Relationship Building – Influencing Stakeholders
The building and sustaining of relationships is important for business success. Our 7 steps to successful relationship building highlight the importance of stakeholder analysis and understanding. We combine this with the application of appropriate influencing styles to suit specific stakeholder values and needs to support improved and sustainable business performance.
1. Identify stakeholders – Who are the people and groups affected by your business and what you do? By engaging with the right people and groups in the right way you can make a big difference to the achievement of goals and outcomes.
2. Analyse relative power - Which people/groups are important to your value creation process[1]? Conduct a power- interest[2] analysis in order to understand the degree of their power over your organisation and their interest in your business.
3. Identify appropriate influencing styles –Use of the push/pull framework[3] offers a range of alternative influencing styles to suit different stakeholders.
4. Tailor strategies – By combining the power/interest and push/pull analyses, strategies can be tailored to suit each stakeholder or stakeholder group.
5. Prioritise actions to achieve quick wins and develop a forward strategy to ensure stakeholder satisfaction and achievement of organisational goals on a short, medium and long term basis.
6. Implement – importance of designated responsibilities for implementation, monitoring and evaluation. Constant review is needed to take account of the changing status of stakeholders and groups over time as the busines environment changes.
7. Gather feedback and refine strategies to support continuous improvement in stakeholder relations.
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