The Concept of Stakeholders

Everyone has stakeholders, whether you own a business, hold a job or run a household.   Stakeholders are beyond your employees, shareholders, partners and include your vendors, your customers, your relationships and every entity you influence.     Stakeholders are everyone that has a ‘stake’ in your activities (and hopefully success).

One approach to business is to make sure your stakeholders succeed, grow, improve and are aptly rewarded.   If everyone around your succeeds, then your goals and success can be reached more rapidly, often in a more emotionally satisfying way .   On the other hand, if you try to minimize rewards or attempt to manipulate your stakeholders to your advantage this can backfire quickly and you will find yourselves facing your challenges from a very lonely position.    “Paying the bare minimum for retention” or “Squeezing every penny out of each contract” or can many times be detrimental to your overall mission.

What kind of strategy do you use?