What stakeholder alignment can mean for your business

 Stakeholder alignment is the process of understanding your stakeholder’s interests and aligning those interests with your own business objectives.

Your stakeholders are the group of individuals who are involved in your business. They could be  your spouse and/or business partner(s), your team, and your customers too.
The alignment process gives you and your team the clarity and focus you need to do what is necessary for your business to be successful. The process also allows you to better define the specific target market you’re committed to attract.
You may think that as a sole trader you don’t have stakeholders…
If this is what you’ve been thinking. it’s time to rethink… In fact, the need to establish your stakeholder group and gain their support is greater than ever!
Your key stakeholders could be your spouse and your family. In other words, your greatest supporters. Imagine what it would mean to lack their support. This could even lead to your business failure…
The stakeholder alignment process is also a great empowerment tool. It serves to get all your stakeholders working together and delivering on the same common business goal.
What follows is a practical tool for talking to stakeholders about your business. It could be used in three ways:

1.    Understanding Your Stakeholders. Ask stakeholders the key questions and make a note of their answers. Stakeholder answers reveal their interests in, and perceptions of your business. When stakeholders answer the questions differently, you have early warning of emerging conflicts. The goal of Stakeholder Alignment is to get agreement from stakeholders on what the answers to these questions could be. Note that it is easiest to achieve this agreement at the very beginning of a business or a project you want to implement in your business– ideally, during the “Define” Phase.

2.    Communicating with Your Key Stakeholders. It takes skill in communication and negotiation to align stakeholder interests, particularly when stakeholders have very different perspectives and needs. Keeping them informed about what is happening in your business, where you are right now, and where you will see the business going is critical.

Make sure your communication also includes those who do not support your  business or project too. Have a shared understanding of the following points:

(i)   What your business or project is doing;

(ii) Why your business is doing it this way.

(iii) Who will judge the business success.

3.    Empower your Key Stakeholders. Share you vision with your key stakeholders. The more they are involved in your business they easier it will be for you to achieve your business objectives.

 Remember, a team effort is always better than trying to do every yourself.

Want to learn more about  Stakholders  Alignment in your business?

It’s as simple as 1… 2… 3…

1. Like  ArtSHINE’s Facebook page2. Subscribe to our weekly newsletter3. Discover ArtSHINE Coaching by taking our survey to receive a complimentary coaching session

Contact Vinh direct:vinh@artshine.com.au , +61 0410 636 138

Related article:

Who are the Key Stakeholders in your business?

Vinh Van Lam
the authorVinh Van Lam
Vinh Van Lam, co-founder of ArtSHINE, is a visionary art coach and entrepreneur with a passion for fostering creativity. With a diverse background in art and business, he brings a unique perspective to empower emerging artists, enabling them to thrive in the dynamic art industry through the innovative platform of ArtSHINE.

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