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“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
twitter: @mattragas
Linkedin: linkedin.com/in/mattragas
What
questions
do you
have for
me?