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Why stakeholder management is part of good project management 

Viewed company-wide, the term stakeholder refers to the set of stakeholders who have a certain expectation of the company. These include customers and shareholders as well as employees, the environment and society. A company that applies stakeholder management methods thus emphasizes its holistic view, self-reflection and sense of responsibility. Does that sound good to you? Would this be a company you would like to be involved in? Then you should also think about integrating stakeholder management into project management!

stakeholder management


What is stakeholder management?

In our opinion, one thing above all: a real competitive advantage! For this reason you should integrate it into your project management. But more on that later;

let's first get to the definition of Stakeholder Management: 

  • stakeholder management identifies all individual stakeholders.
  • isolates the most important stakeholders.
  • connects their interests with the strategic goals of the company.
  • aligns the overall orientation of the company with the insights gained.
  • develops an appropriate communication strategy to reach and
               convince the stakeholders. 

 

It is clear that the complexity of stakeholder management as a whole is not so easy to explain - but in principle these are suitable examples of the work of stakeholder management. 

 

Why is stakeholder management so important? 

The definition of stakeholder management has already shown that it is about a holistic, sustainable view. While, for example, shareholder management (shareholders are also stakeholders ...) is aimed entirely at the short-term monetary success of the company, stakeholder management goes further. It takes all stakeholders on board, draws them to the side of the company and aims for long-term quality and brand building. Which, incidentally, ultimately benefits profits and satisfies the shareholders. 

Because Stakeholder Management does not focus its methods on just one interest group (such as shareholders), it gives the company greater social relevance and a broader reputation.   

We believe that stakeholder management is essential for companies that want to put their success on a solid basis and a broad "fanbase". 

 

What role does stakeholder management play in project management? 

Holistic perspective, sustainability, success, fanbase ... You will certainly admit that these are terms that are not only good for a company but also for your project management.  And indeed, there are stakeholders in project management whose interests you should keep in mind. Because a stakeholder is not only someone who has a claim on a company - he is also someone who has an influence on the company. For example, the stakeholder group customers, who determine turnover through their purchasing decisions. Suppliers who influence quality through their work. Or employees whose attitude has an impact on service. 

Applied to project management in the stakeholder model, this means that project staff are stakeholders who have an influence - positive or negative - on the entire project. The same applies to the clients or the project management. In project management, too, it is therefore important to look out for stakeholders, identify them, weight their importance and initiate appropriate measures. And just as in company-wide stakeholder management, the same applies to stakeholder-based project management: "nurturing" stakeholders is not a short-term measure, but must extend over the entire project duration.  

By the way: The stakeholders as project participants are even recorded in a standard - the ISO 21500 "Guide to Project Management". 

 

The human factor

Projects can be organized, digitized, automated and managed. And yet the most important factor in the often highly complicated structure of a project is probably the human factor. The people in your project can be drivers and breakers; they can move the project forward or speed it up; they can strengthen teamwork or create a bad atmosphere. 

And it is this human component that allows you to further optimize the best functioning project management with stakeholder orientation. So here are a few tips for more humanity in stakeholder management: 

  • Always keep contact 
              Even if a project is going really well, you should never let communication
              break down. Give feedback, ask questions, react to questions, praise(!).
              The closer you are to your stakeholders, the more likely you are to
              recognize threatening difficulties. Ensure simple, ongoing
              communication with channels always open. 
  • Stay open 
               It is not always easy to address the problems of stakeholders.
               Management is annoying with time pressure? A Project team member
               squabbles with another? "Try to understand" is the motto here: you
               must not only not only see the problem, but must also consider the
               person who is causing it. What is their way of acting motivated? On what
               basis does he make his claims? Has he perhaps objectively seen right?
               Stakeholders who feel understood become supporters! 
  • Be part of the team 
               Reports from the team are sent to you, you in turn report to the
               superior authority - but what about the other direction? Inform all
               stakeholders regularly about the progress of the project. This involves
               the committed people and spurs on the stragglers. Unifying the project
               team is one of the main tasks of stakeholder management within
               project management. 

 

 

How does Can Do support me in stakeholder management? 

Stakeholder management is an aspect of project management that requires not only facts and figures - but also soft skills. Finally, see point 4, your projects are primarily about the people involved, their demands and needs. It is all the more helpful if your project management software is able to focus on these people. Just as Can Do demonstrates: 

  • Can Do is a Projektmanagement Software that
              can do a lot, but before everything is fun to
              use. This means a strong acceptance by the
              users, a high level of participation in
              communication - and a strong human
              networking of all project stakeholders. 
  • Can Do offers you sophisticated Demand
              Management.
    With it you  immediately
              recognize whether your project is
              feasible and when you can. A sufficient
              number of employees with the appropriate
              skills access Caused by a clever selection of
              the project participants you can strengthen
              the mindset within the project team in the
              spirit of the project and ensure satisfied
              stakeholders. 
  • Can Do has an integrated resource
              management,
    which also has a positive
              influence on your project management: You
              can use it to coordinate projects and
              personnel strategically on each other. So you
              can make sure that the suitable stakeholders
              come together and work together on a
              common strand - the Project success - pull.


    Conclusion

    Stakeholder Management tries to do justice to the interests of the stakeholders involved - permanently and for long-term corporate success. We believe this is a strategy that can also have a highly positive impact on your projects. And with Can Do you set the course to make your stakeholders strong supporters of your projects.

    Would you like to learn more about the connection between stakeholder management and project management?  We look forward to the exchange with you and show you what Can Do can do for your stakeholder management. 
    Get in touch with us

     

From now on, every project will be a successful project!

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