On Wednesday 28 October, John Healey will deliver his first Budget as Chancellor of the Exchequer, in what promises to be one of the biggest political and economic events of the year.
It’s said that there are two certainties in life – death and taxes. We can perhaps add a third – intense media interest in the contents of the Budget, particularly when tax rises are on the cards.
With the government facing considerable pressure on the public finances, speculation is already mounting about how the Chancellor will balance the need to raise revenue with commitments to support social, care, economic growth and protect households and businesses.
Changes to capital gains tax, inheritance tax, property taxes and business taxation are among the areas attracting attention. Whether or not these particular measures materialise, one thing is certain: businesses and individuals will be looking for expert guidance on what the announcements mean for them.
Accountants and lawyers are particularly well placed to benefit from what will inevitably be a huge demand for Budget-related content from both traditional and online media.
Spending a little time now putting together a plan to capitalise on PR opportunities around the Budget could 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, so you can put together draft comments and blogs now and tweak them depending upon the announcements on the day.
Given the prospect of tax rises, it is worth having experts ready to respond to potential changes affecting business owners, entrepreneurs, property investors, high-net-worth individuals and families planning to pass wealth to the next generation.
Be relevant: When deciding what to comment on, think about what will be of greatest interest to your clients and target market.
For example, if you advise SMEs or owner-managed businesses, concentrate on measures affecting their costs, investment decisions and tax liabilities. Private client lawyers and accountants may want to focus on changes to inheritance tax, capital gains tax or pensions and target adviser titles such as Professional Adviser and FT Adviser which may generate referrals.
Think also about the sectors your clients operate in. Pick a key sector and focus on announcements which will help (or potentially hinder) businesses within it. This is where specialist expertise can really come into its own.
With this in mind, consider whether there are particular trade publications you could approach. Coverage may be easier to secure here than in the national press, and you may be reaching a more relevant audience.
Reach out early: Make contact with relevant journalists ahead of the Budget, offering informed predictions or expert commentary on the measures that are being discussed. Even if they don’t need your input immediately, they may come back to you when looking for a response to the announcements.
On the day itself, speed is critical. Journalists will be working to tight deadlines, so the sooner you can provide a concise, interesting and relevant comment, the greater your chances of securing coverage.
Do your research: Talk to clients now about what they are hoping (or fearing) to see in the Budget. Can you identify any common concerns or particularly interesting themes?
There may still be time to carry out a short client survey to identify issues that are widespread or controversial. This can provide valuable material for journalists looking to illustrate how the Budget might affect businesses or individuals in practice.
Be realistic: The Big Four accountancy firms and the larger law firms will be throwing significant resources into securing national media coverage.
While there’s no reason why a punchy comment from an accountant or lawyer at a smaller firm won’t be picked up by a national newspaper, particularly if it is issued promptly, it may be better to concentrate on regional news and radio, local newspapers, business magazines and specialist trade titles.
These publications will also be looking for expert commentary, often with a particular regional or sector focus.
Add some value: Everyone will be talking about the headline tax announcements, and there is little point joining the throng if you are simply saying the same thing as everyone else.
If you want to stand out, find something more niche or take a different angle. Rather than simply repeating what the Chancellor has announced, explain the practical implications for your clients.
Will a particular measure discourage investment, create unexpected difficulties for family businesses or affect the way individuals plan their finances? Are there unintended consequences that have been overlooked?
And don’t be afraid to challenge the government’s thinking if you believe a measure is unlikely to achieve its intended purpose. Journalists are far more interested in a well-argued opinion than a bland summary of the announcements.
Make the most of LinkedIn: Budget day also provides an excellent opportunity to demonstrate your expertise to clients, contacts and prospective clients through LinkedIn.
Encourage your experts to share short, accessible commentary on the announcements most relevant to their specialisms. Posts explaining what a particular tax change means in practice, or highlighting an unexpected consequence, are likely to be more interesting than a general Budget summary.
If your firm has secured media coverage, make sure you share it. Third-party endorsement from a respected publication can be a particularly effective way of reinforcing your credentials.
It’s not over till it’s over: Budget day itself is inevitably a bit of a frenzy. However, there is still plenty of mileage to be had afterwards from articles, blogs and commentary exploring the implications of the announcements in more detail.
Indeed, this can be where some of the best PR opportunities arise. Once the initial headlines have died down, journalists often turn their attention to the finer details, potential unintended consequences and what the measures will mean in practice.
For smaller firms, this can be a good opportunity to use their specialist knowledge to develop a distinctive angle and secure coverage that might have been harder to achieve on Budget day itself.
Finally, remember that successful Budget PR isn’t about commenting on everything. It’s about identifying the issues where your expertise can genuinely add something to the debate and making sure the right journalists know about it.
Need some help with PR? Feel free to drop me an email to arrange a 30-minute complimentary call or take a look at the PR services I offer law firms, accountancy practices and other professional services businesses.