What is Stakeholder Relationships?
Stakeholder relations can be described as building useful relationships with third-party groups and individuals with common interests. Stakeholder relations are extremely beneficial for businesses and organizations as it builds a network of credible voices to the organizations/businesses issues, products or services. More often than not, organizations/businesses fail to get their desired message across because of a lack of credibility. Stakeholder relations amplify the organization’s voice and as well as the issues, products or services they are advocating for. By investing time in stakeholder relations, organizations can reach the right audience with the desired message.
Certain groups will amplify the voice of any organization/business. This is dependent on the type of message the business would like to get across. Potential stakeholders could include but not limited to business associations, industry associations, government, academia and environmental groups. Stakeholder relationships can be done at a regional, national or local scale. This would be dependent on how far the organization wants to cast its net. Partnering with third-party organizations, such as Irvine Partners, can be extremely advantageous as it could help influence decision-makers and demonstrate widespread support for the organization’s position. Creating a network of supportive and credible third party organizations can protect the reputations of organizations and businesses.
How can companies do this?
Organizations need to invest time in cultivating stakeholder relations as their relations don’t happen overnight. There are several steps that the organization must follow before the introductory meeting. Organizations need to identify stakeholders and what role each stakeholder will play in the advancement of their goals. They must also set desired outcomes and which stakeholders will fulfil these roles. Transparency is extremely important when creating third party relationships. Therefore, stakeholder communication is key. Organizations must make good on their promises to stakeholders.
It will also take time to educate stakeholders on the organization’s position and establish a common ground based on trust. Establishing common ground with stakeholders and creating mutual wins for the parties’ involved can develop and accelerate the advancement of the organizations/businesses goals.