9 Take your stakeholders with you

What is the issue?

The downturn presents challenges, not just to companies, but to their stakeholders as well. Good stakeholder management, effected via good communication, is crucial to businesses executing a winning strategy. Shareholders, lenders and other stakeholders need to be kept informed, they do not like information to be kept from them or having nasty surprises sprung on them. Staying on their customers' agenda and rewarding loyalty is also essential for businesses.

What do I need to be aware of?

Key account management programmes can be an effective way of identifying the ‘best' customers and of focusing on those that really matter. Assets should be safeguarded by maintaining an open dialogue between employer and employees. When money is tight it can be difficult to reward good performance, but there are still motivating alternatives. Businesses that are honest with their employees will increase trust across the organisation.

What questions should I be asking myself?

• Do I know who my key stakeholders are?
• Am I aware of recent changes in my stakeholder base?
• Am I aware of their agenda? How am I meeting their expectations?
• When did I last have a detailed update with them?
• Have I seen attitudes change recently?
• Am I keeping up-to-date with developments concerning my key stakeholders which may impact my business?
• Have I developed a well articulated communication plan both internally and externally to make sure that there is consistency in the action being undertaken?
• Have I considered the possible differing agendas and considered what the likely areas of conflict could be?
• Are our people engaged in the overall strategy of the business, and are they aware of the campaigns we are planning to undertake?

How can PwC help?

Drawing upon a network of expertise and the experience of our professionals we help you provide quality consulting when dealing with stakeholder demands. Check the column on the right for details of who to contact and for further information.