Stakeholder alignment is the process of
understanding your stakeholder’s interests and aligning those interests with
your own business objectives.
Your stakeholders are the group of individuals
who are involved in your business. They could be your spouse and/or business partner(s), your
team, and your customers too.
The alignment process gives you and
your team the clarity and focus you need to do what is necessary for your
business to be successful. The process also allows you to better define the
specific target market you’re committed to attract.
You may think that as a sole trader you
don’t have stakeholders...
If this is what you’ve been thinking.
it’s time to rethink... In fact, the need to establish your stakeholder group
and gain their support is greater than ever!
Your key stakeholders could be your
spouse and your family. In other words, your greatest supporters. Imagine what
it would mean to lack their support. This could even lead to your business
failure...
The stakeholder alignment process is also a great
empowerment tool. It serves to get all your stakeholders working together and
delivering on the same common business goal.
What follows is a practical tool for talking to stakeholders
about your business. It could be used in three ways:
1. Understanding Your Stakeholders. Ask
stakeholders the key questions and make a note of their answers. Stakeholder
answers reveal their interests in, and perceptions of your business. When
stakeholders answer the questions differently, you have early warning of
emerging conflicts.
The goal of Stakeholder Alignment is to
get agreement from stakeholders on what the answers to these questions could
be. Note that it is easiest to achieve this agreement at the very beginning of
a business or a project you want to implement in your business– ideally, during
the “Define” Phase.
2. Communicating with Your Key
Stakeholders. It takes skill in communication and negotiation to align
stakeholder interests, particularly when stakeholders have very different
perspectives and needs. Keeping them informed about what is happening in your
business, where you are right now, and where you will see the business going is
critical.
Make
sure your communication also includes those who do not support your business or
project too. Have a shared understanding of the following points:
(i)
What your business or project is doing;
(ii) Why your business is doing it this way.
(iii) Who will judge the business success.
3. Empower your Key Stakeholders. Share
you vision with your key stakeholders. The more they are involved in your
business they easier it will be for you to achieve your business objectives.
Remember,
a team effort is always better than trying to do every yourself.
Want to learn more about Stakholders Alignment in your business?
It’s as simple as 1... 2... 3...
3: Contact Vinh for a no cost, no obligation coaching session:
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