Understanding Important Elements in the Stakeholder Management

Stakeholder management or Stakeholder Relationship Management involves maintaining positive relationships with those who have the most influence over your work: the stakeholders. One of the reasons why many projects fail is because of the indifference of the management towards the interests and needs of their stakeholders. The fate of business projects is greatly influenced by key stakeholders, which is why it is important to design project plans by acknowledging and striking a balance between stakeholder needs and vision and systematically planning engagement with them. The advantages of stakeholder management can be felt throughout the entire lifecycle of a project. In this post, we will discuss the important elements in engaging with stakeholders and the steps involved in the stakeholder management process. 


Engaging with Stakeholders

How does your doctor knows that you are ill? You engage with your doctor by sharing the details of your health concerns to find a remedy for good health. The same applies to a business project, if you do not interact with your stakeholders and are unaware of their needs and vision, your business project would not reach the heights of success. As a business you need to constantly monitor and interact with the stakeholders to determine whether they have any concerns regarding any stage of project development. This will help you take necessary steps to resolve problems whenever they arise with the right expertise. When planning stakeholder engagement, deciding ‘how’ you are planning to engage is critical. You can choose the approach in terms of end-to-end meetings and consultations, or mails, video conferencing, and newsletters, based on the priority you assign to your stakeholders.

Steps involved in Stakeholder Management Process

Any strategic stakeholder management strategy is dependent on the nature and size of the project as well as the type of help you need. The following steps are usually involved in stakeholder management:


  • Identifying the Stakeholders: The foremost step in stakeholder management is to identify the list of people who are affected by and are related to your project. These should be the right set of minds that can help your business with inputs throughout its ups and downs. The idea is to find people who are willing to align their approaches, skill sets, and energies with your company’s long-term vision.


  • Analyzing the Stakeholders: Stakeholder analysis in project management involves assessment of identified stakeholders in terms of the power they hold and the level of interest they express in your project. ‘SWOT Analysis’, ‘Power Interest Grid’, and ‘Saunders Daigram’ are some of the methods that will help you categorize them in terms of priority for your business and whether you need to fully engage, or keep them informed, keep them engaged or give minimum effort.


  • Creating a Communication Plan: Once you are thorough with the selection and evaluation phases, now is the time to forge a responsive communication plan. Before you craft a communication plan, make sure to have a stakeholder profile by your side stating their goal, responsibilities, interests, medium of communications, and so on.

Wrap Up

A sound stakeholder management strategy is beneficial for businesses to increase the probability of their success, minimize risks and get the right expertise on projects. If you are looking for a stakeholder management business analyst, consult a leading company that provides comprehensive stakeholder management services by targeting hard-to-reach audiences and front line industry experts.

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