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What are the most common mistakes when communicating financial information to stakeholders?

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Communicating financial information to stakeholders is a crucial task for any public relations professional. Whether you are presenting earnings reports, fundraising campaigns, or strategic plans, you need to convey your message clearly, accurately, and persuasively. However, many PR practitioners make common mistakes that can undermine their credibility, confuse their audience, or damage their reputation. Here are some of the most common mistakes and how to avoid them.

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Rui Pedro Duarte

Open Science for Mission | ex-Fortune 100 Communicator, ex-Member of Parliament

1 Using jargon or acronyms

One of the biggest challenges of communicating financial information is to make it understandable and relevant to your stakeholders. However, many PR professionals use jargon or acronyms that are unfamiliar or unclear to their audience. For example, using terms like EBITDA, ROE, or CAGR without explaining what they mean or why they matter can alienate your listeners or readers. To avoid this mistake, use plain language, define acronyms and technical terms, and provide context and examples to illustrate your points.

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Mohammad Zaid

Business Analyst at Borgfy | Venture Studio-Building Tech Ideas | MBA | Digital Health | Mobile Apps
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1. Using technical jargon: Avoid confusing stakeholders with complex language. 2. Providing incomplete information: Ensure all relevant details are included to prevent misunderstanding. 3. Lack of context: Offer explanations to help stakeholders understand the significance of the data. 4. Not tailoring communication: Customize messages to address the specific needs of different stakeholders.

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CMC Connect LLP

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Imagine you're explaining a movie to a friend who hasn't seen it yet. You wouldn't throw around spoilers or obscure film theory, right? Treat your stakeholders the same! Ditch the confusing jargon and acronyms that might make their eyes glaze over. Remember, communication is a two-way street. Speak their language, and you'll be amazed at how much more connected they feel. Don't rely solely on dry text or endless spreadsheets. Visualize your message! Use clear charts, engaging graphs, and even compelling stories to illustrate trends and highlight key insights. Remember, a picture (or infographic) is truly worth a thousand financial terms. Remember the goal is to spark curiosity, not confusion.

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2 Lacking transparency or consistency

Another common mistake is to lack transparency or consistency in your financial communication. This can erode your trust and credibility with your stakeholders, especially if they suspect you are hiding or manipulating information. For example, changing your accounting methods, omitting negative results, or providing inconsistent data can raise red flags and invite scrutiny. To avoid this mistake, be honest, accurate, and consistent in your financial communication. Provide full disclosure, explain any changes or discrepancies, and use reliable sources and methods.

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3 Being too vague or complex

A third common mistake is to be too vague or complex in your financial communication. This can confuse your audience or make them lose interest in your message. For example, using vague statements, unclear goals, or complicated charts can obscure your main points or overwhelm your stakeholders with too much information. To avoid this mistake, be specific, concise, and clear in your financial communication. Use simple words, clear numbers, and easy-to-read visuals. Highlight your key messages, outcomes, and actions.

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Rui Pedro Duarte

Open Science for Mission | ex-Fortune 100 Communicator, ex-Member of Parliament
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To effectively communicate financials to external stakeholders, one must be straightforward, honest, and present information in an easily comprehensible format with clearly defined objectives. When speaking with external stakeholders, it is critical to be succinct, to express goals clearly, and to be straightforward and honest.

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4 Ignoring feedback or questions

A fourth common mistake is to ignore feedback or questions from your stakeholders. This can make them feel unimportant, uninformed, or dissatisfied with your financial communication. For example, failing to respond to queries, comments, or concerns can create gaps in understanding, doubts in credibility, or conflicts in expectations. To avoid this mistake, engage with your stakeholders and solicit their feedback and questions. Listen to their views, answer their questions, and address their concerns. Show them that you value their input and involvement.

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5 Neglecting storytelling or emotion

A fifth common mistake is to neglect storytelling or emotion in your financial communication. This can make your message boring, impersonal, or irrelevant to your stakeholders. For example, relying on facts, figures, or charts without connecting them to your vision, mission, or values can fail to inspire, motivate, or persuade your audience. To avoid this mistake, use storytelling and emotion in your financial communication. Tell stories that illustrate your impact, challenges, or opportunities. Use emotion to appeal to your stakeholders' needs, interests, or values.

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CMC Connect LLP

We effectively connect you with your critical stakeholders.
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Nigeria as a country is diverse and the best way for financial institutions to communicate is to tell compelling stories. Ignoring storytelling and emotions is akin to showcasing a skeleton rather than a living being. While numbers can convey a point, stories give them life. They make information easy to remember and sticky by connecting with hopes, concerns, and aspirations. Decision-making and stakeholder involvement are hampered when this emotional link is ignored since it makes stakeholders feel detached and uninvolved. So the next time you want to talk to your stakeholders remember to use your facts to create a story, add emotion to your imagery, and see how your message is received.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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CMC Connect LLP

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Across Nigeria's vibrant geo-political zones, financial literacy varies greatly. A one-size-fits-all communication plan risks drowning audiences in jargon or leaving them adrift without context. To truly communicate, we must adapt! Imagine explaining investment strategies to your Lagos-based business partner versus another client in Kano which is in the Northern part of Nigeria. The language, examples, and level of detail would differ vastly, right? By embracing this adaptability, you won't just inform, you'll connect. You'll build trust, and foster engagement.

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What are the most common mistakes when communicating financial information to stakeholders?

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3

4

5

6

1 Using jargon or acronyms

2 Lacking transparency or consistency

3 Being too vague or complex

4 Ignoring feedback or questions

5 Neglecting storytelling or emotion

6 Here’s what else to consider

Public Relations

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What are the most common mistakes when communicating financial information to stakeholders?

1

2

3

4

5

6

1 Using jargon or acronyms

2 Lacking transparency or consistency

3 Being too vague or complex

4 Ignoring feedback or questions

5 Neglecting storytelling or emotion

6 Here’s what else to consider

Public Relations

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