition. So you always stay on top of the news. Pretty easy to do when you come to a term then that you don’t understand. Circle. And I guarantee you it’s in our in our glossary. Look it up. We have a simple explanation of what that term is so you can learn it sort of by osmosis.
00;42;14;13 – 00;42;50;05
Ron
So is that B for the newcomers. Then in the mid career level we kind of touched on it earlier. I say network, network network. And I don’t mean externally looking for a new job. I mean internally with the organization. People who are making the business happen, the finance team, the legal team and others. And you’ll be surprised if you ask them to go to coffee or somebody at your peer level within that organization, the word of mouth spreads that this is a different kind of communicator.
00;42;50;08 – 00;43;29;23
Ron
He or she is really interested in our business. So I and I kept getting invited to staff meetings. And I didn’t have time, but I went because I learned so much about what was going on. And then I was able to share a communications perspective that often was not realized. So the mid term, the mid career, people really need to just get involved in the organization and, and and really become a business partner at whatever level that they’re permitted to rise to and then close.
00;43;29;26 – 00;43;58;28
Ron
They just need to train their teams to be true business partners. And it’s kind of an overwhelming thought, and we hope that’s what the book kind of addresses and is certainly our workshops and the feedback we’ve gotten over the years has been positive to the fact that, gee, we thought they knew more than they knew because they did deliver what I needed, but they had no idea how much pain was involved in getting there.
00;43;59;01 – 00;44;18;21
Ron
And so the more you help your team understand and how business operates and the expectations of business on the communications team, that that’s kind of the whole package of what a leader can do to bring everyone up in the organization to have a greater knowledge.
00;44;18;28 – 00;44;42;14
Steve
Yeah, I think that that idea that you’re talking about a being a true business partner, a true business advisor is is key. Professor, I guess I’m going to give you kind of the closing opportunity here. Ron, just talked about the need to get into the DNA of the business. That’s my term, not not his. But you basically want to get in the DNA of that business.
00;44;42;16 – 00;45;09;27
Steve
You were talking about expanding your news diet. Similar to what Ron was saying. You can’t do it yourself. You talked about intentionality. You talked about an entrepreneurial mindset. You talked about it, entrepreneurialism, mindset with it within a corporation. So from your standpoint, what what advice do you have for our listeners other than go out and buy the book and do the workshop?
00;45;10;00 – 00;45;22;11
Steve
What, what what advice do you have, for everybody in terms of just really pulling through this business acumen and being a better business partner, a better strategic communicator?
00;45;22;13 – 00;45;45;19
Matt
Well, you know, you know what? And Ron and I have had this conversation many times, we are in one of the best businesses in the world in communication. Because if you’re a curious person that, I don’t have in this office, but I have an another office, a, Curious George, and I think that that’s the right mindset.
00;45;45;22 – 00;46;06;15
Matt
So always be curious and continual learning. And Ron and I are spoiled a bit, Steve, that we actually get paid to learn and to help others learn. And that’s one of the most rewarding things that keeps me. And I know Ron charged up, and keeps us doing these books, you know, for books and in in ten years.
00;46;06;18 – 00;46;28;11
Matt
And so I think if you can embrace this and we’re going to have to in the, in the, in the years ahead, be open to what we don’t know. And don’t be afraid of that and embrace kind of that unknown and and we’re in that I revolution right now and I and I just installed Gemini into my G suite.
00;46;28;13 – 00;47;06;15
Matt
And I’m trying to figure out what does this mean, what can I, what can I do with this? And, and and honestly, I resisted that for a little bit because it’s easy to get set into your ways and not want to change processes and ways of thinking. But whether it’s a topic like business acumen or data and analytics or Di or I as long as we embrace curiosity and lifelong learning and being open to what we don’t know and wanting to keep having that explorer mentality, this is one of the best fields that you could possibly be in.
00;47;06;18 – 00;47;20;26
Matt
And we do now have that seat at the table and we can affect serious change. But we’ve got to be intellectually curious and truly embrace being okay that we don’t know, but we’re going to explore and figure it out.
00;47;20;28 – 00;47;53;24
Steve
And I think you’re right. I mean, this this industry is anything but, expected and staid and it’s constantly evolving, which is which is what I think is so exciting. And, and also, I think as we talk about here, and, and as you talk about everything in your book about the business acumen where things come in is really understanding, like you said, that curiosity for data, for context, for strategy, for relationships, those are all fair for very key things, for individuals to bring together.
00;47;53;24 – 00;48;13;25
Steve
And then like you said, we can’t be static. We can’t allow ourselves to do that. We’ve always got to be learning and kind of tying it back to, you know, the theme of this podcast building brand gravity. I’m a firm believer that everything we do either attracts somebody to our brand or repels them from our brand. So let’s get smart.
00;48;13;25 – 00;48;35;01
Steve
Let’s do those things and make sure we’re pulling people to our brands in the right way. So, Professor Regus, Ron, thank you so much for joining me here today. For all our listeners, I want to make sure you follow them on LinkedIn. They always have, great things to say and perspectives. You can also buy individual copies of this.
00;48;35;01 – 00;49;02;19
Steve
I’ve got mine right here. Business acumen for Strategic Communicators, the workbook on Amazon or, if you’re looking for a bulk order for your classroom or for your team, you can reach out to Matt or Ron directly or their publisher, Emerald Publishing. Guys, thank you so much for joining us today. So much sage advice. And for all our listeners, tune in next time for our next episode of Building Brand Gravity.
00;49;02;19 – 00;49;04;03
Steve
Thank you for listening.
00;49;04;05 – 00;49;08;23
Matt
Steve, thanks for being a friend of this journey for so long now. We really appreciate it.
00;49;08;26 – 00;49;10;16
Ron
Thank you Steve. My pleasure.
00;49;10;19 – 00;49;11;25
Steve
My pleasure. Guys.
00;49;11;27 – 00;49;40;26
Speaker 4
We are Gans Business Communications. We are a team of media strategists, storytellers and engagement experts who meet you at the intersection of business and communications. To learn more, visit s communications.com. You’re listening to Building Brand Gravity Attracting People into Your Orbit, a business communications podcast. Keep connected with us by subscribing to the show in your favorite podcast player.
00;49;41;02 – 00;49;50;12
Speaker 4
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