What is one way that you will engage and/or support all of your stakeholders this year?
To help you discover the best ways to engage with your stakeholders, we asked conscious business owners and leaders this question for their best insights. From managing expectations to choosing the right communication plan, there are several ways businesses are engaging with stakeholders. Their answers may help your business improve its stakeholder support strategy in 2022.
Here are 11 ways to engage with stakeholders this year
- Manage Expectations
- Provide Valuable Resources
- Listen and Identify Stakeholder Needs
- Engage in Giving Back
- Using Data to Involve Stakeholders in Decision-making
- Push for More Business Without Hiking Rates
- Get Everyone On Board to Create a Long-term Growth Plan
- Think Like a Reporter
- Host “Recharge” Days to Improve Mental Health
- Provide Monthly Reports
- Have the Right Communication Plan
Manage Expectations
I don’t like to overpromise and underdeliver, as that can seriously damage the trust that is essential in stakeholder relationships. I think it’s important that everyone understands any challenges we’re facing, so I am in constant communication with stakeholders to manage expectations. If everyone knows what’s possible and what isn’t, and why I make certain decisions over others, we can all stay on the same page.
Eric Blumenthal, The Print Authority
Provide Valuable Resources
Placing a child for adoption is not a decision ever taken lightly. Our supportive staff and resources are available for expectant mothers so they can make the most informed decision possible for themselves and their babies. We provide the resources and adoption education needed to ensure that mothers can make the best choices. We are dedicated to empowering expectant mothers throughout the entire adoption process and walk with them every step of the way.
Kenna Hamm, Texas Adoption Center
Listen and Identify Stakeholder Needs
When I talk with my stakeholders, I approach these conversations earnestly. I really listen to what they have to say and show that I’m paying attention. I find that clear communication is the key to identifying and providing what stakeholders need. That’s the path I’ve taken in the past and will continue to follow this year.
Vicky Franko, Insura
Engage in Giving Back
Stakeholder engagement has risen as a top priority in business, particularly over the past year. Taking time to connect, educate and activate these valuable partners can reap big rewards long-term, both for your business and for your community. Consider engaging your stakeholders in your corporate citizenship efforts. Look at opportunities where you might join forces to raise funds for a worthy cause, or galvanize this group through volunteer offerings, whether these offerings are online or in-person you’ll be serving as a connector for positive change. By engaging stakeholders in your giving efforts, you are forging a more authentic, meaningful bond, and enduring bond.
Tyler Butler, Weedmaps
Use Data to Involve Stakeholders in Decision-making
Data is key in making any organizational decisions in the modern age. With proper data visualization, presentation and interpretation, it is possible to engage stakeholders in the most crucial decision-making for the firm. At CocoFinder this year, we are working with data scientists more thoroughly to ensure that we can leverage all the data points we have in our organization to help engage stakeholders more in decision-making.
Harriet Chan, CocoFinder
Push for More Business Without Hiking Rates
As stakeholders of businesses continue to suffer on the financial front, one way to make your way back to profits and growth is to push for more work and orders while keeping your prices the same. This way, you offer value to customers and tell them that you understand existing financial challenges and do not wish to add to their burdens. At the same time, in pushing for more business, you rake in more revenue. And this tells investors and other financial stakeholders that you are also concerned about their economic well-being. At the same time, the resulting acceleration in business — possibly, new responsibilities and recruitments too — also relays a message to employees and managers that everything is alright as far as business, operational, and organizational stability are concerned.
Jase Rodley, Jase Rodley
Get Everyone On Board to Create a Long-term Growth Plan
The current challenges in business are universal, and as organizations continue to suffer, it is essential to try different approaches. One way to boost the confidence of stakeholders is to invite onboard every stakeholder and provide them the opportunity to work out a growth plan that goes beyond the present and concentrates on long-term prospects. This approach has two benefits. Firstly, it allows every stakeholder to contribute to real-time solutions, promotes transparency, and welcomes proactive participation. Secondly, it helps stakeholders turn their attention to positive outcomes in the future rather than only worrying about unavoidable short-term downturns.
Krista Haws, Dripped Coffee
Think Like a Reporter
For people to engage with you, you need them to hear about you first. In this era of information overload, thinking like a reporter is the best way to get your message out there — come up with a catchy headline, pitch it the right way, and then see where it goes from there. Make sure you know your reader, offer something compelling, and see results. We think about our content like a reporter would — in an easy-to-digest bite-sized chunk of text diversified with images and videos. People are always looking for great content, especially when it’s helpful.
Chris Thompson, Backdoor Survival
Host “Recharge” Days to Improve Mental Health
One of our key points of emphasis this year will be supporting the mental health of our team members. Covid has been incredibly stressful on people, both personally and professionally. So in an effort to buoy spirits and provide some relief, we plan to hold recurring, monthly days off to recharge our batteries. The plan is that the third Wednesday of every month will be a “recharge” day, where every employee gets the day off paid to mentally recharge. Our hope is that these days give employees something to look forward to, and that they will actually use these breaks for self-care. After all, a happy, positive workforce is a productive workforce, and employee mental health is a cornerstone of achieving that state.
John Ross, Test Prep Insight
Provide Monthly Reports
One way that we will engage and support all of our stakeholders this year is provide monthly reports on our company’s progress and performance to all stakeholders. Instead of just doing quarterly updates, we have enhanced this program to provide monthly updates to all our stakeholders each month. As we approach the launch of our product, we will continue to work towards getting new preorders and invest in our SEO to improve our business. This is just one way that we plan to engage and support our stakeholders this year.
Amaury Kosman, Circular
Have the Right Communication Plan
For effective communication, it is essential to create a clear and concise stakeholder communication plan. The goal should be to be proactive, to know the stakeholders, and to share the right information at the right time. Various sources of information such as newsletters, PR, and direct dialogue must be leveraged on a regular basis. A communications manager can be appointed for this purpose.
Jazz Gill, SPARBAR
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