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Who are your business’ stakeholders?

By January 1, 2019No Comments

A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organisation’s actions, objectives and policies. ~ Business Dictionary

Understanding who your stakeholders are, and their interests will guide your interaction and communication with them. For example, a decision to increase the cost of your goods/services does not primarily effect your staff. But your clients will definitely be affected.

So, communication to those shareholders must be handled appropriately so that they don’t go to competitors. Now, the same price increase will indirectly effect employees because there may then be an expectation of an increase in salaries and benefits. Government and it’s agencies may assume increased prices equals increase profits therefore taxes and levies should be increased.

These stakeholders must be appropriately managed, with relevant and timely information, to ensure that expectations are well within the business’ ability to deliver on.

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