Why Manage Stakeholders?
Stakeholder Management is the process by which you organise, monitor and improve your relationships with your stakeholders.
Companies that have grasped the importance of actively developing and sustaining relationship with the affected communities and other stakeholders are reaping the benefits of improved risk management, increased stakeholder support, and better outcomes on the ground.
Understanding stakeholder concerns and interests can lead to ideas for products or services that will address stakeholder needs, and allow the company to reduce costs and maximise value.
How to Create a Stakeholder Management Plan
A Stakeholder Management Plan is a document that outlines appropriate management strategies to effectively engage stakeholders throughout the lifecycle of the project, based on the analysis of their needs, interests and potential impact on project success.
Be strategic and clear about whom you are engaging with and why, before jumping in, not only helps save time and money, but also helps manage expectations and gain trust.
Questions to be asked before developing the plan:
- What are the strategic reasons for consulting with stakeholders at this stage?
- Who needs to be consulted?
- What are the priority issues (for them and for you)?
- What will be the most effective methods of communicating with stakeholders?
- Who within the company is responsible for what activities?
- Are there any other engagement activities that will occur in the proposed timeframe? Are there opportunities to collaborate to ensure key project messages are consistent and avoid consultation fatigue?
- How will the results be captured, tracked, reported and disseminated?
More on Stakeholder Management
Want to know more about the best ways to manage stakeholders? Here are some useful links for you:
- A definitive guide to Stakeholder Management
- Tips on Best Practice Stakeholder Management
- Essential Guide for Stakeholder Engagement
- How Darzin Software handles some core tasks of Managing Stakeholders
- How to select the right software for managing stakeholders?