Whether they are inside, outside, removed or closely involved—stakeholders have the insight businesses need for long-term growth and sustainability.
If they are a stakeholder, they have a connection with you.
And like any other relationship, they need to know their connection, time and opinions are valued.
It often takes an open mind to find what works for you and the stakeholder.
Finding this place of mutual benefit can lead to business growth and longevity.
We’ve broken down our approach to nurturing stakeholder relationships for meaningful engagement.
Once you really understand this, you’ll start to notice the cycle of impact between the stakeholder and your business. And, this is partly why we begin to engage with stakeholders—to understand how different groups are responding, reacting or behaving.
Now, go deeper to really understand the nuances of your stakeholder groups.
Your engagement plan should be detailed enough to allow for different levels of accessibility, and demographic and cultural considerations. The better you nuance, the greater the feeling of respect and care you’ll engender.
There are varying degrees of impact across the common types of engagement—inform, consult, involve, collaborate and empower. Every impact is a win for you.
By inviting stakeholders to provide advice and guidance, you are showing interest and genuine regard for their opinions.
A healthy and productive conversation is two-way. We pursue positive and productive conversations with stakeholders because we need to understand stakeholder perspectives, and we need to hear it from them.
The conversation will close, but the relationship isn’t over. Stakeholders have given their time, effort and reflections. It’s your turn to respond with accuracy, timeliness and balance.
The truth is, these conversations take patience, a steadfast commitment to values, sometimes sacrifice, and always an open mind.
At NWO, we care about stakeholder engagement because we regularly witness the impact it has on the health of businesses and organisations.
Is it important to you?