Suggestions to develop and maintain relationship with identified stakeholders

For any business to succeed, stakeholders must be well taken care of. These are your clients, suppliers, partners, investors, employees and the broad community who have an interest in your business. When a stakeholder is not taken care of, the effects can be felt in various parts of the business.

Building strong relationships with stakeholders and maintaining them takes effort, time and a well thought out action plan. Below are six tips you can use both to build and maintain healthy stakeholder relationships.

1. Actively build strong relationships from the start

You know what you would like to achieve, and you know what it will take to achieve that vision.

Share this vision with your stakeholders on a more regular basis than you typically would. Don’t wait for structured meetings, use every opportunity you have with them to get them on the same page.

2. Involve your stakeholders

Yes, it may be your vision but remember its execution and success depends on how enthusiastic your stakeholders are.

Ask for their advice. A very powerful question you can ask is, “How can we best serve you…?” the answer is forward looking and guess what, you have a real chance of doing what is asked.

3. Schedule periodic touch-base sessions

We sometimes underestimate the importance of staying top of mind, especially where clients are concerned. To support the first tip of actively building strong relationships outside structure, have a structure built in as well.

Regular meetings keep you and your stakeholders on the same page and this means you are able to pick up on potential challenges before they even arise.

4. Keep your word

Do you deliver on your promises? When you say you will call back, do you call back? When you say you will have something important finished by a particular time, do you do it?

If you want to build lasting stakeholder relationships, do what you said you would do. Remember it is about your integrity, your trustworthiness and the respect you have for yourself and the other person.

5. Have an open mind

When you are after win-win relationships, understand that the job of the other party is not to feed your ego. They will have contradictory opinions, they will say things you don’t like, accept that.

It is actually a good thing because the last thing you want is to surround yourself with ‘ego feeders’ who don’t help you grow. Always have the big picture in mind and listen to suggestions, thank people for their inputs and genuinely consider what they have to say.

6. Address issues as and when they arise

There is nothing worse than hearing about a ‘transgression’ months after the said event took place. Not only may you have forgotten about it, but also the fact that the other person brings it up says a lot. In keeping with positive relationship building with all your stakeholders, make sure you are open and transparent. If something is bothering you, talk about it and clear the air.

When you approach all your stakeholder relationships with the view to continuously improve them, the other party will know it and this will set the bar on how they respond to you.

In business, you need more allies and champions than adversaries. For your vision to be realised, you must constantly work on your relationships.

A project manager or a leader is much more than just someone who comes up with an implementation plan and oversees all activities. For example, these professionals need to be skillful in communication and relationship building because the job involves doing that a lot.

The ability to build long-term and trusting relationships with stakeholders is an essential element that defines the success of project managers and leaders.  A wide range of stakeholders directly influences your business, whether you like it or not.

In the contemporary interconnected business world, companies that have managers who are able to foster a deep level of connection with their stakeholders have a significant competitive advantage.

Benefits of Having Good Relationship with Stakeholders

By maintaining good relationships, one lays the groundwork for the creation of an atmosphere of support and trust as well as the establishment of cooperation network. As the result, the organization can anticipate potential problems and manage expectations of stakeholders more effectively.

By learning and embracing critical strategies of building and strengthening relationships with stakeholders, organizations solidify their long-term success.

Are you looking to accomplish the same as well? Here are some great strategies for you.

Strategies for Strengthening Relationships with Stakeholders

Before we get to the actual strategies, there is one vitally important thing you need to remember when asking yourself how to achieve them: communication! It is the key to every strategy described below.

Let’s begin.

This one may seem pretty obvious but it’s a lot more difficult to achieve than most people think. Even a single breach of trust might ruin good relationships with stakeholders. Building them from scratch might not even be possible, so it’s better to stick with openness and honesty.

To ensure that your relationships with stakeholders are built on trust, give them a reason to trust you. For example, you should always speak openly and avoid speaking about people behind their backs. The thing is, trust works both ways: if you don’t trust a person, he or she will not trust you.

Takeaways:

• Reclaiming trust can take years, so it’s better never to breach it
• Trust works both ways
• Speak openly and don’t speak behind someone’s back

1. Seek first to understand before being understood

This rule applies to all relationships: by listening and showing interest in others, you help them to be more open and more interested in what you have to say. If you prefer not to listen because you’re in charge, prepare yourself for some misunderstandings, tense relationships, and even conflicts.

To avoid that, do your best to engage and gain a deep understanding of position of stakeholders. Ask their opinion. Make eye contact. Consider them friends. When you understand why they think this way, you can speak up about your position and agenda.

Takeaways:

• Invest time and effort in understanding stakeholders
• Engage and understand their position
• Listen and ask questions

1. Take responsibility for your actions

Stakeholders appreciate it when project managers and leaders assume responsibility for their errors and resolve issues in an efficient way. The ability to change a situation for the better and eliminate negative consequences is something very valuable when it comes to building and maintaining good relationships with them.

Of course, not one knows how a project will perform and what challenges are waiting in the future. Stakeholders understand that. What they are really interested in is the response of the managers and leaders to these challenges.

Takeaways:

• Take responsibility for your actions to gain respect of stakeholders
• Look for effective and durable solutions to problems faced by them

1. Be honest and open about project progress

It is a duty of project managers and leaders to inform stakeholders about the performance of the company. Presenting an inaccurate information in this case means a breach of trust, and we already know what happens after that.

Always provide accurate and reliable information to avoid ruining good relationships. Don’t feel pressured to agree to unreasonable demands and never overpromise. If a project encounters some issues, be open about them. “Years of working in an essay writing service have taught me that hiding something from stakeholders can become a huge problem if that something grows,” says Mark Whittaker, a project manager. “Tt’s better to inform them right away is a problem emerged.”

Your stakeholders will appreciate and respect you for being open and honest. Moreover, they will be more willing to help before the situation goes out of control.

Takeaways:

• Be honest because painting the picture rosier may get out of control very fast
• Have courage to talk openly about issues
• Don’t overpromise and agree on unreasonable offers

1. Maintain a positive mental attitude and don’t be afraid to reveal yourself

A positive attitude is great to have in the modern fast-changing business environment. Your stakeholders may not always radiate positive energy but you certainly should. It’ll show them that you are confident because you are in your comfort zone.

Don’t be afraid to joke and show yourself as a human with history, unique features, and interests. Thus, you’ll reveal yourself to the people you interact with every day, and they will appreciate it. For example, you can talk about music, food, sports, or any other interests you have.

These conversations with stakeholders will make you more likable and interesting. Eventually, working with you will become a fun and engaging thing to have to do.

The Bottom Line

There are many strategies that can be employed to build and strengthen relationships with stakeholders. As it was mentioned above, having effective communication skills is critical because they are the key to good understanding and trust.

How would you build effective relationships with stakeholders?

What are some ways to build relationships with key stakeholders?

How can we develop a positive and healthy collaboration with the stakeholders?

Why is it important to maintain good relationships with stakeholders?