This pathway can and must g o hand in hand with shaping a prosperous and fair society, and EU industry and agricultural sector that are agile and strong in a globally competitive and increasingly sustainable economy that delivers for all the people and in line with the 20 principles of the European Pillar of Social Rights and its Action Plan. It is clearer than ever that achieving a stable climate and safeguarding a liveable planet for current and future generations means cutting global greenhouse gas ( GHG ) emissions sharply and rapidly and preparing for future impacts of climate change ( 1 ). A historically high acceleration in climate disruption in 2023, saw global warming reaching 1.48☌ above pre-industrial level for the first time, and ocean temperatures and Antarctic Ocean ice loss breaking records by a wide margin. Your return on reputation will thank you.įor a worksheet to help you, download The RepTrak Company’s Corporate Communications Planning & Budgeting Template.Climate change is intensifying and its real-life costs accelerating. Take the time to identify your stakeholders and define your brand purpose before you start budgeting. Your budget and your team resources will be better spent if they’re allocated to the places that will be most impactful on your stakeholders, your brand purpose, and ultimately your reputation. But there’s so much work to do before you start putting dollars to initiatives. When creating your Corp Comms budget, it’s tempting to start with the budget. That way, you can put plans in place (and money aside) to prevent those risks and work to build up reputation equity to mitigate them when they occur. Corp Comms teams need to be especially proactive.įor example, there are tools like RepTrak that will help you measure and manage the impact of a potential risk before it happens. In any budget, it’s critical to leave room for an emergency, but it's perhaps even more crucial for Corporate Communication department budgets. Of course, each company will have different priorities, but this can get you started Don’t Forget the Rainy Day Fund Start placing costs against each one, based on how much they will have an impact on your brand purpose and your stakeholders. Underneath each major line item, list the specific initiatives you intend to implement each quarter. You may have other major line items to consider, but those are often the most common to Corp Comms teams. Our template reflects Media, Reputation, Internal Comms, Risk, and Enterprise. Along the side, list your most important line items in each row. If you’re not sure where to start, The RepTrak Company has created a budgeting template to help you get your planning off the ground.Īcross the top, break up your vertical columns into quarters, then break up those quarters into months. That can be as simple as creating a Google Spreadsheet or as comprehensive as using budgeting software. Once you’ve determined the important line items for your budget, it’s time to map them out on paper. Build Your Budget with Stakeholders in Mind The reputation line item could include global corporate perceptions by target markets, leadership, employees, and risk, as well. ![]() How might you reach these groups through each of those major areas? What is it that matters most to each of your stakeholders?Īll of these should funnel into a bigger reputation line item. To get an idea of how much you should be spending in each area, consider your key stakeholders: employees, investors, customers, regulators, influencers. ![]() Now that you know who your key stakeholders are and what your brand purpose is, you can funnel your money toward the right people and the right message through your initiatives.Įvery budget varies, but the bullet points above are the top areas on a typical Corporate Communication department budget. ![]() In fact, according to The RepTrak Company’s Global ReptrakⓇ, the most reputable companies outperform financial markets in the U.S., France, and the U.K. It’s tough to think of something as intangible as reputation actually affecting a business’s bottom line, but it does. These, and other initiatives, all help you improve and maintain the most important thing you’re responsible for: your reputation with your stakeholders. Those includeĮvent management and speaking opportunities As a communications executive, you’re responsible for a number of initiatives that, in the end, boost the bottom line. Perhaps the most critical step in building your corporate communications plan is to create a budget. In this post, we’ll explore the final, perhaps most essential step: getting your budget right. This is the third of three posts to help guide you as you plan and budget for an effective corporate communication strategy.
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