2 more tips for effectively engaging stakeholders

For up-and-coming entrepreneurs that are just starting out and small business owners looking to grow their company, being able to find the right stakeholders to back your venture is key. Easier said than done, though. Like with any client relationship, being able to identify and engage with the right stakeholders takes a certain level of finesse and understanding.

Courtesy of SMS Management & Technology, here are two suggestions for approaching and securing the help of potential new stakeholders:

• Make a plan first: “Define a list of the key stakeholders from the impacted areas of the business — at different levels of seniority,” the source writes. “The ultimate aim is for the stakeholder owner to develop a deeper understanding of the specific impacts to the stakeholder’s team or business area and act as a conduit for questions and concerns back to the project. The idea is to reach a point where your stakeholders are proactively coming to you with potential risks and issues early on and feel comfortable enough to talk to you openly and honestly about them.”
• Maintain a clear, open dialogue: Stakeholders have their own responsibilities to focus on from day to day, so it falls on you to ensure that any changes to the project are communicated as quickly and clearly as possible, and with sufficient notice. Keeping open, clear channels of dialogue allows for more constructive stakeholder relationships, and failing to do so can result in just the opposite.

Interested in meeting with stakeholders that may help expand your business? RSVP today for Growth Capital’s Stakeholders’ Networking Reception, slated for Thursday, April 23, at the Massimo da Milano Restaurant in Cleveland. Contact Denise Sisley at 216-592-2332 or dsisley@growthcapitalcorp.com to submit your RSVP for the event. For more information on capital finance programs that can help give your venture a leg up, reach out to the experts at Growth Capital today!