Jasz
VIP Contributor
Stakeholders are individuals or groups that have a direct interest in the success of a business. They are the key individuals and groups who are affected by the decisions made by a business and therefore need to be considered when making decisions. Stakeholders can come from many different backgrounds and include employees, customers, suppliers, investors, government bodies and the community at large.
The success of a business is linked to its ability to address the needs of all stakeholders. In order to ensure that this happens, it is important for businesses to engage with their stakeholders early on in their planning process and throughout their operations. It is also important for businesses to recognize that they are not only accountable for meeting the needs and expectations of current stakeholders but also those which may arise in the future.
The goal of any business should be to satisfy its stakeholders as much as possible. A successful business will find ways to generate income for its stakeholders while also satisfying them through improved customer service, lower prices or greater product quality.
The success of a business is linked to its ability to address the needs of all stakeholders. In order to ensure that this happens, it is important for businesses to engage with their stakeholders early on in their planning process and throughout their operations. It is also important for businesses to recognize that they are not only accountable for meeting the needs and expectations of current stakeholders but also those which may arise in the future.
The goal of any business should be to satisfy its stakeholders as much as possible. A successful business will find ways to generate income for its stakeholders while also satisfying them through improved customer service, lower prices or greater product quality.
