How can you build strong relationships with stakeholders in the hospitality industry?

1 Identify your stakeholders

The first step to build strong relationships with stakeholders is to identify who they are and what they expect from you. Stakeholders are anyone who has an interest or influence in your business, such as customers, employees, vendors, investors, competitors, media, government, community, etc. You can use various tools, such as stakeholder maps, surveys, interviews, or focus groups, to analyze your stakeholders' needs, interests, preferences, goals, and challenges. This will help you prioritize your communication efforts and tailor your messages accordingly.

2 Engage your stakeholders

The second step to build strong relationships with stakeholders is to engage them in meaningful and regular communication. Engagement means not only informing them about your business activities, plans, and achievements, but also listening to their feedback, opinions, and concerns. You can use different channels and formats, such as newsletters, social media, blogs, podcasts, webinars, events, or meetings, to communicate with your stakeholders and invite them to participate in your decision-making process. Engagement also means acknowledging and addressing any issues or conflicts that may arise and finding solutions that benefit both parties.

3 Align your values

The third step to build strong relationships with stakeholders is to align your values and vision with theirs. Values are the core beliefs and principles that guide your business behavior and culture. Vision is the long-term goal or aspiration that you have for your business and its impact on the world. By aligning your values and vision with your stakeholders, you can create a shared sense of purpose and direction that motivates and inspires them to support your business. You can align your values and vision by demonstrating how your business contributes to social, environmental, or economic causes that matter to your stakeholders, and by showing how your business values match their personal or professional values.

4 Deliver your promises

The fourth step to build strong relationships with stakeholders is to deliver your promises and exceed their expectations. Promises are the commitments and guarantees that you make to your stakeholders, such as providing quality service, meeting deadlines, offering discounts, or resolving complaints. Expectations are the standards and criteria that your stakeholders use to evaluate your performance and satisfaction. By delivering your promises and exceeding their expectations, you can build trust, credibility, and loyalty among your stakeholders. You can deliver your promises and exceed their expectations by setting realistic and measurable goals, monitoring and reporting your progress, seeking feedback and improvement, and recognizing and rewarding your achievements.

5 Appreciate your stakeholders

The fifth step to build strong relationships with stakeholders is to appreciate them and show them that you care. Appreciation is the expression of gratitude and recognition for the contributions and support that your stakeholders provide to your business. Caring is the demonstration of empathy and concern for the well-being and happiness of your stakeholders. By appreciating and caring for your stakeholders, you can strengthen the emotional bond and attachment that they have with your business. You can appreciate and care for your stakeholders by saying thank you, giving compliments, sending gifts or cards, offering incentives or perks, or providing assistance or advice.

6 Grow with your stakeholders

The sixth and final step to build strong relationships with stakeholders is to grow with them and help them achieve their goals. Growth is the process of learning, developing, and expanding your business potential and impact. Goals are the specific and desired outcomes that your stakeholders have for themselves or their organizations. By growing with your stakeholders and helping them achieve their goals, you can create mutual value and benefit that enhances your business performance and reputation. You can grow with your stakeholders and help them achieve their goals by providing opportunities for training, mentoring, networking, or collaboration, and by sharing resources, insights, or best practices.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?