What are the advantages?
One advantage of running an employee-owned business you may not be aware of – you’re more attractive as a ‘case study’ for media coverage!
Why?
It’s about people.
The ownership model means the business puts people first. Journalists write about people before they write about products, services or profit. This particularly applies to local press or even business press.
Journalists are more likely to consider writing a story about these things above a business story about a company which has pure profit in mind:
- Charity
- Community
- Caring
By its nature, a company owned by a community of people is unusual. It can be more agile and responsive to local media. Therefore it’s wise for any board of directors – or MD – to cultivate relationships with their local media, having an open and positive media policy.
Collective goals
Having an employee-owned business immediately tells local press – hence local community – that there’s a collective aim, a collective culture and a collective attitude. Decisions are made together even if there is one leader.
This presents an opportunity for any company which makes such a change in their set-up. From the outset they can implement a ‘media-friendly’ attitude. This is especially important if the company was previously invisible to the media or didn’t really bother.
This does not always mean spending a lot of money – though having a marketing budget is still essential. Based on the agreed goals of the company, the MD can make it very clear to the local media first – newspaper, business magazine, local radio – that he/she is ready to comment or take part in any stories about local business. This is then coupled with a proactive and reactive policy with the media.
Feeling good
Within a year, the profile of that business will inevitably start to rise, which can have the knock-on effect of creating a feel-good factor within a team. It shows pride in the new culture and recognition for the people within it.
It also provides an opportunity to publicly ‘ring the changes’ by sharing as much success as possible. Stories to send out to the media might include:
- We now operate as an employee-owned business.
- Our new MD – voted by everyone – is…
- We’ve recruited a new apprentice…
- Our team member has qualified as a….
- We’ve won/been shortlisted for an award…
- We’ve moved to newer/bigger premises
By sharing these stories with the local media, hopefully some will be published. Even when not, you are regularly reminding journalists you exist and are moving forward.
You may even commit to advertorial and send out these stories. Ie buying the space to guarantee that story is used with a good picture of the people concerned. That’s a perfectly legitimate marketing decision. It can also build a strong relationship with key media partners. Eg The only local or regional business magazine in your community.
Business benefits
The knock-on effect will be when a general business story breaks, those journalists will come to you. Having seen how proactive you are, they’ll call you asking for comment on things like:
- The Budget and the impact on small business.
- A major change in something locally that affects SMEs.
- A debate about some governmental change which affects SMEs.
When this starts to happen, it’s a real sign you are being seen and validated in your new make-up. It also requires a degree of ‘higher level’ understanding of how the media works, so you may need some training at this point. Yet it should always be seen as positive. If journalists are seeing you and coming to you, your profile is higher than it’s ever been.
From this place, over time, you should see more organic business growth. It won’t be immediate, but gradual. The credibility factor of being seen as part of your community or sector cannot be underestimated – even if it takes time. Plus the bigger picture is you’re making it clear to employees you are proud of them and their achievements – so much so that you are willing to share that success in a public arena.
The above is a guest blog post, courtesy of Fiona of Scott Media. Fiona started in newspaper journalism, then to TV producer. Since 2008 she’s been freelancing, helping others get the coverage they deserve.
If you are interested in finding out more about transitioning to an EOT, get in touch with us at Go EO to see how we can help.