Why organizations should analyse stakeholders and their interests

The most important reason for identifying and understanding stakeholders is that it allows you to recruit them as part of the effort. 

business trends
man drawing schedule of business growth

Meziesblog believes that, in most cases, a participatory effort that involves representation of as many stakeholders as possible has a number of important advantages:

  • It puts more ideas on the table than would be the case if the development and implementation of the effort were confined to a single organization or to a small group of like-minded people.
  • It includes varied perspectives from all sectors and elements of the community affected, thus giving a clearer picture of the community context and potential pitfalls and assets.
  • It gains buy-in and support for the effort from all stakeholders by making them an integral part of its development, planning, implementation, and evaluation.  It becomes their effort, and they’ll do their best to make it work.
  • It’s fair to everyone. All stakeholders can have a say in the development of an effort that may seriously affect them.
  • It saves you from being blindsided by concerns you didn’t know about. If everyone has a seat at the table, concerns can be aired and resolved before they become stumbling blocks.  Even if they can’t be resolved, they won’t come as surprises that derail the effort just when you thought everything was going well.
  • It strengthens your position if there’s opposition. Having all stakeholders on board makes a huge difference in terms of political and moral clout.
  • It creates bridging social capital for the community. Social capital is the web of acquaintances, friendships, family ties, favors, obligations, and other social currency that can be used to cement relationships and strengthen community.  Bridging social capital, which creates connections among diverse groups that might not otherwise interact, is perhaps the most valuable kind. It makes possible a community without barriers of class or economics, where people from all walks of life can know and value one another.  A participatory process, often including everyone from welfare recipients to bank officers and physicians, can help to create just this sort of situation.
  • It increases the credibility of your organization. Involving and attending to the concerns of all stakeholders establishes your organization as fair, ethical, and transparent, and makes it more likely that others will work with you in other circumstances.
  • It increases the chances for the success of your effort. For all of the above reasons, identifying stakeholders and responding to their concerns makes it far more likely that your effort will have both the community support it needs and the appropriate focus to be effective.