Stakeholder Relationships

During this stay at home downtime for most businesses, it is essential for Entrepreneurs to identify their key stakeholders. Once identified, develop a plan to build and maintain relationships with them.

There are many stakeholders for each company – such as shareholders, customers/clients, suppliers, employees, bankers, accountants, consultants and advisors, local community leaders, industry colleagues, lobbyists, and so on.

Identifying your key stakeholders and having a comprehensive plan of maintaining strong relationships with them is critical for your long term success.

Do the Right Things!

Ravi Patel

Published in: on May 26, 2020 at 7:01 am  Leave a Comment  
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Look at the Bigger Picture

Given the current shutdown of businesses, Entrepreneurs must be stressed out regarding all that they have to do when everything opens.

The well-known Pareto Principle of 80/20 could be helpful.

A lesson from that principle is for Entrepreneurs to focus on the big things they need to do and not worry about all the small details. Delegate the small stuff to others. If one dwells on small things, there is little time to work on the larger, more important things in business.

Similarly, if you are dedicated to bringing back revenues, focus on the 20% of strategies and tactics that would generate 80% of the returns. The same philosophy should be applied to keeping employees,  customers and suppliers safe.

Do the Right Things!

Productivity Measurement

Given that most employees are working from home during the current pandemic, how do you know if your employees are productive? Or productive enough? Should you? Claiming to have good employees that you trust is one thing, but backing it up with data is essential.

Have you established metrics to measure productivity directly based on your annual company goals?  Are the metrics simple and easily understandable? Do you communicate them effectively to your employees? How often do you post or discuss measured results? Are there periodic meetings (even with video-conferencing) to analyze performance and develop methods to improve productivity?

Working productively from home is required now or might be the way of the future, but gauging its effectiveness with productivity measurement data makes it more meaningful.

Once you do measure productivity of your employees and obtain successful results, align your reward systems to be in line with productivity improvements.

Improving productivity of your employees is a sure way to deliver more to the bottom line. Are you doing that? If not, why not?

Ravi Patel

Re-creating Team Cohesiveness

With stay-at-home in effect, many Entrepreneurs, their management teams, and employees are working from home.

While mentoring and coaching the members of the management team is possible via video conferencing, Entrepreneurs need to build cohesiveness in their teams. Members of the management group must work well together and function as a well-oiled machine. Doing so remotely becomes very difficult.

The Entrepreneur should plan, after businesses reopen, team building events, preferably off-site, to re-create a feeling of camaraderie among the management team and facilitate effective working relationships between the members.

Ravi Patel