What is something that can drag your company down, even if you have a powerful network, an unbeatable marketing strategy and a mature business process?
Your stakeholder management. If not managed well, stakeholders can drag your company down like a crumbling castle of cards.
Yes, and they’re difficult to manage. The first challenge is that people sometimes make mistakes in identifying their true stakeholders.
A stakeholder is someone who has an interest in your business, who has something to do with your business, or who can affect your business.
Identify your stakeholders, keeping all aspects in mind.
Then classify them using Mendelow’s matrix.
This interesting matrix will help you classify stakeholders based on their power to impact your business and their interest in it.
It is self-explanatory. You should write the name of the stakeholder in the appropriate quadrant and stick this sheet to your desk. I think you can now see how important it is to manage stakeholders. They can make or break your business.
Find out what motivates them and act according to this matrix. This theory is widely used in Project Management but is mostly ignored when managing companies. Personally, I think it is very useful in our lives as well.
This post is a part of Blogchatter A-Z Challenge- #blogchatterA2Z. Check out my A-Z Challenge theme, or read previous posts.