If the last year and half has taught us anything, we know more than ever before that we are living in a VUCA world - volatile, uncertain, complex and ambiguous. And that doesn’t just affect national and multinational companies, it affects not for profits and small-medium business too. The only way to stay relevant, profitable, and competitive is to heed the advice of the late Professor Reg Ravens and ensure that “your learning is greater and faster than the speed by which your environment is changing around you.” Otherwise, as Professor Ravens explains, you are on the “Darwinian road to extinction”.
How do we manage stakeholder expectations?
We are in a much better position to add value when we clearly understand what is required from our stakeholders. Our stakeholders are anyone who is impacted by the product or service we are providing, whether it is our Board of Directors, CEO, VP or directors, management team, employees, suppliers, customers or clients, or the community at large.
How do we know what our stakeholders require?
We need to ensure that we are all in agreement as to who our stakeholders are. Is there a stakeholder group that we have not identified? Each team in your business or organization needs to consider who they need involved to successfully accomplish their work.
We need to understand the quality of relationships that we have with each stakeholder group and the importance of each group to our success as a team and as an organization.
We need to understand what our stakeholders expect from us. Without this, we lack a clear purpose and the ability to measure our success.
Each stakeholder group is likely to have different requirements and expectations of the team. It is critically important to understand and evaluate our relationship with each group individually.
Take a moment to consider how your team defines, negotiates and executes the expectations and requirements from the different stakeholders that it serves. What is working well, what can be improved? How can you gather better feedback from all your stakeholders?
Judy is a Certified Executive Coach (Royal Roads University), a Chartered Professional in Human Resources (CPHR Manitoba), a Certified Management Consultant (CMC Canada) and an FCPA, FCA. She is a Certified Myers Briggs Practitioner. She is also certified in DiSC and Motivators through TTISuccess Insights and in Emotional Intelligence (Eqi2.0 and Eqi360) through MHS Assessments. Get in touch with Judy through her website or connect on Linkedin.