Every business has stakeholders. Stakeholders are people with an interest in something, whether it be on the whole of business level, or a project-by-project basis. As consultants, we at Block 5 have become well versed in stakeholder management and this practice is something that is heavily ingrained into all of our staff.

Stakeholder Management is critical to the success of any project. It is important to maintain constant communication with stakeholders to make sure that the project stays on track. Early communication will accurately establish the scope, improve project flow and make sure everyone is satisfied with the outcome rather than ending up with something different to what was initially required. Whether it be an internal or external stakeholder, it is critical to ensure that everyone involved in a process is informed, consulted and managed throughout any project, large or small. Benefits of having close connections with stakeholders include:

·        Innovation of the end product

·        Clear direction of project status, updates and next steps

·        Minimises possibility of failure

·        Peace of mind that projects are progressing for project managers and owners

Conversely, lack of communications can lead to:

·        Broad and unclear scopes and specifications

·        Lack of clarity of business requirements

·        Missed deadlines

·        An end product or service that is not fit for purpose

Creating and regularly repeating a clear line of communication between yourself and stakeholders should follow a systematic approach. It should be done regularly and be a dependable source of information. By doing this, you’re creating accountabilities for yourself, and the stakeholders. Whether you are providing updates, or requesting further information, it should be clear, concise and provide sufficient information that the stakeholder feels comfortable with the status of the project.

Providing clear and regular communication with stakeholders is a simple process, and will improve relationships and instill trust between the parties, improving outcomes and reputation within the workforce.