Stakeholder Management.

 To understand stakeholder management, first we will need to understand what a stakeholder is.

To simply explain this, it is a person or a group of persons who has a certain interest in something particularly the matters of an organization. They can affect of get affected by the matters of the company. They can particularly be the investors or sponsors, employees, suppliers and customers however according to modern theories it can also include trade association, government and community.

They are further divided into two categories i.e. internal stakeholders and external stakeholders.

Internal Stakeholders:

The people who are greatly affected by the outcome of the business are internal stakeholders.

External Stakeholders:

They are a little hard to identify because they do not have a direct link to the matters of the company or the outcomes of the business but they are somehow related to the operations of the business. If we take an example of the Government, it does have an influence over the business because they make rules about the things a company can or cannot do and that impacts the operations. Similarly community does not have a direct impact but is greatly impacted by the operations of the company if the operations of the company is disturbing the environment the community lives in i.e. wastage or carbon emissions.

Defining stakeholder management:

It is a process of maintaining good relationship with people who are interested or affected by your business. To keep them on board, communicating with them in the right way is very important.

Stakeholder Management depends upon a few key principles:


1. Communicate.

2. Consult, early and often.

3. Remember, they’re only human.

4. Plan it! 

5. Relationships are key.

6. Simple, but not easy.

7. Just part of managing risk.

8. Compromise.

9. Understand what success is .

10. Take responsibility.

Why is stakeholder management important?

There are a plenty of reasons why it is important to manage your stakeholders, some of them are:

l Reputation.

l Competitive advantage.

l Corporate governance.

l Risk management.

l Social license to operate.

All of these factors are important for a business and its undergoing projects and can be used as a good impact.

Develop stakeholder strategy:

Many important factors should be kept in mind while dealing with stakeholders. We need to develop a proper strategy in order to make sure that we are getting what we need from the stakeholders for the good of the business.

How we manage our stakeholders depend upon the:

l The complexity and size of the project.

l The exact amount of help needed in order to get your project done.

l The time you can spend on communication in order to get things right.

How to manage everything related to stakeholders?

1. Summarise Each Stakeholder's Status.

2. Decide What You Want From Each Stakeholder.

3. Identify Your Key Message to Each Stakeholder.

4. Identify Your Stakeholder Communication Approach.

5. Implement Your Stakeholder Management Plan.

You can get a very effective course online which contains realistic questions regarding project management online through this link:

https://www.udemy.com/course/pmp-1000-exceptionally-realistic-practice-questions/?referralCode=76C41F5D52C04501C54E

Resources:

https://twitter.com/EllaJohnson1199  

https://www.facebook.com/traininghub11/

https://www.instagram.com/_training_hub/

https://www.tumblr.com/blog/thetraininghub 

 

 

 

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