Seven Stakeholders Every Company Should Try to Please

Seven Stakeholders Every Company Should Try to Please If you would like to be successful in business, it is important that you pay attention to the relationships your brand builds with different stakeholders. Keeping in touch with various stakeholders who have an interest in the operation of the company will help you maintain your reputation and create a positive brand image. Many authors and business experts focus too much on one of the most important group of stakeholders: customers. Other groups, however, are just as important if you would like to plan for growth and gain commitment. Find out more below. 1. Customers Of course, customers should be taken care of first, as they are the direct beneficiaries of the company’s activities. When you design a product and set the pricing strategy, delivery method, and quality requirements, you are trying to please and impress your potential customers. However, as your market share increases, the demographics of your customers will change, and you will need to check with them to make sure your company is still able to meet their requirements. 2. Business Partners Your company might also be dependent of its business partners. If you are renting an office from another company or have a financial agreement to fund your project with another business, it is important that you are maintaining a positive relationship. Good partnerships are built on reciprocity, so you will always have to check whether or not there is a balance between what you give and what you get. Check with your business partners whether they are still happy with the agreement you have, so you can plan your business long term. 3. Employees Your employees are the most productive part of your business, and in some cases they will be the face of your brand. If you respect them and keep your workers happy, they will be more committed to the business, and they will be more motivated to do a good job. If you don’t yet have a detailed reward and recognition program at the workplace, it might be time to sit down with your workers’ representatives, so you can find out how you can meet their needs and help them achieve their full potential. 4. Government Authorities It is always a good idea to stay on the right side of the law. Most businesses in the 21st century are regulated, and need to comply with legislations set by industry organizations and government authorities. If you are unsure whether or not you are doing the right thing, it is better to check before you make a decision than receiving a fine and seeing your reputation getting ruined. Most government agencies have designated services for businesses to obtain information and advice. Make use of them, and show your willingness to comply with the law. 5. Shareholders You might be asking yourself what is a shareholder. A shareholder is simply a person or a business that owns a proportion of the company. If your firm is publicly trading, you can start selling shares in the company. In some cases, companies reward and motivate their employees with granting them shares in the firm, so your employees will be your shareholders. No matter who they are, they are looking for guaranteed growth and solid performance, so they can see their investment grow. Your aims are aligned, so you should increase your profits and remain compliant to  keep your shareholders happy. 6. Communities Companies should also take their responsibilities for communities seriously. If you are using any resources, or provide employment in the local area, it is important to build positive, meaningful relationships. Listen to what community leaders have to say and try to create shared projects. Whether you are willing to allow the public to use your open space for events, or would like to support a donation campaign for a local cause, your brand’s reputation will increase, and your community will be more likely to accept you. 7. Suppliers Many manufacturing and retail businesses also depend on their suppliers. If you communicate your standards and requirements regularly and clearly, you are more likely to have solid relationships with your suppliers, and will not be let down by them. There are several ways you can collaborate with your suppliers: providing training,  offering support, or sharing information or resources. Whether you own a small accounting firm or a national retail business, you need to take into consideration the values, preferences, and interest of your stakeholders. If you look after these groups, they are more likely to support and help you in the future.