How to Advocate for Laws That Will Drive Your Company's Profits Do you know how to how to engage the political world to benefit your bottom line? These strategies can help you build influence and advocate for your business.
By John Boitnott Edited by Kara McIntyre
Key Takeaways
- Washington's top interest groups invested over $283.1 million in lobbying last year, reflecting a growing trend of corporate political advocacy.
- Understanding legislative processes and building strategic relationships are pivotal for entrepreneurs aiming to sway political decisions in their favor.
- Despite risks, proactive political engagement through lobbying, coalition forming and various advocacy techniques can significantly benefit company interests.
Opinions expressed by Entrepreneur contributors are their own.
Last year, the top interest groups in Washington spent over $283.1 million lobbying for their respective industries. Nearly every industry has a lobby or association that fights for their interests in Washington, and corporations' spending on political advocacy only continues to grow.
On top of that, the 2010 Citizens United Supreme Court decision ruled that businesses and corporations could spend an unlimited amount of money in elections. Since then, companies have poured millions and millions into campaigns for candidates and ballot initiatives that are in line with their business agenda.
Most successful companies are involved in politics at some level and work to shape laws that benefit their bottom line. Here we will discuss how entrepreneurs can successfully engage in politics by building influence and advocating for candidates and laws that are in their company's best interests.
Related: How to Drive Revenue and Improve Company Culture During Election Season Without Being Political
Understanding the basics
To start strategically planning your approach, you'll need to have an understanding of how a bill becomes a law and the various stages where entrepreneurs can exert their influence.
First, a senator or member of Congress will introduce a law, and the bill will be assigned to a committee. Here, lobbyists can persuade lawmakers to make changes or scratch out parts of the bill that might be detrimental to the companies they represent.
If the bill makes it through the committee stage, the entire Senate/House of Representatives will vote on the law. If you have access to critical players, you may be able to sway the outcome of the vote.
If the vote is passed in the Senate it will move to the House (or vice versa) and the process repeats itself. You will have another chance to advocate for changes in the committee stage and again when the chamber as a whole votes on the bill.
To successfully advocate for your company's interests, it's important to be on top of all relevant bills that are being introduced in Congress. Tools like Politico Pro, Plural and Bloomberg Government can help you stay informed on political news that is relevant to your industry and which proposed laws might impact your business.
Building influence
Having influence with the right people, at both the local and national level, is essential in every step of the advocacy process. Getting started might be intimidating, and navigating the political landscape once you're there can feel overwhelming.
Engaging in local politics, either by attending town halls or community meetings, is one way to start getting to know how the process works and who is involved.
Joining existing industry associations or lobbies is another great place for entrepreneurs to start building relationships and supporting the causes that underpin business objectives. Industry associations or lobbies act as a middleman between your business and key players, taking the pressure off of you as a lone individual.
Getting involved with an industry association or lobby can help you get accustomed to the political playing field and get a foot in the door to start forming your own relationships with lawmakers and other movers and shakers in government.
Once you have established connections with the right people, effective communication and framing is key. When meeting with lawmakers, be prepared to demonstrate how your company contributes to the economy and community as a whole and how specific policies might affect your operations.
Learn how to most effectively frame your business interests in terms of the public good and use case studies and facts to support your position. Make specific asks that are strategically timed to correspond with relevant stages of the lawmaking process.
For example, a construction company might advocate for an infrastructure spending bill because they would benefit from the work. In their meeting with lawmakers, they might tell them what percent of the city's roads are damaged and how increased spending on road infrastructure would be beneficial to the entire community. In this case, executives are thinking of how their company's interests align with the needs of the community as a whole and framing their asks to lawmakers through that lens.
Direct advocacy techniques
From lobbying to grassroots organizing, political advocacy can take many shapes. Here are some different approaches you can take to fight for your business interests.
Coalition forming: Joining forces with other businesses or associations that share your interests can be a good way to amplify your voice. There is power in numbers, and lawmakers are more likely to pay attention to groups with lots of diverse members.
Grassroots organizing: Educating and mobilizing those with similar interests is another good way to get the attention of lawmakers and bring the change you want to see in the world. Forming petitions, organizing phone banks or starting crowdsourcing campaigns are some of the ways to engage people at a grassroots level around the issues that matter most to your business.
Media engagement: Some entrepreneurs find that taking their message directly to the media is the best way to advocate for their interests. This can involve writing press releases, publishing op-eds and building relationships with journalists covering your industry.
Deciding which advocacy strategy is best for your company is highly specific to your industry, company values and political goals. Talking to other entrepreneurs in your space and considering what has been successful in the past can help you determine which strategy is the best past forward for you.
Related: 10 Significant Ways A Second Trump Administration Could Impact Your Taxes
Strategic considerations
Dipping your toe into the political arena comes with considerable risks and strategic considerations. Politics are wrapped up in contentious issues, and involving yourself in the process can set your brand up for public scrutiny. To avoid the wrath of cancel culture, make sure that whatever political moves you make are in line with your brand's public image and company values.
Financial and time commitments are also an important consideration, so weigh the pros and cons of investing in political advocacy. In some cases, the cost of not acting could be devastating, and in others, you may not stand much to gain from involving yourself in politics. Decide how much political advocacy is worth to your company and spend your time and advocacy dollars accordingly.
Despite these risks, many successful business owners have decided that playing an active role in shaping political outcomes is an effective way to boost their bottom line. There are many different ways to get off the sidelines and start advocating for laws that will help your company reach its highest potential. From lobbying to coalition forming to grassroots organizing, there are many ways to engage in politics and start fighting for your company's best interests.
