Pay Attention to Your Customers and Business Stakeholders!

When you start a business, you have many stakeholders. What does that mean? Anyone positively or negatively affected by your business, directly or indirectly. Naturally, a business's most important stakeholders should be its customers. But it seems that sometimes they are not! Why? In some businesses that do not operate competitively, or in markets where demand exceeds supply, the customer is not treated as a particularly important primary stakeholder! So who are, or might be, the other stakeholders?

The business owner or shareholders
Employees
Suppliers: people who provide goods or services to your business.
Banks or financial institutions that provide loans or financial services to you.
The community affected by your products or services. For example, although the seller and buyer of a car may both be pleased with a transaction, the car's pollution may be harmful to the environment and the community.
Business partners
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Accurately identifying stakeholders is important for every business. If it fails to do so, a stakeholder's dissatisfaction may damage its survival or even destroy it. For example, the online taxi service Snapp appears to be balancing its two main stakeholder groups: customers and suppliers. Snapp's suppliers are the drivers who serve its customers. You can imagine what would happen if drivers were dissatisfied with Snapp and refused to work with it. Question: who do you think Iran Khodro's main stakeholder might be? Is it its customers? Answer in the comments. Exercise: list your business's stakeholders in the comments and say which one you think is the main stakeholder. Identifying business stakeholders matters because the business needs to plan for their satisfaction. Each stakeholder's requirements and expectations should be prioritized and given attention according to their importance and influence on the business. But remember one point: the customer is always one of the business's most important stakeholders. It is the customer who buys the product or service and pays for it. That money enables shareholders to earn profits, employees to receive salaries, suppliers to be paid their costs, banks to receive loan repayments, and so on. In later articles, I will explain how to obtain stakeholder satisfaction. #Business #BusinessManagement #Profitability #Revenue #SustainableRevenue #Training #Systematic #ProblemSolving