5 Benefits of Having an Institutional Relations Strategy in your Company
Institutional Relations manage how an organization interacts with the government and its legislative and regulatory branches, as well as institutions such as chambers, trade associations, and think tanks. Having an Institutional Relations strategy allows the company to have a plan of action that helps navigate the complex and ever-changing political, social, and economic environment in which it operates. Moreover, as a company expands into new countries where the rules and regulations may differ, local expertise or stakeholder engagement is needed.
An Institutional Relations strategy is designed to help a company build and maintain positive relationships with key stakeholders such as government officials, community leaders, and the media, and if needed, to influence public policy that may impact its operations or industry.
- Strategize: An Institutional Relations strategy is key for the operations and development of a company. It helps build and maintain positive relationships with key stakeholders such as government officials, community leaders, chambers, and trade associations. This will ensure business continuity and create new business opportunities as the political, social, and economic environment keeps changing.
- Managing crises: A strategy can help a company manage crises by having a plan in place for communicating with key stakeholders and the public during a crisis.
- Staying informed: An Institutional Relations strategy can help a company stay informed about public policy, legislation, and other issues that may impact its operations or industry and influence public policy and legislation to mitigate the impact.
- Build a reputation: An Institutional Relations strategy can help a company enhance its reputation by communicating its values, mission, and impact to key stakeholders. By being proactive and having a vision for future and current policy, a company can enhance its reputation as a forward-thinking and responsible organization.
- Strategic Foresight: An Institutional Relations foresight plan is the process of systematically looking into the future to anticipate future trends, changes, and opportunities that may impact a company or organization. Having a comprehensive view of the future can help improve decision-making by providing a clear understanding of the potential risks and opportunities, making better decisions, and building resilience. In addition, keeping at a vanguard helps identifying new business opportunities for growth and innovation.
Overall, Institutional Relations is a service that provides a short and long-term, proactive, and comprehensive approach to your business, helping in anticipating future changes and opportunities, as well as an insight into the present scenario to make better decisions based on a deeper understanding of the environment a company is in.
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By: María Ines Salazar and Marlene J. Posternak