How do your planning decisions impact your stakeholders?

Strategic planning isn't just about goals, it's about impact! By considering stakeholders upfront, we can make choices that empower employees, delight customers, and build trust with investors. What's one stakeholder group you prioritize in your planning process?

Throughout a planning process always be aware of your stakeholders and all those who can be affected by the plans. Keeping in mind that planning generally signals a message of change which can be daunting never discount the importance of paying attention to the reactions of the Stakeholders. Indeed, a prudent step to take at the outset is to establish a timeline and set of benchmarks which will be points where you will pause and engage in interaction with the Stakeholders. Such an effort is more likely to be successful if an effort is made to involve the stakeholders and make sure you have their buy-in that the points in time when they will be consulted are sufficient and clear.

1. Engaging stakeholders builds trust and buy-in. 2. Considering stakeholder needs leads to better decisions. 3. Communicating plans transparently avoids misunderstandings. 4. Delegating tasks empowers stakeholders and shares ownership. 5. Adapting plans based on stakeholder feedback improves outcomes. For example, when planning a community project, engaging residents early on to understand their priorities led to a more impactful initiative that the community actively supported.

Planning decisions significantly impact stakeholders by influencing project timelines, budgets, and outcomes. Poor planning can lead to missed deadlines, budget overruns, and dissatisfied stakeholders. Conversely, effective planning enhances stakeholder satisfaction, fosters trust, and ensures project success. For instance, in engineering management, allocating resources efficiently and setting realistic goals can boost stakeholder confidence and project efficacy.

1) Communicate from the angle of "what is in it for them?" and why they should care about this plan/decision. Create a win-win situation for all parties. If articulated well, they may feel like they win more. 2) Incorporate truthful ESG and CSR facts by showing this plan/decision can do well and do good. 3) Craft the content to address their concerns beyond the revenue aspects, eg audit/compliance/governance as these incur costs. 4) Address the risks, eg cybersecurity/data breach, with mitigating solutions as most people and organisations are risk averse. 5) Make the content relatable today while also painting a picture of the future. This is challenging because everyone has unique motivations, and not everyone will be around for long term.