Undoubtedly, the pandemic has caused uncertainty among businesses and stakeholders. Many worry about how their businesses will endure economic turmoil. The responsibility to make sure stakeholders are still prioritized falls on the organization and is a vital factor in keeping business booming.
11 thought leaders have shared ways to demonstrate a stakeholder-centric higher purpose and describe initiatives to help stakeholders feel secure in the new normal.
Turn the Crisis Into a Positive
We have a project with 12 team members, four from our organization and eight independent entrepreneurs. We are designing a program for individuals who wish to turn this crisis into an opportunity to positively affect others. One of the challenges is to assure all our members are clear on each other’s expectations for the overall success of the project and each other.
Dr. Bob Ruotolo, Quantum Performance Institute
The promotion of a technological vision helps people apply new tech to solve problems. Giving stakeholders the opportunity to use technology and innovation to add value to the company will cultivate a stake-holder centric culture.
Megan Chiamos, 365 Cannabis
Form an Inclusive Environment
Foster an inclusive environment where all stakeholders feel that they have a voice and that their decisions will make an impact on the company. This will give your stakeholders a sense of purpose and make them feel like they belong.
Zack McCarty, Qwick
Reevaluate Who You Are and Where You Want to Go
I adjusted my pricing structure and lowered prices by as much as 50%. I am offering resources to inspire, including a free mastermind group platform and structure, to those that qualify. We team up like-minded individuals, so they have their own “board of directors.” Mastermind teammates support each other by asking questions, offering insights along with giving feedback to align their goals and habits with their vision. It is a Non-profit, called Focusfour.org.
Mark Jamnik, Enjoy Life Daily
Educate Your Stakeholders
Having a safer environment for employees to operate should be a goal of every business. Encourage all stakeholders to embrace continuous learning and the exchange of knowledge to find a higher purpose during these hard times. Reaching out to thought leaders or improving skills by taking classes will allow stakeholders to add value back to the company.
Henry Babich, Stomadent Dental Laboratory
Share at No Cost
The main way I am demonstrating my stakeholder-centric purpose is taking webinars on the COVID-19 assistance programs, and sharing it with my clients at no cost. I want them to be successful during the pandemic, so I can be successful when it is over.
Joanne M Elsen, CPA PC
Invest in the Next Generation of Leaders
We are focused on the next generation of civic leadership during this crisis and we’re thrilled that we’ve had more applicants than ever for our next cohort. As we’ve all seen, it’s leadership that will or will not guide us through these times.
Tammy McLeod, Flinn Foundation
We’re Communicating More, Not Less
I think when panic strikes a lot of business owners get distracted by all there is to do and forget communication. Communication is more important than ever in the midst of a pandemic. Showing your stakeholders you are adaptable, resilient, and up to the challenge requires consistent communication. Then, it’s all about following through to build trust.
William Daniel, Nonprofit SEO Agency
Keep a Steady Line of Communication
You must keep stakeholders communicated with. Ultimately, you would not be in the position you are in without them, so making sure they are updated helps everyone in the situation. Putting them at the focus for updates means you can keep them happy, and keep the leaders of the company happy.
Andrew Roderick, Credit Repair
Be Radically Accessible
In the midst of COVID19 and all the working from home, keeping and growing relationships between teammates, with customers, with vendors and other stakeholders, has never been more challenging. All the little things we used to do to stay in touch – random office conversations, coffee and lunch meetings, swinging by their office, and industry events are all out the window. So becoming more accessible – even in a radical way – is a ‘must’ during this new normal. With my branding agency, Resound, we’ve been running a new program to our leadership to be as accessible as possible to ourteam, vendors, and clients: COVID19 Office Hours. We have set aside several hours every day – our open office hours – that anyone can book a half-hour of time to meet and talk about anything. It has been a fantastic tool for maintaining and growing our relationships and keeping everyone just a little more sane in challenging times.
Mike Jones, Resound – Branding Agency
Invest in Social Work
At our business, we have long maintained a good karma program whereby we donate 15% of our profits to non-profit groups that work to supply clean drinking water in developing countries. Since the onset of COVID-19, we have advised our customers that we will be donating these profits to charities supporting coronavirus relief efforts. Also, during COVID-19, we have offered special discounts for nurses and doctors on the front lines. To us, the social enterprise component of our business gives us greater purpose and meaning, and we wouldn’t give it up for anything.
Jessica Rose, Copper H2O