How to Effectively Cover and Write Business News

Business reporting is becoming one of the more prestigious beats for reporters.

For many journalists, the idea of covering the business beat may seem less than romantic. The reasons for this vary. For some reporters, it is the unfounded belief that business stories aren't exactly headline grabbers. However, as Enron proved several years ago, this simply isn't true. For other reporters, who as "word people" have a natural aversion to math-related topics such as stock market or personal finances, it's a question of intimidation. However, you don't have to be a stock market analyst to be an effective business reporter. In fact, the same basic principles of beat reporting that apply to other beats also apply to business and industry news.

Instructions

How to Effectively Cover and Write Business News

1. The first step to effective business reporting is to establish good, solid sources. Just as you would with any other beat, you'll want to find out who the movers and shakers are within your community's business world. Because high-profile figures in other beats, such as government or law enforcement, have nifty titles, such as mayor or sheriff, they are easier to identify. Business leaders, though, may be a little more difficult to pinpoint. One good place to begin is to speak with representatives from your local chamber of commerce. Take the time out to meet these people and establish a rapport. Eventually ask them who they think are the top 10 business leaders in your community. More than likely, they'll be happy to offer up a few names. There is only one word of caution when dealing with chambers of commerce: They do tend to focus on businesses or corporations that are chamber members.

2. Court economic development foundations (EDF). It is important to make contacts with the heads of any EDF directors in your region. In general, economic development foundations have a stockpile of information and statistics on existing businesses, market trends, employment rates and economic impact on a community by individual businesses. Also, economic development foundation contacts usually can give you a heads-up on businesses planned for or coming to an area.

3. Find experts. While establishing your contacts, take note of who seems to know the most about what. Establish a go-to person for investments, accounting and economic development. Just as you would establish go-to contacts in local government for different purposes such as public works or parks and recreation, you want to do the same with your business contacts. Also, don't be afraid to ask questions, specifically, "Well, what does this really mean?" Business contacts, just like contacts in technology, often are fond of throwing their lingo around like there's no tomorrow. Again, "What does this really mean? Can you break that down for me in layman's terms?" No matter what the beat, you still have to ask questions.

4. Read other business news materials. While this may seem like a no-brainer, it's a step that is often overlooked or not even thought about. However, the best way to learn about a subject is to research it. Read and research, both at the local level in other area newspapers and magazines and nationally with publications such as Forbes or the Wall Street Journal. The more recently updated Associated Press manuals include a business glossary. Read the terms and become familiar with them.

5. Determine whether a potential business event or initiative is, indeed, newsworthy. As a rule, this is a task that will fall into the hands of your editor. However, the longer you work the business beat, the more you will be expected to sniff out potential business news and generate stories. For example, the opening of yet another Happy's Pizza store downtown may not register as a big deal. However, if that opening is part of a corporate initiative in your area to employ graduates from your local culinary school, it may be worth a story. Also, run all story ideas past your editor, so as not to create any conflicts between your publication's advertising department and its advertisers.

6. Beware of hyperactive corporate communications specialists. At some point during your time as a business reporter, you may be blessed (or cursed, depending on whom you ask) with a diligent, if not overzealous, corporate communications specialist who will send you press releases on an almost daily basis. These types, seemingly, send out a press release if the wind changes direction, and will usually attribute this change to something his company did. All kidding aside, some of these items will be serious news items. However, other items may merely be fluff, such as a ribbon cutting, with nothing all too newsworthy to announce. While you do not want to get mired in ribbon cuttings or in-company promotions or awards, keep in mind that a little coverage here and there can go a long way, especially if you need that company or company spokesperson for a "real" news story later on down the road.

7. Write the business news story. The same basic principles of news writing used for other beats also apply to business news stories. You may want to write your business news story following the inverted pyramid style, starting with your main point or idea (or lead), then following up with relevant facts in descending order. Make sure you answer the "Who, What, Where, When and Why" in the process of writing your story. Use quotes sparingly to support your main points or ideas.