7 Things Your Stakeholders Want to Know about Your Business

by Adella Pasos July 10, 2018
stakeholders - marketing strategies

7 Things Your Stakeholders Want to Know about Your Business

Well, it’s not an easy task to present your idea to stakeholders and ask them to an investment in the idea (especially for new business). There are many different types of stakeholders and their interests definitely vary.  However, the good news is you don’t have to work yourself up as we have made things easy for you. Many companies successfully present their business idea to potential stakeholders and are successful right off the bat. The first step in the project planning is to change your view and see things from your prospective stakeholders’ perspective. There are primary and secondary stakeholders that you will need to impress with your excellent ability to make sound business decisions. We have listed below seven important things that stakeholders want to know before they can invest. Read on…

 1. Is your idea profitable?

The first thing every stakeholder wants to know is if your idea or plan will be profitable. Even the richest man in the world won’t invest in a nonprofitable business (maybe for charitable sake). No one wants to jump into giving your money for an idea that will be a market failure. This is why you need to prove to them and approach them with a unique financial plan that proves that your idea has excellent financial prospects and will make them more bucks. External stakeholders will be more willing to invest in your idea when you can convince them that you have done your homework. The general stakeholder approach is to ask you many questions about the business idea, if you have a strategic plan and if you’ve done your market research.

2. Is your idea unique enough?

Its no brainer that stakeholders have come with a lot of people with great ideas like you and the fact that you are trying to convince stakeholders to invest in your idea means you must present an idea that they have not encountered before. Risk management is always a top priority on their mind, so you need to start building as many positive relationships to impress key stakeholders. Also, note that your approach to its means a lot even if the idea isn’t unique.

3. Do you have the right background and experience?

Its human nature to show more interest in someone that shows more experts in something they are about to buy or invest in. Stakeholders also think like this as well that is why you also need to prove to your stakeholder that your odds of success are high because you have the necessary experience and right background. Tell them a story about how you have overcome some challenges in your idea and how it has made you a better leader and entrepreneur.

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4. Is there a market for your idea?

Whatever your idea, whatever how promising it might seem you also need to prove that there is a market for it. Consult with an expert to become your project management guide before you approach the stakeholder. Your proof should also show that the market you are targeting will remain stable or tend to grow over time because stability and growth are two important things that stakeholder looks for when deciding on what ideas to invest in. Potential stakeholders also share the social responsibility of the business, and they want to be able to say something good.

5. Do you have a sound business model?

As soon as your business begins to generate profit your business will start to display its strategic value. Stakeholder management team will also look at your corporate governance structure. Who is in charge? What are the management systems like? What do you project the rate of project success will look like? How many
business process systems do you have to accelerate gowth. This is because you need to present your stakeholders with an innovative business model when engaging with your stakeholders. This is what will guide you towards making your business profitable.

 

 

6. Can we trust you with our money?

Trust is very important in any business, and this is why you need to prove to your stakeholders that they can trust you. They want to believe that you won’t leak confidential information that could harm them or business behind their backs. This is why you need to show and prove that they can trust you.

7. Are you a problem solver?

Lastly, they want to believe that you won’t screw up, well this is different from trust. When looking to increase stakeholder engagement, be sure to be prompt, timely with communications and easily accessible, should any issues arrive. We all know that mistakes also happened, and we cant see the future, but you should be able to prove to stakeholders that you are going to make their situation worse.

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