Tomorrow's Business Today
Never have a nicer car than the chairman
The flash City PR man rocked up for the client meeting looking, he thought, the very part.
He didn’t see why he should have to repitch to an old client, especially one he had served so well, but he’d wow them same as he always did.
He was the best at this, and lots of people said so.
His chauffeur slid his Bentley into a parking slot just next to the chairman’s Ford Estate.
He wore a purple suit, ready for a party later on.
Two hours later, he left, with one client fewer on his roster.
The challenger PR surveyed all this and made a rule for him and his firm right then.
Never drive nicer wheels than your client does. If you do, keep them in the garage.
Now the PR industry has gone global and mega – Peak PR may have been reached, we suggested this week – some executives are going to have flash houses, cars and the rest.
Why shouldn’t they. With bankers it’s expected that they will.
The CEO doesn’t mind if his banker is richer than him – it’s almost reassuring, even if at least half of his advice is questionable.
PR folk don’t get that same leeway. Banker fees are written off as just the cost of doing business. The PR bill should be low, or at least good value for money.
The bosses of the big advisory firms now probably have pay comparable to FTSE 100 CEOs, or FTSE 250 CEOs if not.
Given the size of the businesses they run, that’s not unreasonable, it’s just unbecoming.
If the government is serious about looming budget cuts, that means businesses are going to have to follow suit – there will be less money kicking around in general.
(Having both the state and the private sector hacking back at the same time is economic idiocy, but that’s a different story).
Perhaps the big PR firms, facing competitive threats from smaller fry with lower pay deals, need to get wise to the purple suit issue.
Perhaps chairmen pondering a PR renewal contract will ask: What car do you drive?
If the answer is: something flash, it may not go down as well as it once might.
Please send candidates for press release of the day to: Simon.english@roxhillmedia.com
Press release of the day
A third of Brits have hidden important financial information from their partner, says this from personal finance site Finder.
Some hide credit score problems, while 9% have a secret savings pot. In half of relationships one person takes care of all the financial responsibilities.
Louise Bastock at finder.com said:
“It’s alarming to see so many couples not splitting the responsibility of household finances. Having minimal or no involvement in such important decisions and processes can lead to a lack of financial autonomy and confidence to manage your own money.”
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