In simplest terms, stakeholder management can be more complex than most project managers assume it to be.
Long story cut short, stakeholder management is an integral part of any project, so you need to prepare for it to the fullest. After all, it can either make or break your business.
When team members or key individuals are informed about any task, the project will work seamlessly. But, when those who have an impact on your business r will have a strong impact on the project, the outcomes will be different.
Therefore, it is essential to have a stellar stakeholder management strategy to rest assured about the smooth flow of the business. In this feature, we will shed light on its incredible benefits. However, before pursuing this conversation, let’s begin with a formal introduction.
What is Stakeholder Management?
It is a project management process that indulges the team members, individuals, functional groups, and internal/external parties that have an interest in your business and who have the power to influence it too. These stakeholders include customers, team members, sponsors, search engine optimization experts, and even outdoor vendors.
Although this is a formal term, it is a staunch part of project management. But, the term doesn’t encapsulate the whole sense of the concept.
Benefits of Stakeholder Management
Here’s what you need to know about the benefits of project management:
Better Role Clarity and Focus
If you don’t know, the stakeholder plan will help the project managers to carve realistic expectations for each of the stakeholders in any project. Thereby allowing full clarity over their roles. As a result, this boosts the stakeholder’s productivity and focus. So when they understand their roles, it magnifies the chance of the project that needs to be completed from the start to the end.
No wonder it can be challenging and frustrating to get a stakeholder indulged in a project. Especially if they are already stuck with a lot of tasks or have multiple projects to be mindful of, it will be hard to draw their attention to your business. Therefore, they need to be drawn through a full-blown strategy that has the power to explain the project to them to the fullest. And it’s only once that they will eventually have more clarity over what they’re about to step their foot in.
Better engagement and increased role clarity can curtail conflict and, thus, cut down the risk factor, too. After all, one of the biggest challenges around the life of a project is to cut down the risk that will have a negative impact on the success of a project. However, a well-executed and clearly developed stakeholder program using tools like Borealis will keep the stakeholders in place. And they will readily be available to take up different challenges. And, since every stakeholder will be working towards the same goal, risks will be effectively addressed.
What is The Stakeholder Management Plan?
One has to be mindful of tons of things when a stakeholder management plan is being made. let’s discuss some of them:
Identification of Stakeholders
For this to happen, you need to begin with doing stakeholder analysis, as it allows you to create a list of all the people involved in the process. And each of the findings should be documented with a description of the stakeholder and their role in the project. And the last is a baseline that ensures smooth communication amongst all stakeholders.
Once you have conducted an in-depth analysis, you need to document each person and their role in the stakeholder register. You must prioritize them based on their interests and influences. For example, the high-interest stakeholders should be put first since they’ll have a strong impact on the business. And the rest will follow later.