The first thing you should know is that it has a great impact on the decisions and results of any business in the market.
Stakeholders can range from companies, customers and suppliers to employees and communities ; but the concept covers much more and it is worth understanding it in depth to improve your sales processes and create a competitive advantage.
In this article we will not only help you understand how a stakeholder influences the functioning of companies . We will also tell you how to manage it properly for the success of your business.
What are stakeholders ?
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In the business world, the word stakeholder is used to define interested parties; that is, the public of primary interest that impacts or is affected by the activities and decisions of a company.
Types of stakeholders
Internal stakeholders : are people whose interest in a company comes from a direct relationship with it. This group includes the company's employees , customers and investors.
External stakeholders : are those people who do not work directly with the organization, but who are in some way affected by the company's actions and results. For example, suppliers.
Primary stakeholders : are list of telegram users in lebanon those who have the greatest interest in the company's results, and therefore tend to participate or contribute to its projects. This group may include project managers, executives and company sponsors.
Secondary stakeholders : These are people with a lower level of involvement than the primary stakeholders. They are generally related to the administrative, financial or legal processes of the company. For example, lawyers, advisors and accountants.
Importance of stakeholders for companies
Having identified the types of stakeholders , it is necessary to state that stakeholders are a key piece in ensuring the correct functioning of our business .
The importance of stakeholders lies in the fact that their decisions can greatly affect the company's results and objectives ; likewise, the company's activity influences them.
This means that not all stakeholders have the same degree of influence on the company's strategic decisions. Likewise, not all of them benefit or are harmed in the same way by the company's results.
How to manage stakeholders ?
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Proper stakeholder management should focus on maintaining good relationships, especially with those who have the greatest impact on the organization.
Below we list 5 key actions to effectively manage stakeholders :
Identify your stakeholders
Conduct an analysis that clearly defines or classifies each stakeholder group. It is also essential to determine the potential influence of each group according to their level of relevance.
Understand their needs
Knowing who the most important stakeholders are , you must investigate and discover what they expect from the product or service you offer ; as well as how you can provide solutions to their problems or needs .
Establish effective relationships
To do this, you can ask questions or conduct surveys to find out if they are satisfied with the relationship or what you can do to improve it. Analyze what both parties can do to make things more effective.
Share data and information to maintain their trust
Make sure they know what your plans are . Not only does this create transparency and build trust , it makes it easier for both of you to work together to solve problems and plan responses.
Challenge their decisions and seek feedback
Effective management requires digging into data. You need to gather feedback both internally and externally and change anything that isn't working the way each stakeholder needs.
Do you want to position your company in the market and increase your results? Then you must keep your stakeholders and their interests in mind.
You need to ensure that your key stakeholders are satisfied with what is being done. This way, they will continue to like your company and you will have succeeded in gaining their loyalty.
At IZA Business Centers we offer you a service aimed at boosting your strategies. We provide you with work spaces with the professional yet welcoming image you need to strengthen business relationships and also capture new business opportunities with different types of stakeholders.