I was told that the students are about to graduate from the university so I thought instead of circumnavigating my insights on business management and related theories, I jumped to make an event a rather informal and decided to understand their views on business management.
After a brief conversation with the young managers and their understanding on business management, I decided to take a brief session on how to manage stakeholders. Following are the excerpts from the talk:
- Stakeholder is a person, group of persons or an entity with whom the organization is directly or indirectly involved with to do business
- Every organization has different types of stakeholders and the action taken by any of the stakeholder may impact the organization's results
- Every stakeholder be it primary stakeholders like employees, customers and investors and secondary stakeholders like Government, community and business support group has a set of expectations
- A business manager or a project manager is responsible for delivering or managing the expectations like goals, engagement and outcomes of the stakeholders by engaging in regular and outside of the schedule meetings
- A business manager should bring strong problem solving skills to the table to solve key stakeholder problem and their interests
- Whenever business manager encounters an issue with a stakeholder he should communicate the plan and the solution being taken to solved out the issue.
- A business manager should make sure to keep in touch with all the stakeholders either personally or through virtual format and the contacts of the key stakeholders should be accessible with business managers at any given time.
At the end I concluded my talk by advising managers to build a trust based relationship and should share keep them engaged with the vision and the mission. If you have any other thought or insight, share it with the readers through comment section.