Managing Stakeholders

 Managing Stakeholders  

(Execution Excellence -"Ability to get things done" Series)
 

As we discuss the importance of developing project management skills to get things done in addition to functional expertise as we move up the career ladder, 80 % of the tasks are non-repetitive or project nature, and we may need to deal with many people who may not be directly reporting to us.

We discussed the relevance of project management principles in functional management, such as defining outcomes, reducing complexity into simplicity, holistic planning, and big-picture orientation.

The next principle we can learn from project management is “insights on managing stakeholders.”
 
What is managing stakeholders?

In any complex business task, many people will get involved directly or indirectly, and their influence will affect the outcome. Project management insists on stakeholder management as one of its components.

Stakeholder management is all about managing the people of varied interests/expectations who will affect the project outcome. It could be  involve them early, making them partners, communicating with them appropriately, and creating relationships. This management skill will help us to navigate the project successfully.

How can functional managers apply this insight?

Any initiative or task you do will need the support of others beyond your functions. The success or failure depends on the extent of collaboration we have with others. The others are stakeholders. They may have little interest in the initiative, or it may affect them or do not want it to be implemented.

Our management skill is to align all stakeholders to get things done.
 
For example,

Assume that you are the planning head and made a plan by coordinating sales and operations. In reality, things will go differently than planned, and you must change the plan frequently. When you change the plan frequently, it will affect the many stakeholders in the system, and they will get upset with the frequent changes.

In this situation, balancing the big picture of customer's order delivery and unexpected changes in a plan,  how you manage many stakeholders, and finally getting things done will be the testimonial of your stakeholder management skill.

Some of the tactics highly  effective people use to manage stakeholders, as i observed

1. Think and identify the people who will  benefit and be affected by the initiative
2. Approach and brief them in a personal and professional way about the purpose of the initiative and get their support
3. Make the stakeholders as team members 
4. Keep them communicated about the progress frequently so that they are not surprised and also feel included 
 
 To summarise,
we must develop the ability to look at the stakeholders beyond our circle and make them inclusive by communicating with them appropriately and building relationships.
 
When we develop stakeholder management in any task, the likelihood of getting things done will be high.

Have a great week ahead!