If you have a hankering to be a great leader, grow your network, know more people, and build new relations. Influential leaders should have the ability to build, grow, and maintain amicable relations with everyone. Since leaders do not exist without followers, reaching your goals requires working with others and having great ideas. Without great relationships, there are no results! This article at Proficient Learning explains that stakeholder capitalism is integral to project success.
The Importance of Stakeholder Capitalism
A company’s mission should be defined by stakeholder capitalism as creating long-term value for everyone that participates in the company, including shareholders, customers, suppliers, employees, communities, and other stakeholders.
It is common for projects to fail for various reasons, including the delivered products that do not meet customer needs. Therefore, knowing what those needs are is crucial to project success. So, you should involve stakeholders early on in a project to uncover risks and increase their buy-in. When stakeholders are fully engaged, their influence is far-reaching.
The Benefits of Involving Stakeholders
Typically, stakeholders have been with a company or on a project longer than the manager. This makes their insights, experience, and knowledge imperative to understand constraints and accelerate project success.
Involving stakeholders in identifying risks and developing solutions will dramatically increase the success of your project.
Growing Project Success
Setting expectations early in the project life cycle can increase the chances of a successful project, especially if there are conflicts between stakeholders’ needs and priorities. Therefore, keeping your stakeholders informed about the project scope, key milestones, and review timelines will allow you to maintain the relationship throughout the project and ensure there are no surprises at the end.
Approving a Project
Involving stakeholders from the start will increase the likelihood of a successful project outcome. Also, this will ensure the team members understand delivery expectations, risks, and mitigation strategies.
Furthermore, your project team should include all the key stakeholders with valuable knowledge.
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