“I hear others talk about dealing with our company stakeholders; can you explain who stakeholders are?”
Let’s first start with a definition of a stakeholder:
“Any person or organization that will either benefit from or be harmed by your organizations performance.”
In the book Creating A Collaborative Enterprise, there are two chapters on the subject of Stakeholders and how important they are to all organizations that are trying to be more successful. Every business has seven different stakeholder groups that must be successfully managed in a process I call Stakeholder Relationship Management (TM) .
Here are the following Stakeholder groups in the order of importance that they should be to your organization:
#1 Workforce: All employees (including Management) are the true key assets of any organization. How they perform is based on effective hiring, training, mentoring, evaluation of results, effective use of teams and organizational leadership.
#2 Customers: Determine what is most important to the customer and deliver that product or service. Have your customers involved in the design, deployment and support of your products and services.
#3 Owners: Communication and relationship-building with those who have invested time, effort and finances into the organization is the responsibility of the organizations management and leaders.
#4 Suppliers/Vendors: Those external to the organization that provide the expertise and materials required to produce the products and services. Having a collaborative (partner) relationship with these companies increases the effectiveness of both organizations.
#5 Community: Charities, clubs, events, activities, and service providers that provide services and support to their locations citizenry. Organizations that support their Community understand that their reputation in the community impacts all those individuals and organizations that end up being future employees, customers, owners, and suppliers and vendors.
#6 Competitors: Competition creates markets. The goal is not to crush the competition, but to beat them in the marketplace. Creating a cordial relationship through community, association and industry events will pay benefits if the organization ever needs their help or vice versa. Competitors can one day be excellent merger or acquisition candidates.
#7 Governments: Local, state and federal institutions have an impact on all organizations through regulation, laws, taxes, protection, disaster relief, etc. It is important to develop relationships with the appropriate agencies that have impacts on the organizations business strategies
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