What is the importance of a stakeholder analysis?


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Ebony Nash answered
If you are looking to find the importance of having a stakeholder analysis, you need to consider some of the following points:

• Understanding your stakeholders

Stakeholders can be practically anybody: Customers, neighbors, contractors or even the local government. This means that you will need to understand and cater for every single one of the stakeholders for your company that you come into contact with. You need to find out how to adapt your analysis for your stakeholders depending upon the business that you are working in and running. This way, you will make sure that everyone is well aware of every aspect of the business owner to stakeholder relationship. Whilst you are doing this, you need to think about consistency and ensure that you always account for any changes in your stakeholders.

• Approaches to consider when dealing with analyzing your stakeholders

The first thing you should think of when you are considering how to go about your methods of analyzing your stakeholders is to get really down to basics: Write a list. Within this list, you need to note the different demands and wants of each of your stakeholders, to make sure that their requirements and needs are never left ignored. Then think about mapping the relationship of your stakeholders to your business. Drawing this map will give you visual guide of how your business runs, in regards to your stakeholders.

• Work out your priorities

You always need to work out where your priorities need to be lying when you are dealing with your company's stakeholders. If you are considering some well needed changes within your company, then prioritizing who gets what treatment within your stakeholders is of paramount importance.

There are many different aspects of using stakeholder analysis for bettering relations between stakeholders and business, yet also for getting your business into shape and helping you progress.

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