“mastering business acumen · find “finance sherpas” who can help you navigate the in’s and...

“Mastering Business Acumen:

Pathway to Becoming a Strategic

Advisor to the C-suite”

Dr. Matt Ragas, Ph.D.

DePaul University

College of Communication

Evolution of PR

in Three Stages:

1. How do I say it?

2. What do I say?

3. What do I do?

“Do good deeds

and get credit for

them!”

The “What Do I Do?” Stage of Public Relations

Source: Angela Weiss/Agence France-Presse — Getty Images

The “What Do I Do?” Stage of Public Relations

Source: BarDown

The “What Do I Do?” Stage of Public Relations:

NIKE’s CCO as Strategic Advisor to the C-suite

The Plank Center for Leadership in Public Relations’ Integrated Model of PR Leadership

Source: Adapted from Berger (2019) – “Leadership”

Leadership in PR

Organizational Structure and

Culture

Self-dynamics

Team collaboration

Ethical orientation

Relationship building

Strategic decision making

Communication knowledge

management

A core development area for strategic decision making and

communication knowledge management includes:

• Business and finance essentials

If you don’t believe the model, believe

the pros. Here’s what they say about

business acumen…

3. Find “Finance Sherpas” Who Can Help You

Navigate the In’s and Out’s of Your Business

As PR evolves and continues to make a more

strategic impact on the business, all PR professionals

need to think of themselves as businesspeople firstwho specialize in communication. As the profession

becomes more business literate, the more value we

can provide our clients.

---Pete Marino, president of emerging growth, MolsonCoors and previously

chief public affairs and chief communications officer, MillerCoors

3. Find “Finance Sherpas” Who Can Help You

Navigate the In’s and Out’s of Your Business

This is the holy grail of every company. When you

know how a company makes money (and loses it),

you are much more likely to make better decisions,

and much less likely to appear as the tone-deaf

communications person.

---Charlene Wheeless, chair, Arthur W. Page Society, strategic communication

consultant, and former principal VP, global corporate affairs, Bechtel Corporation

3. Find “Finance Sherpas” Who Can Help You

Navigate the In’s and Out’s of Your Business

The ability to recognize and understand business

needs with clients creates a deeper connection and

helps deliver great results. My understanding of

business concepts has led to stronger relationships

with client CEOs and CMOs, and has put PR at the

forefront of key business decisions.

---Chelsea Michael, vice president, FleishmanHillard

(and a St. Louis Business Journal “30 under 30” honoree)

3. Find “Finance Sherpas” Who Can Help You

Navigate the In’s and Out’s of Your Business

Business acumen is the key to career advancement,

especially for women in this industry. Often times, the

main difference between being considered for a top

tier versus middle management role is your ability to

understand how the business works and use that to

drive actionable results.

---Dionne Gomez, vice president, Zeno Group

(and a PRNews Rising PR Stars 30 & Under awardee)

So what exactly is business acumen and what are the perceived benefits

according to PR senior leaders?

Business Acumen Model: According to a Delphi Panel of Senior Communications Executives

Source: Ragas, 2019

The communicationsprofessional may experience greater career growth, advancement and job mobility (including potentially rising to leadership roles within the function and beyond). They may gain more trust and credibility among organizational management and be more likely to serve in a trusted business advisor/counselor capacity.

Important Perceived Benefits of Business Acumen…

Note: 97% of the Delphi panel “strongly agreed” or “agreed” with this third-round statement. Delphi consensus ranges from 55-100% agreement with 70% considered the standard (Avella, 2016; Vernon, 2009)).

When the communications professional serves as an advisor/counselor, the organization may gain a competitive advantage, including better alignment of business strategy and communications strategy, which can drive superior business results.

When the communications professional serves as an advisor/counselor, there may be better integration of business and social goals for the organization. Communications can foster a values-based, purpose-driven mindset that can drive better stakeholder relationships and organizational reputations.

PROFESSIONAL ORGANIZATIONAL SOCIETAL

5 tips for developing

you and your team’s

business acumen

1) Expand your news diet: Learn the language of

business through following quality business news

Andrew Ross Sorkin

The New York Times & CNBC

2) Read the writings and interviews of top business

leaders: Warren Buffett, Jamie Dimon, Mellody Hobson

3) Pick a public company you like and visit the IR

website: Read the annual report & CEO letter

4) Take the next step and get some “skin in the

game”: invest in the market and follow the market

5) Develop trusted mentor relationships and build a

personal board of directors for career guidance

ContactMatt Ragas, Ph.D.

Associate Professor, DePaul University

Principal, Matthew Ragas & Associates

(312) 362-6003

mragas@depaul.edu

twitter: @mattragas

Linkedin: linkedin.com/in/mattragas

What

questions

do you

have for

me?