Business owners use local news primarily to inform and shape their strategic decision-making, especially regarding corporate social responsibility and Environmental, Social, and Governance (ESG) strategies. For example, a survey of business leaders found that 89% consider media reporting very impactful in shaping their corporate ESG strategies, with many using local news to understand public perception and align their policies accordingly. This shows that local news acts as a critical source of information that influences how businesses manage their social responsibility and sustainability efforts.
Key ways business owners use local news for decision making include:
- Monitoring ESG issues: Business leaders track local media coverage on environmental, social, and governance topics to identify risks and opportunities, helping them develop policies that address future ESG challenges.
- Shaping public image: Since 91% of leaders want to be seen as socially responsible by external parties, local news coverage helps them gauge public sentiment and adjust their communication and corporate practices to maintain a positive reputation.
- Supplier and partner selection: Over half of the surveyed leaders prefer engaging with suppliers who have strong ESG credentials, a decision often influenced by media reports highlighting supplier practices.
- Operational and strategic insights: Local news can provide timely information on regulatory changes, market trends, and community issues that affect business operations and strategic planning.
- Leveraging digital transformation insights: SMEs especially use news and media to understand how digital initiatives can improve efficiency and revenue, as local news often highlights success stories and technological trends relevant to business growth.
In summary, local news serves as a vital tool for business owners to stay informed about societal expectations, regulatory environments, and market dynamics, enabling them to make well-informed decisions that align with both business goals and community values.
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