Issue 37: Knowing and Managing Your Key Stakeholders

"Successful leaders see the opportunities in every difficulty rather than the difficulty in every opportunity."

— Reed Markham, educator and leadership expert

Welcome to our 37th issue! This week, we’re focusing on a crucial leadership mistake: neglecting stakeholder management. Leaders who fail to know and manage their stakeholders effectively  lose support for their initiatives and limit their influence within the organization. It's that simple.

Here’s What It Looks Like When You Don't Manage Stakeholder  Relationships:

• Focusing Only on Your Immediate Team: You might concentrate solely on managing your direct reports, but the  problem is that neglecting other key stakeholders can lead to a lack of buy-in and support for your projects and initiatives.

• Not Engaging with Senior Leaders: You might avoid engaging with senior leaders because you assume they’re too busy or that your work doesn’t impact them directly. This results in you missing opportunities for visibility and support.

• Ignoring External Stakeholders: You might overlook stakeholders outside of your organization, like clients, partners, or regulators, thinking they’re not as relevant to your day-to-day. All this gets you is misaligned expectations and strained relationships. 

What You Should Be Doing Instead:

• First, identify who your key stakeholders are, both inside and outside the organization. Understand their priorities, concerns, how your work impacts them, and how their work impacts you.

• Next, engage with these stakeholders regularly. Develop a plan for consistent communication, whether through formal meetings, informal check-ins, regular  updates, or even creating opportunities to bump into them at the vending machine!  This will help you build strong relationships and ensure that your leadership and your  initiatives are supported.

I teach leaders to use our stakeholder influence strategy, a simple process that helps you assess, manage and meaningfully engage with your key stakeholders. It helps you build strong, supportive relationships with the people who make things happen in the organization and who help you and your team  succeed.

Stakeholder Influence sets you up as both proactive and strategic.  By understanding and aligning with your stakeholders' priorities, you’ll gain the support and resources you need to be effective and feel equipped to succeed in the organization - without it, you'll find your work unacknowledged and your team under resourced.

As always, if you're ready to strengthen your stakeholder management skills and boost your influence so you have a seat at the table, schedule a consultation. We’ll strategize how to build relationships that support your leadership goals.

Next week's preview:

Next week, we’ll discuss the dangers of focusing too much on short-term wins and how this undermines your long-term success.

Go out there and lead,

Asia