Around lunchtime this Wednesday, 27th October, Rishi Sunak will stand up to address the House of Commons and deliver his Budget statement.
It’s said there the two certainties in life – death and taxes; next month we can perhaps add a third – intense media interest in the contents of the Budget, especially tax changes.
Coming amid the pandemic, this perennial set piece looks set to garner even more media attention than usual as we wait with bated breath to see when and how the Chancellor will seek to fill the black hole in the public finances caused by the pandemic. Accountants and to a lesser extent lawyers, are particularly well placed to benefit from what will inevitably be a huge need for Budget related content from both traditional and new media.
Spending time now putting together a plan to capitalise on PR opportunities around the Budget will certainly pay dividends (even if there is more tax to pay on them!)
Here are my top tips for cashing in:
Get prepared now: Decide what areas you will focus on and who within your organisation will lead on each topic. Draw up press distribution lists so that you can send out comments quickly. There is already plenty of speculation around what might be included in the Budget. You can put together draft comments and blogs now and tweak them depending upon the announcements on the day.
Be relevant: When deciding what to comment on, check that this will have the broadest interest for your clients and target market. If most of your clients are self-employed or SMEs make sure you concentrate on things that will affect them such as Covid support measures or self-employed tax changes – something I am always watching out for! Think about the sectors that your clients operate in. Pick a key sector and focus on announcements which will help (or potentially hinder) them. With this in mind, consider if there are any particular trade titles you could approach – coverage may be easier to secure there. For example, accountants or lawyers with a hospitality client base may wish to target Big Hospitality and The Caterer.
Reach out early: Make contact with relevant journalists offering pre-Budget predictions or comment – they may come back to you if they are looking for a response to Budget announcements later. On the day, get things out as early as you can so that you are at the front of the queue when it comes to getting published.
Do your research: Talk to clients now about what they are hoping (or fearing) to see in the Budget, try and identify themes. There is still time to conduct a client survey to identify issues that seem universal or controversial.
Be realistic: The Big Four will be throwing significant resources into getting national coverage. While there’s no reason why a punchy comment from an accountant at a small firm won’t be picked up national newspaper if it is issued promptly, it may be better to focus on regional news and radio, local newspapers and business magazines who will all be looking for content.
Add some value: Everyone will be talking about the obvious topics such as changes to capital gains tax and there is no point joining the throng on these and saying what everyone else is saying. If you want to stand out find something more niche or take a different angle so that your quote stands out. Don’t just repeat what the government has announced, add some original thoughts and practical advice of your own. If you don’t think a measure will work, say so! Reporters will always choose a controversial quote over something more mundane.
It’s not over till it’s over: Budget day itself is inevitably a bit of a frenzy. However, if you take a bit of time afterwards to think about the implications of the announcements made, there is still plenty of mileage to be had from articles, blogs and commentary covering issues which may not have been immediately obvious in the white heat of Budget day.
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