Business stakeholders, whether internal team members or external partners and investors, are crucial to your company’s growth trajectory. These people can offer helpful resources and insights to help you solve issues and continue scaling, but only if you keep them informed about what’s going on at the company.
It depends on the stakeholder type, the requested level and frequency of communication, and the environment in which your business operates. Visual updates, such as an infographic, can be powerful. Create a blog for written communication that focuses on the major issues stakeholders have raised, the opportunities taken, and the victories that have occurred. Consider recording your updates and distributing them. – Arthi Rabikrisson, Prerna Advisory.
Be open and transparent. Two recommendations include holding quarterly “state of the business” meetings with all stakeholders and holding monthly “birthday breakfasts” with all staff to commemorate that month’s birthdays with the company’s top executives. In today’s environment, these would be virtual. – Jay McDonald, Middleton McDonald Group, Inc. MORE FROM.
Show and tell is the way to go if you want to be seen and heard. Make your updates camera-ready. Keep your attention laser-focused on one important piece of information. A short clip doesn’t have to be a Hollywood production. Make it personal, meaningful and 30 seconds long. Even as a sidebar to an article, you can use video. Video can help us see and understand because we are visual beings. – Robin Blakely, Creative Center of America.
Leaders frequently assume that their stakeholders want daily updates or to be invited to weekly stand-ups, or that they enjoy in-depth recaps every two weeks—but they may not! Check in with stakeholders to find out what their preferred method of “staying in the loop” is. They’ll appreciate it so much more. – Shadé Zahrai, Influenceo Global Inc.
Provide consistent updates that are scheduled and meaningful. It has a significant impact when leaders are able to inform their stakeholders of their progress, whether in a group or one-on-one setting. The fact that leaders are setting a good example and encouraging team members to share their progress with others also contributes to a culture of mutual support. – Bryan Powell, Invite Change.
Keeping stakeholders informed is a crucial component of any successful organization’s strategy. Plan a phone call or video conference specifically for stakeholders. Share important information, sales, progress and plans for the future. A designated Q&A period enables them to feel like a member of the group. Additionally, now is a good time to solicit feedback from a few key players. – Deborah Hightower, Deborah Hightower, Inc.
Establish a predictable rhythm with frequent written and verbal communications. Stakeholders are kept more informed and, more importantly, feel like they are always informed if they know there will be a group call once a week or an email every other day. Additionally, it fosters the development of transparency and trust, two important commodities. – Kathy Bernhard, KFB Leadership Solutions.
Make a stakeholder map and place people on it according to their impact and level of support. Use this graphic to develop a strategy for each stakeholder. Ask them directly about their expectations. If you can’t communicate with each stakeholder directly, find out from a peer or colleague how they prefer to receive information. Take the guesswork out of how long and detailed or how brief and sharp to be. – Susan Sadler, Sadler Communications LLC.
I advise using a bottom-up strategy so that your stakeholders can participate in decision-making alongside you. This reduces resistance and increases ownership. Since I am aware that not everyone can be present, I make sure that each stakeholder group is represented. Then, each of those individuals becomes the trustworthy intermediary for their respective stakeholder group. – Eugene Dilan, DILAN Consulting Group.
Ask, and don’t assume. Obtain direct feedback from your stakeholders regarding the information they wish to receive from you, including the frequency and format of their requests. You can share ideas for them to respond to. For instance, “I can send you a weekly, one-page summary that details the assistance I require from you and any potential risks.” We can then meet every other week to discuss. ” – Sandy Schwan, Evolving Strategies LLC.
To better keep important stakeholders informed, a variety of communication channels should be used. Think about the message’s nature and the stakeholder’s required response after receiving it. It will be easier to ensure that communication is properly received if the appropriate channel is identified for each message. Sometimes it makes sense to send the same message through multiple channels. – Lindsay Miller, Reverie Organizational Development Specialists.
Think of your stakeholder communications like a daytime drama: recap your previous experiences, describe where you are now, and then explain your future plans. The mere fact that someone attended a meeting or received an email does not guarantee that it was understood or implemented. The key to learning is repetition, which also fosters trust. Continue to tell your story about what you’re doing in a consistent manner. – Darcy Eikenberg, Red Cape Revolution.
Stakeholder communication benefits
Effective stakeholder communication has a variety of advantages, including:
Trust building
By communicating with your stakeholders, you demonstrate your interest in their opinions, which can foster trust. When all parties have confidence in one another, communication may increase and the workflow may be more efficient. Early and frequent communication with stakeholders is beneficial for quickly building and upholding relationships based on trust.
Decision-making
By talking with your stakeholders, you expose yourself to various viewpoints that you might not have previously considered. Your stakeholders most likely have various educational backgrounds and credentials that they can use to provide insightful feedback. Making decisions for a project or the business as a whole will be easier with the help of this information.
Cost efficiency
Regular interaction between stakeholders can help keep projects on schedule and within budget. Stakeholders who feel at ease sharing their needs and requests can get help quickly, advancing projects more quickly. Understanding the project requirements, increasing accuracy, and reducing the possibility of errors all depend on clear communication.
Risk minimization
Stakeholders may be able to spot risks and suggest adjustments to help avoid or get around project challenges. You could be more aware of potential setbacks at every stage of the project by requesting communication from all stakeholders. To help create an accurate timeline and take into account all potential risks, it can be especially helpful to solicit input during the planning stages.
Accountability
Regular communication among stakeholders can increase accountability and keep projects on schedule. Stakeholders are able to hold each other accountable for their work by convening regular meetings, such as brief daily team meetings and weekly client meetings. Accountability can be facilitated by deciding on the most effective means of contact with stakeholders, such as phone or email.
What is stakeholder communication?
Stakeholder communication is the exchange of messages among all parties involved in a project or company. Project managers, team members, clients, department heads, and business executives are examples of stakeholders. Some common stakeholder communication mediums include:
Everyone’s understanding of a project’s motivations, objectives, and plans is aided by communication. Stakeholder communication can be influenced by a variety of factors, including:
Stakeholder communication strategies
Think about implementing some of the following tactics when communicating with your stakeholders:
Remain transparent
Try to be open and honest about every aspect of the project if you want your stakeholders to contribute as much as possible. The more information you openly share with team members and clients, the better equipped they will be to complete their respective project components. Additionally, transparency between you and your stakeholder builds valuable trust.
Allow them to set meeting dates and mediums
Try to let stakeholders schedule meetings at times and in ways that suit them as much as you can. Many clients particularly value being able to choose the meeting times and mediums. For instance, a client might prefer to use video conferencing to conduct weekly meetings and phone calls to request critical updates or changes.
Teams can also choose their own communication channels, provided that they continue to meet deadlines and work effectively. Communication flexibility can contribute to teams working together more effectively.
Keep stakeholders updated
All stakeholders are kept informed of the project’s progress and any significant changes by receiving regular updates. Expected updates can typically be given during routine communication, such as weekly or daily meetings, whereas urgent updates may necessitate emailing or calling stakeholders. Try to only inform affected parties when providing updates to maintain clear communication
Document your communication
Keeping track of all correspondence between various parties is useful because it enables you to locate and consult various decisions and updates. Keep all email chains from stakeholders so you can review earlier correspondence for crucial information. Take notes during meetings and phone calls and keep them in a log that stakeholders can access if they need the information.
Establish communication methods
Make an effort to create a communication chart that indicates the best times to meet with different stakeholders, as well as their preferred channels of communication and contact details. A communication hierarchy can also simplify interactions between parties, making it simpler for team members and clients to get in touch with the right person when they need to. Post your communication strategies where stakeholders can see them so they can use them as needed.
What Are Stakeholder Communications?
FAQ
What is the stakeholder communication?
- Begin Conversations Early. …
- Set a Schedule for Communicating with Stakeholders. …
- Be Honest. …
- Stay Consistent with Your Messaging. …
- Communicate Often. …
- Show You’re Listening. …
- Provide Multiple Ways for Stakeholders to Share Their Input.
How do you effectively communicate with stakeholders?
The regular exchange of information between a company and its stakeholders is referred to as stakeholder communication. Knowing the stakeholders’ objectives, motivations, and attitudes is crucial for effective, targeted stakeholder communication.
What are stakeholder communication needs?
- Identify key stakeholders and plan communications. …
- Email and e-newsletters. …
- Communication automation. …
- Presentations. …
- Project Summary Reports. …
- Group video call or ‘screen to screen’ meetings. …
- Leverage informal stakeholder communications.
What is project stakeholder communication?
Your project and organization will run more efficiently and effectively if you pay attention to your stakeholders’ input and build on it. Transparency, accuracy, and communication are crucial when it comes to stakeholder communication requirements.
