(This post contains affiliate hyperlinks. Please read my full disclosure.
This is an article written by Isidora Rosskic.
Great stakeholder relations are the backbone of great companies.
Stakeholders are people or groups who have an interest in a company’s decisions and are directly affected by them.
Owners, employees and suppliers, creditors, direction and many others all fall under the umbrella of stakeholders. Some companies may prioritize certain stakeholders such as clients over others.
Stakeholder management is about building and maintaining positive relationships with all those impacted by the business, not just a select few.
To successfully deliver a project, or task, stakeholder management involves four key steps.
Step 1: Identify your stakeholders
It is crucial that you identify your stakeholders during the project start-up phase. Consider who will be affected by the outcome of your project, and who can influence it.
It is crucial to identify your stakeholders correctly. If you don’t, it will be much harder to build a strong relationship.
It is important to look beyond the company walls to see who your external stakeholders might be. Interviewing project participants will help you uncover even more.
It is always a good idea to make a list of potential stakeholders, such as the one below.
Senior, functional and resource managers
Personal of the company
Suppliers and sponsors
Step 2: Determine the Influence of a Stakeholder
You may be faced with a long list people and organizations that are impacted by your company’s first step in stakeholder management. You will need to categorize, organize, and prioritize them based on their interest and impact on your project.
You may see people who have a lot of influence on the outcome of your project, but are not interested in it. It is important to keep them informed and engaged, but not too much. This could drive them away.
Others with less power might be more interested in getting involved. You should communicate with them regularly as they can help you to provide you with important details about the project and notify you if there are any problems.
Lastly, identify the most influential and interested stakeholders in your company. They will be your main focus. Make sure they are happy and engaged.
Step 3: Create a Communication Management Strategy
Communication is essential, there’s no doubt about that! This will ensure that all stakeholders receive the desired message. This requires two-way communication.
You can also get valuable information from stakeholders about the project. Demonstrate empathy and an interest in other perspectives and ideas.
This will make it easier to reach a compromise with different stakeholders, who may have different priorities and opinions about how the project should proceed.
It is important to maintain control over the project’s progress. It is difficult to satisfy all stakeholders and in some cases, it may not be possible to please everyone.
Step 4: Engage with Your Stakeholders
You may not be able to communicate with all stakeholders equally.
It is important to manage the most influential and interested stakeholders closely and continuously. Status meetings and change logs can be used to communicate effectively with them and keep them informed about project progress.
Individuals who have an impact on t still have a lot to do.