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Why you should satisfy your Stakeholders to run your business

My last post explained Who are the Stakeholders of your online business and what are the expectations of those parties related to your business. In this post my primary intention is to open your eyes on Why you should satisfy the expectations of those stakeholders. If you missed my last post on Stakeholders Click Here to read it first before you go through this post since the previous post has the foundation for this post.

You may think what the point of inspiring different parties, if you can’t get a good profit from those parties, isn’t it? Yes, there is no point of satisfying those parties, if they can’t give you some profit. That is because our primary intention is to make profits. But the problem is bit different. The real problem is without satisfying those parties you can exist in the environment to perform. Let’s see it in details by considering the stake holders one by one,

stakeholders of your online business

1) Shareholders or Investors

As I described in my last post Shareholders are the people who are investing for your business. They will give you the financial support to drive your business. What will happen if they stop supplying their money to run your online business. Now you got the point, aren’t you? Yes, if they stop their flow of money, you will end up with nothing. You can’t produce any product. You can’t provide any services. So the shareholders or the investors have a greater value in a business.

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Yes, that is true, the investors should be there to run a business. But how about the other stakeholders? Do they required to run your business? Let see how they influence your business.

2) Customers

Just think what the point of having a company without customers. You are ready to provide services for the customers, but you can’t find any customers who are willing to get your services. So what are you going to do. Close your shop or company? Yes, that is the only option you have to do if you don’t have any customers to make profit. So now you can understand what is the important of satisfying your customers. They have different expectations as I described in my previous post, but you need to do an analysis and fulfill the needs in a better way than your competitor.

I know, now you say “I knew it, customers are the most important aspect of a company”. But what about the other stake holders? Let’s see,

3) Employees

If you are an old manager, you may tell “Our focus is not to satisfy those employees, our target is to improve the profit”. This is a very old concept. The time is changed. Now man power is considered as an asset rather than a resource. The satisfaction of employees make them motivated. The level of motivation is directly related to the productivity. If your company consists of highly inspired, motivated and dedicated employees, the output will be higher. So the satisfaction of the employees plays a vital part in productivity.

As an example If your workers have a better working conditions, don’t they perform well? It is simple. You give what they want, they give what you want. But the amount you give should not exceed your profits. So it should be a win-win type of management.

So now it is obvious that you must satisfy the needs of the employees too to run your business. If your employees are not satisfied, who are going to make products even though you have a huge customers base. You got my point? So let’s see the other stakeholders

4) State or government

This is one of the most dangerous stakeholder. Why I am saying so? Because you need to obey the rules and regulations of the state to stay out of trouble. You need to pay taxes, need to create a harmonious relationship between you and your employees and etc. If you fail to do so, the state will sue you.

So no need to explain more and more on State, lets move in to the next Stakeholder,

5) General public

Nice, here come the best part. Why you should satisfy the general public? Just think is there a point of satisfying the general public? By looking superficially you may tell “No need to satisfy those bloody people”. But the real truth is hidden behind. You must complete your Community Social Responsibilities to satisfy the general public. But why waste your money? What is the benefit?

Just think you are going to make a small bus-stop with steel for the people who are living in a certain area. Now you can add your advertisement on this bus-stop, isn’t it? They people who are coming to this bus-stop will always notice your ads. Unintentionally they will memorize your brand name. They communicate your brand name to the others too. Now what will happen? You will get more and more sales. So you have done two things. The first one is you made a bus-stop for the poor people, the second one is you have promoted your products.

At this point you should understood why you should satisfy the needs of your different stakeholders. And you should know how to promote your business while satisfying your stakeholders. Just reading this post will not enough to satisfy the needs and expectations of your stakeholders, you must implement these to your small online business to take the maximum benefit from this post. In my next post I’ll explain on the vital aspects of an objective to create a focused path for your small business.

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