What Do Your Stakeholders Want From You?

Whatever business you are in charge of, it’s important that you are doing all you can to keep your stakeholders happy. If they are not on your side, you might struggle to keep the business running, as they might drop out and suddenly leave you in the lurch. Of course, to keep them happy, you need to make sure that you are aware of what it is that they actually want from you. That might differ a little between individuals and companies, but there are some things which we can be fairly certain of, such as the following.

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Show The Right Cultural Message

Firstly, it is important to your stakeholders that your business is giving off the right cultural image and sending the right message to the world as a whole. That means being on the right side of specific debates such as climate change, for instance: you need to ensure that your environmental reporting is matching up to what your actions are, and that you are doing all you can to help keep the planet safe and in order. If you can give the right message here, your stakeholders will know that they are holding in a business that is likely to be well-respected.

 

Provide Regular Updates

Most of the time, your stakeholders won’t want to have to chase you for information about how you are doing and what the business is up to. You will find that it is hugely important to provide regular updates to them as standard, therefore, so that they always know what is going on and they can understand where things are going. This can be in any form that you think they will find appropriate, just make sure that you don’t make the mistake of not giving them any updates at all.

 

Display An Understanding Of The Big Picture

Despite what some people think, stakeholders are not simply out to make money – most of the time, they have an idea about where they want a business to be headed and what they are going to want to get out of it on the whole. They will therefore always appreciate it if you can display that you have a profound and intimate understanding of the bigger picture, in whatever way you can display that. Showing that you have big ideas about where the business should be heading, for instance, is likely to be well-received.

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Returns

Finally, your stakeholder wants to know that they are getting something out of it. This will certainly include profit, but that’s not the only metric that they will be considering here. Getting the right returns for whatever they are putting into the business is going to ensure that they hang around and continue to invest. Ultimately if you do not give them what they’re after, they’ll go elsewhere, so you should check in regularly to ensure that they are still happy with the returns they are getting from being a stakeholder in your company at the present time.

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