A global survey by McKinsey revealed that executives believe government entities and regulators are among the most influential stakeholders for their business’s values. It is no exaggeration to say that building relationships with political leaders play a crucial role in business success.
This edition of Muse delves into government relations – the connector of the private and public sector.
What is government relations?
Government relations is a branch of public relations that involves engaging with and influencing relevant policymakers locally, regionally, and even globally.
Elected political officials may not comprehensively understand their policies’ impacts, whereas business owners are likely uncertain about policymaking and communication processes with regulators or the public.
This is where government relations come in. The ultimate aim is to address this gap and convince key decision-makers to adjust or retain a regulation that interests your business and its stakeholders.
What is the scope of work for a government relations team?
Typical tasks include communications with government officials, monitoring macroeconomic and regulatory trends, and assessing investors’ sentiments or the overall investment environment.
In addition, lobbying is an important component of government relations. This ensures that the government considers your corporate perspectives or interests when drafting new laws. Lobbying can be done through meetings, verbal communications, and public hearings.
How to maximise the value of government relations?
To successfully build relationships with the public sector, you must first identify relevant and influential lawmakers and regulators and their contact details. The channels and procedures for contacting government officials vary across different countries.
In Thailand, each leader has their own secretary who handles external communication requests and coordinates appointments. Ensure your message is snappy and straightforward so that it can be relayed easily.
Regular meetings between the government relations team and company leaders enable business executives to keep themselves updated on overall policy trends and identify potential opportunities and risks.
As the public sector continues to influence businesses, strategies to leverage policymaking to businesses’ advantage are essential. Continue reading our next article to find helpful tips for your government relations campaign.