{"id":152814,"date":"2023-03-01T07:30:28","date_gmt":"2023-03-01T07:30:28","guid":{"rendered":"https:\/\/startups.co.uk\/?p=152814"},"modified":"2023-10-02T18:36:28","modified_gmt":"2023-10-02T18:36:28","slug":"stakeholder-management-guide","status":"publish","type":"post","link":"https:\/\/startups.co.uk\/people\/management\/stakeholder-management-guide\/","title":{"rendered":"The ultimate guide to stakeholder management"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<strong>When it comes to running a business or managing a project, regardless of your <a href=\"https:\/\/startups.co.uk\/people\/management\/leadership-styles\/\">style of leadership<\/a>, you&rsquo;re never truly operating alone.<\/strong><\/p>\n<p>Your business is part of a bigger picture, and it&rsquo;s accountable to a whole bunch of people and groups. We&rsquo;re talking about your employees, your customers, the manufacturers you buy stuff from, the investors who believe in you, the regulators keeping an eye on things, and sometimes even the general public.<\/p>\n<p>All of these things combined become something called &ldquo;<strong>stakeholder management.<\/strong>&rdquo;<\/p>\n<p><span style=\"font-weight: 400\">In this comprehensive guide, we&rsquo;ll show you how to keep them informed along the task journey, strengthen your relationships, and manage your stakeholders effectively using key strategies and <a href=\"https:\/\/startups.co.uk\/project-management-software\/best-project-management-methodologies\/\"><strong>project management<\/strong><\/a>.<\/span>[\/vc_column_text]<\/p><div class=\"jumplinks-content\">\n <h3 class=\"jumplinks-content-title\">\n In this article, we will cover: <\/h3>\n <ul class=\"jumplinks-content-list\">\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-what-is-stakeholder-management\">What is stakeholder management?<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-key-skills-strategies-and-techniques\">Key skills, strategies and techniques<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-1-define-the-project-scope\">1. Define the project scope<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-2-identify-key-stakeholders-who-are-relevant-to-the-project\">2. Identify key stakeholders who are relevant to the project<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-3-create-a-project-plan\">3. Create a project plan<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-4-communicate-the-plan\">4. Communicate the plan<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-5-utilise-feedback-from-stakeholders\">5. Utilise feedback from stakeholders<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-6-monitor-progress\">6. Monitor progress<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-good-stakeholder-management-benefits\">Good stakeholder management: benefits<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-conclusion\">Conclusion<\/a>\n <\/li>\n <li class=\"jumplinks-content-item\">\n <a class=\"jumplinks-content-link jumplink-anchor\" href=\"#link-faqs\">FAQs<\/a>\n <\/li>\n <\/ul>\n<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-what-is-stakeholder-management\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>What is stakeholder management?<\/h2>\n<p><strong>Stakeholder management is essentially about understanding how to keep everyone who is invested in your business informed and happy. <\/strong><\/p>\n<p>It&rsquo;s about figuring out what all these different people want, what worries them, and what they expect from your project or business.<\/p>\n<p>If you don&rsquo;t have a clear plan to handle your stakeholders, you might lose their support and all the valuable insights they can offer. If you ignore them or don&rsquo;t talk to them properly, it can lead to some pretty serious problems that might put your business at risk. So, it&rsquo;s worth giving it some thought!<\/p>\n<p>Now that we understand what it is, let&rsquo;s get into the strategies.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-key-skills-strategies-and-techniques\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Stakeholder management: key skills, strategies and techniques<\/h2>\n<p><span style=\"font-weight: 400\">You can never have too many skills up your sleeve as a business person, because with new skills comes more potential for the successful realisation of your goals. Below we detail a few of the most important skills to master:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><b>Empathy:<\/b><span style=\"font-weight: 400\"> this skill will allow you to understand the perspectives and feelings of others. Stakeholders may have different interests or concerns from yours in terms of realising a project, and empathy will help you build trust and rapport.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Active listening:<\/b><span style=\"font-weight: 400\"> ensures you will identify the true meaning behind what is being said and take it onboard. For example, setting up a think tank with project-based consultations to garner specific and direct feedback in the development of new products and services. When you do this, you can respond appropriately to any questions or concerns.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Assertiveness:<\/b><span style=\"font-weight: 400\"> this shows people you are confident and clear about your purpose or mission, increasing trust, credibility, respect, and buy-in with your stakeholders.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Negotiation:<\/b><span style=\"font-weight: 400\"> enables you to find mutually beneficial solutions that meet the needs and expectations of all parties involved. Plus, respectfully communicate what is and isn&rsquo;t feasible while also brainstorming alternative solutions.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Time management:<\/b><span style=\"font-weight: 400\"> effectively planning out what parts of your project need completing and when. For example, using a project management system to ensure that the project stays on schedule.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Prioritisation:<\/b><span style=\"font-weight: 400\"> knowing which tasks, elements, or people are the most important. This can be accomplished by using a simple matrix to gauge their interest in your project and maximising the potential support you can garner from them.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Accountability:<\/b><span style=\"font-weight: 400\"> clearly defining accountability is important for stakeholder management because it fosters trust and credibility with stakeholders, and ensures that you are responsible and transparent in your decision-making and actions.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Risk assessment:<\/b><span style=\"font-weight: 400\"> identifying situations, activities, or events that may negatively impact your business or project (including assets, reputation, and profitability) is necessary for effective stakeholder management. This involves analysing the potential risks and developing solutions and <\/span><a href=\"https:\/\/startups.co.uk\/strategy\/business-continuity-plan\/\"><b>business contingency plans<\/b><\/a><span style=\"font-weight: 400\">.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Critical thinking:<\/b><span style=\"font-weight: 400\"> being able to analyse information, insights, and ideas from multiple sources to inform decision-making for the best outcomes.&nbsp;<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-1-define-the-project-scope\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 1: Define the project scope<\/h2>\n<p><b>What is it you&rsquo;re trying to achieve? <\/b><\/p>\n<p><span style=\"font-weight: 400\">Identify the goals and objectives of your project, including the tasks that need to be completed, and the resources that will be required.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Objectives should always be <\/span><a href=\"https:\/\/startups.co.uk\/project-management-software\/smart-objectives\/\"><b>SMART<\/b><\/a><span style=\"font-weight: 400\">. By this we mean specific, measurable, achievable, relevant, and time-bound. This will help ensure that everyone involved in the project understands what needs to be achieved, why, and the timeline for completion.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-2-identify-key-stakeholders-who-are-relevant-to-the-project\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 2: Identify key stakeholders who are relevant to the project<\/h2>\n<p><span style=\"font-weight: 400\">Next, identify your key stakeholders. This could be anyone who has a vested interest in your project; could contribute to its success or failure in some way; or may be affected by your objective, whether it&rsquo;s positive or negative. These could include customers, clients, suppliers, employees, investors, government agencies, regulators, or even local or national community groups.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">To identify these stakeholders, you should consider these questions:<\/span><\/p>\n<p><b>&#128221; Who will be affected <\/b>by this if the project <b>succeeds?<br>\n<\/b><b>&#128221; Who will be affected <\/b>by this if the project<b> fails?<br>\n<\/b><b>&#128221; Who do I WANT <\/b>to be affected by this project?<br>\n&#128221; Who do I<b> not want <\/b>to be affected by this project?<span style=\"font-weight: 400\">&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">In any business, project, or campaign, it will be helpful to consider a portion of your stakeholders as <\/span><b>&lsquo;active&rsquo;<\/b><span style=\"font-weight: 400\">, and the other portion as <\/span><b>&lsquo;inactive&rsquo;<\/b><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The main difference between them is that <\/span><b>active stakeholders<\/b><span style=\"font-weight: 400\"> are <\/span><b>actively involved<\/b><span style=\"font-weight: 400\"> in the project or business goal as they have a part to play in it. This includes employees or people you may need to liaise with to get your project approved, such as building owners or regulators.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Your <\/span><b>inactive stakeholders<\/b><span style=\"font-weight: 400\"> don&rsquo;t have any active responsibilities to play in the execution of the project,&nbsp; including those whose sign-off is required, or who need to be kept informed out of courtesy.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Active and inactive stakeholders will, of course, need different levels of communication. For example, you&rsquo;ll want to focus on the project timeline with your active stakeholders. While creating a plan to provide feedback, launch surveys, or start a PR campaign is for your inactive stakeholders and supporters.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Project management software is an excellent tool to keep track of all these different activities and communication commitments.&nbsp;<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-3-create-a-project-plan\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 3: Create a project plan<\/h2>\n<p>[\/vc_column_text]\n <\/p><div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" preserveaspectratio=\"none\" viewbox=\"0 0 116 6\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n <g stroke=\"none\" stroke-width=\"1\" fill=\"#ea0037\">\n <path d=\"M94.0845406,5.55784045 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C90.1365986,4.01704002 90.0160791,4.03643854 90.1667284,4.05583706 C90.2269882,4.05583706 90.4077674,4.07523558 90.498157,4.05583706 C90.5885466,4.07523558 90.6186765,4.05583706 90.6789362,4.03643854 Z M86.2696559,4.0213508 C86.0888766,4.0213508 85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n <div class=\"highlight-box-headline\">\n \n <span class=\"highlight-box-title\">\n Try Asana <\/span>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-153617\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/Asana.jpg\" alt=\"\" width=\"706\" height=\"402\" srcset=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/Asana.jpg 706w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/Asana-480x273.jpg 480w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/Asana-640x364.jpg 640w\" sizes=\"(max-width: 706px) 100vw, 706px\"><\/p>\n<p style=\"text-align: center\"><b>Pictured: Asana&rsquo;s &lsquo;timeline&rsquo; chart view in action.<\/b><\/p>\n<p><\/p>\n <\/div>\n <\/div>\n[vc_column_text]<span style=\"font-weight: 400\">After engaging with stakeholders, it is important to develop a detailed project plan that outlines the timeline, milestones, and deliverables while still incorporating stakeholder feedback and insights at relevant points.&nbsp;<\/span>\n<p><span style=\"font-weight: 400\">An excellent tool for this is a <\/span><b>Gantt chart.<\/b><i><\/i><\/p>\n<p><span style=\"font-weight: 400\">It is a colour-coded graph that illustrates when tasks need to be completed within overall project timelines. With this, project members can easily spot where conflicts or delays might occur, or where tasks and timelines may overlap and leave employees overwhelmed. This will give you the foresight to have contingencies in place.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">There are multiple ways you can organise a Gantt chart, from different tasks and responsibilities to individuals or entire departments &ndash; you&rsquo;re basically only limited by your imagination.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In our recent assessment of the <\/span><a href=\"https:\/\/startups.co.uk\/project-management-software\/best-gantt-chart-templates\/\"><b>best Gantt charts for small businesses<\/b><\/a><span style=\"font-weight: 400\">, we highlighted <\/span>Asana<span style=\"font-weight: 400\">&rsquo;s &lsquo;Timeline&rsquo; chart as working well for teams that are focused on consistent output as opposed to hard deadlines, such as content production. <\/span><span style=\"font-weight: 400\">The view is drag-and-drop, meaning business owners can change things like the due date of a task with ease.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-4-communicate-the-plan\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 4: Communicate the plan<\/h2>\n<p>[\/vc_column_text][vc_column_text]<span style=\"font-weight: 400\">For this part of the management strategy, we&rsquo;ll need to ensure that all <\/span><b>active stakeholders <\/b><span style=\"font-weight: 400\">are aware of the project plan and their <\/span><b>respective roles and responsibilities<\/b><span style=\"font-weight: 400\">.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Regular communication throughout the project is an essential part of ensuring that everyone stays on track and any issues are raised and addressed in a timely manner. For this, you can use a<\/span><b> RACI chart.<\/b><\/p>\n<p><i><span style=\"font-weight: 400\">A RACI chart is a type of project management software that easily allows you to track individual, team, or departmental roles, responsibilities, and accountabilities.&nbsp;<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">It gives you an overview of people&rsquo;s strengths, skills, and time to benefit the project in the best way &ndash; and ensure delivery within the allocated time frame and budget.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Startups&rsquo; <\/span><b>top recommended platform<\/b><span style=\"font-weight: 400\"> for <a href=\"https:\/\/startups.co.uk\/project-management-software\/best-raci-chart-templates\/\"><strong>building a RACI chart<\/strong><\/a> is <\/span><b>monday.com<\/b><span style=\"font-weight: 400\">, thanks to its modern template design and a high score of<\/span><b> 3.8 out of 5<\/b><span style=\"font-weight: 400\"> for collaboration. It&rsquo;s also one of the most affordable options for SMEs.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lauded for its huge library of over 200 attractive templates, these are all colour-coded with a catalogued, traffic light system so you can get an instant update on the status of a project.<\/span>[\/vc_column_text][vc_column_text]<b>The RACI chart keeps one or more of the designated stakeholders:<\/b><b><\/b><\/p>\n<ul>\n<li><b>Responsible <\/b><span style=\"font-weight: 400\">for completing or fulfilling specific tasks or activities<\/span><\/li>\n<li><b>Accountable <\/b><span style=\"font-weight: 400\">for the tasks or activities, ensuring they are completed to the required standard and within the agreed timeline<\/span><\/li>\n<li><b>Consulted <\/b><span style=\"font-weight: 400\">for their opinion and input before a decision is made or action taken<\/span><\/li>\n<li><b>Informed <\/b><span style=\"font-weight: 400\">of progress or outcomes, but are not directly involved in the task or activity<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-5-utilise-feedback-from-stakeholders\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 5: Utilise feedback from stakeholders<\/h2>\n<p><span style=\"font-weight: 400\">Some stakeholders will have unique skill sets, expertise, or requirements that will be crucial to the successful completion of your project, so you&rsquo;ll definitely need to factor in their input at key stages.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Again, <\/span>project management software<span style=\"font-weight: 400\"> is the best way to record and action stakeholder ideas, insight and input. It also allows for visibility, shows everyone&rsquo;s progress, and keeps them informed about the elements of the project that affect their interests. Here is a guide to the <a href=\"https:\/\/startups.co.uk\/project-management-software\/best-free-project-management-software\/\"><strong>best free project management software<\/strong><\/a> out there right now.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-6-monitor-progress\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Step 6: Monitor progress<\/h2>\n<p><span style=\"font-weight: 400\">This needs to happen continuously and adjusted as necessary. You&rsquo;ll need to track tasks and milestones, identify and resolve issues, assess risks with each step of the plan and, you guessed it, manage the stakeholders (their questions, concerns, and feedback).<\/span><\/p>\n<p><span style=\"font-weight: 400\">Don&rsquo;t be afraid to tweak and change things. As long as you keep any changes communicated with your stakeholders, it&rsquo;s an essential and productive part of moving the project forward.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">You may not always get things right the first time, but you can absolutely allow for course correction along the way.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-good-stakeholder-management-benefits\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Effective stakeholder management: the benefits<\/h2>\n<p><span style=\"font-weight: 400\">Effective stakeholder management is critical for the success of any project and leads to a range of positive outcomes, such as increased engagement, better decision-making, and improved outcomes. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Let&rsquo;s elaborate on these benefits:<\/span>[\/vc_column_text]\n <\/p><div 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93.4369469,5.03977318 Z M64.6758363,6 C64.7963558,6 64.977135,6 65.0072649,6 C65.1579143,5.98060148 64.977135,5.96120296 64.7963558,5.96120296 C64.7059662,5.96120296 64.5854467,5.96120296 64.4950571,5.98060148 C64.5553169,5.98060148 64.6155766,5.98060148 64.6758363,6 Z M90.6789362,4.03643854 C90.5885466,4.03643854 90.4680271,4.01704002 90.3776375,4.01704002 C90.1365986,4.01704002 90.0160791,4.03643854 90.1667284,4.05583706 C90.2269882,4.05583706 90.4077674,4.07523558 90.498157,4.05583706 C90.5885466,4.07523558 90.6186765,4.05583706 90.6789362,4.03643854 Z M86.2696559,4.0213508 C86.0888766,4.0213508 85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n <div class=\"highlight-box-headline\">\n \n <span class=\"highlight-box-title\">\n Benefit: valuable engagement and happier stakeholders <\/span>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><span style=\"font-weight: 400\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-156050\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/fc.jpg\" alt=\"\" width=\"997\" height=\"747\" srcset=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/fc.jpg 595w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/fc-480x360.jpg 480w\" sizes=\"(max-width: 997px) 100vw, 997px\"><\/span><\/p>\n<p><span style=\"font-weight: 400\">When <\/span><b>Disney<\/b><span style=\"font-weight: 400\"> was planning its Shanghai Resort, it engaged with local stakeholders, such as government officials and community leaders, to understand their needs and concerns. This helped ensure the resort was designed and built in a way that was culturally sensitive to the location.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">For example, Disney incorporated elements of Chinese culture and storytelling into the resort&rsquo;s attractions, entertainment, and dining experiences, making them relevant and appealing to the local market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Disney also worked closely with local officials to ensure its resort complied with environmental regulations and prioritised hiring local employees to create job opportunities and support economic growth in the region.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result, the resort became one of Disney&rsquo;s most successful international projects.<\/span><\/p>\n <\/div>\n <\/div>\n[vc_empty_space height=&rdquo;25px&rdquo;]\n <div class=\"highlight-box\">\n <div class=\"highlight-box-decor\">\n <svg class=\"brush-stroke-svg brush-stroke-big\" 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64.7963558,5.96120296 C64.7059662,5.96120296 64.5854467,5.96120296 64.4950571,5.98060148 C64.5553169,5.98060148 64.6155766,5.98060148 64.6758363,6 Z M90.6789362,4.03643854 C90.5885466,4.03643854 90.4680271,4.01704002 90.3776375,4.01704002 C90.1365986,4.01704002 90.0160791,4.03643854 90.1667284,4.05583706 C90.2269882,4.05583706 90.4077674,4.07523558 90.498157,4.05583706 C90.5885466,4.07523558 90.6186765,4.05583706 90.6789362,4.03643854 Z M86.2696559,4.0213508 C86.0888766,4.0213508 85.9080974,4.0213508 85.7273182,4.0213508 C85.546539,4.0213508 85.4260195,4.04074932 85.4862792,4.04074932 C85.6369286,4.04074932 85.8478377,4.06014784 86.0286169,4.06014784 C86.1792662,4.06014784 86.2696559,4.04074932 86.2696559,4.0213508 Z\"><\/path>\n <\/g>\n <\/svg>\n <\/div>\n <div class=\"highlight-box-headline\">\n \n <span class=\"highlight-box-title\">\n Benefit: time invested in the right places <\/span>\n <\/div>\n \n <div class=\"highlight-box-content\">\n <p><b><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-156051\" src=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/PG-innovative-strategy.jpg\" alt=\"\" width=\"1029\" height=\"697\" srcset=\"https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/PG-innovative-strategy.jpg 1330w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/PG-innovative-strategy-480x325.jpg 480w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/PG-innovative-strategy-640x433.jpg 640w, https:\/\/images.startups.co.uk\/wp-content\/uploads\/2023\/03\/PG-innovative-strategy-768x520.jpg 768w\" sizes=\"(max-width: 1029px) 100vw, 1029px\"><\/b><\/p>\n<p><b>Procter & Gamble (P&G) <\/b><span style=\"font-weight: 400\">launched its &ldquo;Connect + Develop&rdquo; program in 2001 to tap into external stakeholders for innovative product ideas and collaborate on research and development. The program invited anyone with a new product idea to submit it to P&G for review, regardless of whether they were an established supplier or a small startup.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">This open innovation approach helped P&G expand its pipeline and identify new growth opportunities.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">One of the most successful outcomes of the program was the development of the Swiffer, a cleaning product that revolutionised P&G&rsquo;s home cleaning offering. <\/span><\/p>\n <\/div>\n <\/div>\n[vc_empty_space height=&rdquo;25px&rdquo;][vc_column_text]\n<h3>Benefit: improved communication and better understanding of needs<\/h3>\n<p><span style=\"font-weight: 400\">Proper stakeholder management can also improve project outcomes, as businesses can ensure that they are delivering on stakeholder needs and expectations. This can lead to higher levels of satisfaction, loyalty, and repeat business from customers, as well as reduced risks and costs.&nbsp;<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-conclusion\"><\/div>\n<\/div>\n[vc_column_text]\n<h2>Conclusion<\/h2>\n<p><span style=\"font-weight: 400\">While communication, organisational and analytical skills are all essential when it comes to stakeholder management, you will also need the <\/span><a href=\"https:\/\/startups.co.uk\/project-management-software\/best-project-management-software\/\"><b>best project management software<\/b><\/a><span style=\"font-weight: 400\"> to help you balance competing needs, voices, and resources, prioritise essential activities, and monitor progress. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Combined, these will ensure the best chance of achieving the desired outcome as well as keep your stakeholders happy.&nbsp; <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]<\/p><div class=\"jumplink-anchor-section\">\n <div class=\"jumplink-anchor-pointer\" id=\"link-faqs\"><\/div>\n<\/div>\n<div class=\"faq\">\n <span class=\"faq-title\">\n Frequently Asked Questions <\/span>\n <ul class=\"faq-list\">\n <li class=\"faq-item\">\n\n <span class=\"faq-question\">\n What is stakeholder management? <\/span>\n\n <div class=\"faq-answer\">\n Stakeholder management is how you maintain relationships with the people who have the most influence on your business or project &ndash; such as employees, customers, suppliers, investors, regulatory bodies &ndash; and even the general public. <\/div>\n<\/li>\n\n\n<li class=\"faq-item\">\n\n <span class=\"faq-question\">\n How does stakeholder management benefit my small business? <\/span>\n\n <div class=\"faq-answer\">\n The main benefit of stakeholder management is to make the most out of your workforce. It&rsquo;s there to make sure you identify everyone's strengths and capitalise on their skills by giving them the right tasks. This ensures everyone knows what they're working on, why, and how they can achieve their goals. <\/div>\n<\/li>\n\n\n<li class=\"faq-item\">\n\n <span class=\"faq-question\">\n What techniques should I use for stakeholder management? <\/span>\n\n <div class=\"faq-answer\">\n A good strategy would be to identify key stakeholders that are relevant to the business, engage with stakeholders effectively, and utilise this feedback in your decision-making processes. <\/div>\n<\/li>\n\n\n<li class=\"faq-item\">\n\n <span class=\"faq-question\">\n What skills are important for successful stakeholder engagement? <\/span>\n\n <div class=\"faq-answer\">\n For stakeholder management, you will want to use a good combination of your communication, organisation, planning, evaluation, and analysis skills &ndash; as well as good project management software. <\/div>\n<\/li>\n\n\n <\/ul>\n <script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is stakeholder management?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Stakeholder management is how you maintain relationships with the people who have the most influence on your business or project \\u2013 such as employees, customers, suppliers, investors, regulatory bodies \\u2013 and even the general public.\"}},{\"@type\":\"Question\",\"name\":\"How does stakeholder management benefit my small business?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main benefit of stakeholder management is to make the most out of your workforce. 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Your business is part of a bigger picture, and it&rsquo;s accountable to a whole bunch of people and groups. We&rsquo;re talking about your employees, your customers, the manufacturers you buy stuff from, the [&hellip;]<\/p>\n","protected":false},"author":91509,"featured_media":156056,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3341],"tags":[4564,4369],"acf":[],"yoast_head":"\n<title>The Ultimate Guide To Stakeholder Management Right Now<\/title>\n<meta name=\"description\" content=\"From understanding motivations of stakeholders to identifying conflicts, we explain how to manage the intricacies of stakeholder management.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/startups.co.uk\/people\/management\/stakeholder-management-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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