Is there a new currency in Business?

14 June 2024

Is there a new currency in Business?
Anthi Pashi, BD Director / Intelligence & Expansion, Partners Connected Communications

If you consult textbooks or even conduct a Google search on this question, you'll likely find an answer that predominantly centers around the practical aspect of business: accounting. Accounting is often referred to as the universal language of business because it offers a common framework for communicating financial aspects. It establishes a standardized set of terms and concepts for measuring and reporting financial information, allowing for a common understanding and comparison across different companies and industries.

While no one can deny the importance of financial information in building, conducting, and growing a business, contemporary developments such as sustainability, ESG and corporate social responsibility (CSR), the widespread adoption of remote work, the increasing emphasis on customer experience management, and the growing focus on diversity, equity, and inclusion initiatives underscore that the essence of business truly lies in its people.

It is people, and a corporation’s ability to foster meaningful relationships, that are at the heart of business. Creating genuine connections that transcend profit margins and bottom lines.

Every aspect of business revolves around interaction and engagement, whether it involves cultivating a company culture that enhances employee performance and attracts talent, fostering synergies with partners and suppliers to drive growth, engaging in clear and transparent communication with stakeholders, or positively influencing public perception and securing media support. Ultimately, it all boils down to connecting through effective and engaging communication.

In today’s demanding, noisy, and competitive world, strategic, authentic and purposeful communication can transform the role of communication from merely delivering a message to actively shaping perceptions and driving positive change.

A well-crafted Public Relations strategy can significantly impact a company’s image and reputation by serving as the bridge between an organization and its stakeholders, shaping various target audiences’ perceptions positively. Effective PR strategies can help navigate crises, highlight contributions to society, and cultivate a loyal customer base—whether in B2C or B2B contexts.

This is particularly important for international companies, which must not only navigate the intricacies of new locations but also focus on building relationships with local stakeholders, including customers, government entities, suppliers and community organizations. The knowledge, expertise and insights of a local communication agency can prove invaluable in cultivating trust and credibility through tailored communication strategies that resonate with diverse stakeholders. And these partnerships should not be seen as the outsourcing of tasks; they're about leveraging localized knowledge and experience to maximize the impact of communication efforts, buidling the necessary ties between the company and its stakeholders.

At Partners Connected Communications, as our name suggests, we’ve been doing exactly that for a variety of companies for almost 30 years now, both in the private and public sector. Whether that’s empowering the public of Cyprus to stand behind the island’s Olympic athletes during the run up to the Olympic Games in 2021 as part of OPAP Cyprus’ CSR initiative, strategically navigating the Bank of Cyprus through the turbulent times of the 2013 haircut, implementing quality crisis management during the Mari blast or organizing events of the highest caliber in a matter of days like Ursula von der Leyen’s visit to present the Commission's approval of the Recovery and Resilience Plan for Cyprus. We know first-hand that choosing the right partner is not merely a matter of convenience but a strategic imperative. For every case and every client, our goal as a communication partner is to build and enhance connections that are fully aligned with their strategic objectives.

Because ultimately, the core of business success lies in how effectively an organization can communicate and build relationships. From internal communications that boost employee morale to external campaigns that enhance brand reputation, the ability to connect on a human level is what drives sustainable growth.

So, while accounting provides the foundational language for business operations, it is the language of people—through communication and public relations—that truly propels a business forward. Effective communication transforms transactions into relationships, customers into advocates, and employees into ambassadors. It's this human element that can make the real difference between a successful business and a game-changing one.