Are your stakeholder relationships genuinely reciprocal?

Working with people who align with your values is essential to running a successful business. Leaders should always keep their future vision in mind and cooperating with stakeholders that match their company culture is part of this.

Don’t shop hungry. If you were in a supermarket at lunchtime, you might buy a chocolate bar to satisfy your hunger. However, this unhealthy snack was not on the shopping list and only offers temporary satisfaction. Similarly, don’t desperately seek new stakeholders who are unaligned to your business’s values; in the long term, they will not help your company improve.

Harmonious stakeholder relationships tend to last longer, this means they can flourish as each party comes to better understand their counterpart’s aims and fears. Trust is built which encourages greater enthusiasm and dedication on both sides. Conversely, suboptimal relationships are more uncertain, requiring greater attention to ensure the correct outcomes are achieved.

It is a misconception that leaders should demonstrate authority and control the dialogue. Confident leaders listen first. In a room full of people an effective leader may choose to speak last; this will give them the opportunity to understand each perspective and shape their response accordingly.

Surrounding yourself with intelligent people is the ideal scenario. Some leaders may feel intimidated by this, but it is important to realise that this wealth of knowledge can only improve the business, and in turn reflect well on their leadership. As an organisation grows in size and complexity, it is impossible to assume that one ultimate authority can hold all the answers.

Many businesses will create ideal customer personas, but do not replicate the same care to on-boarding other stakeholder groups. This seems unbalanced as relationships with employees and suppliers will often last longer. By initially setting a high bar this will ensure that successful applicants will be worth the investment on later, more time consuming, parts of the on-boarding funnel.

Demonstrating your required standards will impress potential stakeholders, who will be eager to work with a well organised company. This presents the twin advantages of one – finding the best possible people, and two – increasing their enthusiasm to impress and excel in a job they consider worthwhile.

Are your stakeholder relationships mutually beneficial? Do you surround yourself with intelligent people and utilise their knowledge? Do you know who your ideal stakeholders are?