There is a plethora of communication challenges plaguing public companies, but one in particular is a true communications paradox: It is becoming standard procedure for senior-level executives to receive praise from institutional investors for the same announcement that ignites a public protest. Increasingly, Wall Street and Main Street don't see eye to eye. Financial metrics are becoming non-financial problems and vice versa.

For example, a public company announces it is shipping a large number of jobs overseas. While Wall Street rewards the company with a healthy increase in the stock price for the improved profitability guidance, protesters surround the corporate headquarters. Meanwhile, the company could receive a call from CNN's Lou Dobbs, wanting to feature the company in his Exporting America series.

On the flipside of this equation, if the company repatriated the same number of jobs from overseas, the higher-cost business model associated with the decision may trigger a decline in the stock price. This could cause both large and small investors to complain, ignoring the public relations strategy.

It's inevitable that different facts and events will impact various groups in diametrically different ways. The communications paradox cannot be solved, but CFOs can be prepared with a formula for filling the perception gaps. Ignoring the complexity of material announcements is a recipe for pleasing no one.

The first step in developing what can be termed "multi-dimensional communications" is mapping the likely intensity of impact from each constituent group for each potential material announcement. This level of planning and imagination requires Finance, Investor Relations (IR), Public Relations (PR) and Human Resources (HR) to sit at the table together. If internal and external communications are not aligned, silos will emerge and different messages will be delivered. Target audiences will connect the dots and discrepancies. Rather than being prepared to navigate the paradox, CFOs will be hit from behind.

For example, a company announces deployment of a new wireless inventory tracking system. Vendors will be required to implant wireless chips in merchandise to increase visibility of the supply chain, thus streamlining operations and reducing costs to consumers. While vendors are at the heart of this announcement, other key target audiences that are tangentially affected include consumers, who are concerned about privacy and employees, who may be streamlined out of a job.

Once a surprise debate emerges in the media, it has the potential to spread like wildfire and shift perceptions much faster than a contained discussion. In this case, customers, regulators and standardization advocates are becoming the key constituent group, when they probably weren't even on the radar screen at the planning stage. To enhance and maintain a public company's credibility, CFOs need to anticipate and manage potential blows from all directions.

One way of keeping fingers on the pulse of key audiences is through research. Focus group studies are common in product marketing organizations; similarly, shareholder perception studies can play vital roles in determining how Wall Street will respond to certain announcements.

For example, companies under the microscope are increasingly interested in making grand charity gestures to increase their goodwill with the general public. However, a $2 million donation to "Save the Whales" may not sit well with institutional investors. Understanding the potential response before committing spending is a wise decision. Often, it's simply a matter of spelling out for the buy side how such an act will be a positive impact on the bottom line in the long run.

When companies err on the side of caution in their communications, they miss opportunities to explain all sides of their story. For example, when announcing they are moving a certain number of jobs overseas, a U.S.-based company will often say as little as possible and myopically cater to Wall Street - failing to mention how many jobs it recently added in the U.S. In contrast, some senior executives fear silence and lose control of the media interviews with unnecessary fodder. Showing fear raises suspicions and complicates matters further. Whether it's a matter of layoffs, outsourcing, donations, executive compensation, etc., spokespersons shouldn't hesitate to say, "I don't know" or "Let me get back to you on that."

The worst thing a company can do is distort the facts and promulgate what the public will perceive as a false image in a campaign. Unintended consequences need to be addressed candidly across communication channels, and companies need to talk openly about future steps to remedy current problems. Talking the talk but not walking the walk isn't going to work in this market, where consumers have ready access to multiple sources for information. Companies need to take action to reconcile perception gaps among all their target audiences.

Research has shown that as much as 50 percent of a stock's value is based on non-financial metrics, highlighting the critical need for executives to articulate clearly. Now, more than ever, it's critical for CFOs to take a strategic, day-to-day role in helping to develop, shape and align communications among spokespersons across the organization. Everyone is listening.

BROOKE WAGNER is Managing Director of Citigate Financial Intelligence, an investor-relations consulting firm. He is a former CFO and IRO, can be reached at brooke.wagner@citigatefi.com.