Updated: Apr 28, 2020
It is not a secret that for any organisation or corporation to remain vibrant and thrive – it needs the goodwill of those that have or may potentially hold an influence or stake in its existence and service industry. These includes employees, consumers, investors, competitors, interest groups, and the public – among others, that affect and can be affected by the ramifications of an organisation or corporation policies. They therefore, have an underlying influence on an organisations’ policy direction eventuating in having an influence on how an organisation’s or corporation delivers its services.
So, why should organisations or corporations be preoccupied with garnering for goodwill from its stakeholders base? Well, creating a goodwill from your stakeholder base is relevant in ensuring organisations or corporation continue to advance their interest or agenda in collaboration with its various stakeholders – ensuring business is conducted in a favourable environment and for continuity. By cultivating goodwill from stakeholders, organisations and corporations create a soft-spot for its business interest, as well as generating a network of symbiotic support, at both policy and operational levels.
Cultivating goodwill from stakeholders is as essential and as critical an undertaking that organisations or corporations requires to invest in. It therefore, should form a significant part of the elements in packaging strategic plans for business operations. A well thought-out strategic business plan aligns its stakeholder engagement plan at the same level of importance with all other business plans. When strategised and executed effectively, stakeholder engagement plans have the audacity to minimises organisations’ or corporations’ marketing, advertising, and communications budget spend, as businesses and brands can benefit on the goodwill and influence from its stakeholder base. In addition, organisations or corporations that have a favourable relationship with its stakeholders, receive strong support when their reputation or brands face difficult times.
So, how should organisations or corporations go for its stakeholders? In identifying stakeholders, organisations or corporations need to understand that different targeted stakeholder audiences are at different levels of influence and existence. As such, organisations or corporations ought to make sure they neatly map-out targeted audiences in accordance with the dynamics the identified targets would offer or bring-in to the advancement of the organisations’ interest. Mapping enables for the evaluation of the strategic importance, influence, and the value identified stakeholder would have in the collaboration. In principle, mapping and identifying stakeholders allows for your organisation or corporation to sort its earmarked stakeholder groups accordingly whilst facilitating for a tailored strategic engagement approach suitable for each of the stakeholders.
An effective stakeholder engagement strategy and plan works in acknowledgement and mutual sustenance of other existing business strategies and plans. It has to be implemented reflective of an organisation’s public relations, issues and crisis management approaches, where necessary. Such a symbiotic approach unifies strategic efficiency and effectiveness in delivering an overall organisation’s strategic plan, and in delivering business objectives.
So, who is on your side?