Involving Stakeholders

While all of the stakeholders in your organization are important, not all will have equal impact upon you.

Stakeholders are individuals or organizations that have an interest in how your organization is run. The ready availability of information, especially through the media and the Internet, means that stakeholders have an increasingly strong voice, and some may seek to influence your strategy. It is vital, therefore, to identify and manage your most important stakeholders.

While all of the stakeholders in your organization are important, not all will have equal impact upon you. Stakeholder mapping is a tool that can help you identify and manage the stakeholders that are most influential in you business. Start by identifying every stakeholder that has an interest in your organization. Then look at the names on your list:

• Determine each stake-holder's level of interest in your activities.
• Assess their level of power over your organization.
• Identify who are the most powerful and the most interested stakeholders.

Use this information to assess how important stakeholders will respond to different strategic options, and to plan how to influence them.

ACTION POINT: Know who your stakeholders are as well as their value and influence.