Stakeholder analysis is a vital part of strategy development & implementation.
Your company’s #stakeholders are the people, groups, & other entities that affect your company’s ability to #execute its strategy — they could be from inside or outside your organization.
Identifying your stakeholders, their needs, & their motives will help you tailor your #reporting to ensure that everyone is on the same page.
If you have more than one stakeholder group, customize your #communication strategy for each one.
Start with these groups:
1) Identify those stakeholders that will have the most to say about your strategy, both negative & positive – this group will be the most outspoken of your #strategy & can heavily impact others
2) Find key stakeholders that can make or break your strategy given their decision-making power & authority – these people can give you the resources you need to succeed or block your requests
3) Seek out stakeholders that will champion your strategy, regardless of their role or level of authority – they will have a massive influence on your #success
These three groups all significantly impact your strategy, so customize your messaging & reporting appropriately.
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