Stakeholders, Shmakeholders
When managing any type of improvement project one of our greatest assets (and liabilities) are our stakeholders.
These are the people that can influence the rise and fall of our project depending on how positive our relationships with them are and how we manage their expectations and objectives throughout the project.
So why are they so important? And what can we do?
A stakeholder is important because as someone who stands to either gain or lose through your endeavours, they can and will exert influence over the project objectives and outcomes. As such, we must seek to manage this influence and steer them steadily to ensure we stay on the path to success.
Stakeholder management must never, therefore, be an afterthought and must be planned, managed and intelligently guided through and over many obstacles
So here are my ‘Top 5 Tips’ to get you started on managing your stakeholders and steering them through the peaks and troughs of your project:
IDENTIFY
As simple as this sounds, we need a list that is concise and correct. Start by brainstorming your stakeholder list with your team and then ask yourself some key questions to get this into a manageable list. Who are the main people that will be affected (positively or negatively) by your project? Who comes up regularly when discussing the project but is not on any list or structure chart?
UNDERSTAND
Seek to understand and determine their requirements and expectations. Knowing the WIIFT (what’s in it for them) will bring you closer to understanding their own strategy and let you formulate a plan.
ASSESS
Determine the stakeholder’s level of power and influence in the organization as this will have a direct influence on your project. The level of importance, given by an organisation to the stakeholders needs and interests will be key to the success of the project.
MANAGE
Set a strategy to manage their power and influence in relation to the requirements of the project and make sure their level of importance is being taken into account when taking or making decisions.
CONTROL AND STEER
Regularly revisit your stakeholder strategy as their requirements and expectations may have changed over the course of the project. Always manage by facts, validate and avoid politics.
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