- Stakeholders Management
When you are planning to set off on a brand new entrepreneurial ride and look around for contacts to help you make your journey less stressful, remember that all these people who assist you in some way are actually betting on you. Each of them has their own interest in your business venture and that is why they become a significant part of your entrepreneurial story. A stakeholder is basically an individual who has some vested interest in your organization and has the capability to affect it. In fact, even he/she can be affected by the happenings of your organization. So let us understand such stakeholders in a detailed way. Go on to read about the main classes of people who hold a stake in your business.
A list of the chief stakeholders in your business
Below we have listed a set of six main stakeholders that are present in any business organization. Take a look at them.
When you think of investments, the only idea striking you will definitely be financial return! That’s right, investors hunt for potential businesses with the main target of enjoying stable and high returns in the coming years. However, this is not the only goal of every investor in town. Once an individual invests in your company, he/she also gets to enjoy some rights that will majorly affect your organization’s affairs. Investors have voting rights in Board meetings, for example.
Your workforce primarily may only work in order to earn a sustainable livelihood. Besides, your employees will prefer to work on projects wherein they can contribute their maximum effort and can utilize their skills and capabilities to the utmost potential. They want to work for ventures that they can relate to on a personal level. Another huge factor that affects them is the brand image and reputation of the organization they are associated with as employees.
Your business is technically going to fail if you don’t have enough customers approaching you on a serious note. You are working hard to capture the market and bring innumerable customers under your brand’s umbrella and successfully compel them to buy your products or try your services. If a customer decides to purchase from you, they are interested in the product you are selling, hoping that it will provide them with maximum utility and will deliver value in their everyday life.
Your creditors are primarily banking authorities and financial institutions from whom you can borrow money to start your business plan. Most individuals attempt to opt for a short-term or long-term loan from banks in order to have adequate funds to set off on their ventures. So if you owe money to any such entities, they are your creditors and will be interested to know about your genuinity and credit worthiness. They ultimately want to make sure that you are trustworthy enough to return them all their due money along with complete interest payments.
Suppliers and vendors shoulder the responsibility of providing you with the material resources you need in your business projects at reasonable rates. They have an interest in your business as they simply want business. Moreover, if you owe any previous bill dues to your suppliers, they are again cautious about whether you have a decent credit score to clear their outstanding amounts.
The government is not directly linked to you as a business entity. The major area of interest of the government authorities in your business is taxation. It primarily involves collecting taxes from you and your employees on time.
The bottom line
As the leader of your organization and an individual entrepreneur, you are the torchbearer of your business venture and are an example for many. As you pave your path, you can’t just think about yourself. You are accountable and answerable to many other people who have helped you stand on your feet in some way or the other. Thus, you have to consider their expectations from your organization seriously and strive to satisfy them.