Do you know who your stakeholders are?

Whatever role you have in your company, you need to know exactly who your stakeholders are.

Stakeholders are an intrinsic part of the problem-solving and decision-making processes in all organisations. And once you understand who the stakeholders are, the next step is to find out their needs.

It can be useful to identify the level of interest, power, and influence of your different stakeholders. Each stakeholder group will have its own expectations of the business and level of power and influence. Therefore, conflict between stakeholders can occur.

For example, paying staff higher wages could result in dividends to shareholders. Stakeholders can disrupt or cause uncertainty in the plans of an organisation if they’re not on board with the decisions you choose to make.

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Your stakeholders touch many significant aspects of the business or organisation so your decisions as a manager or leader will always affects someone or some group. Being aware of the interest and expectations and power and influence over business decisions that stakeholders have is a basic requirement placed on all managers.

R. Edward Freeman said, “Stakeholders are about the business. And the business is about the stakeholders.”

Maybe it’s time you audited your own stakeholder relationships and evaluate what you can do to improve them.

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