Stakeholder – What does it mean in a business context?

This week we share one of our glossary definitions.

Stakeholder – An Individual or party with a vested interest in something, such as a business, product, project or opportunity.

In sales and bids terms a stakeholder could be

  • The customer
  • Consultants managing a bid on the customer’s behalf
  • The end-users
  • Partners
  • Financier
  • Your suppliers
  • Staff, contractors and consultant’s you employee

Good stakeholder understanding and management improves your chances of success; resulting in an improved outcome for all stakeholders.

Consider the stakeholders:-

  • Who are they?
  • What are their aspirations?
  • What needs you they have?
  • Are you dependant on them?
  • How do you communicate with them?
  • What is the quality of your relationship?
  • Can you influence them?
  • Are your visions and values compatible?

If you have any ideas for future definitions, please drop us a message.

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