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What steps can you take to ensure stakeholders are aware of renewal timelines?

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Renewing contracts with your existing clients is a crucial part of business relationship management (BRM). However, it can also be a challenging process that requires clear communication, alignment, and expectations with your stakeholders. In this article, you will learn some practical steps that you can take to ensure that your stakeholders are aware of the renewal timelines and are ready to make informed decisions.

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1 Identify your stakeholders

The first step is to identify who are the key stakeholders involved in the renewal process. These may include decision-makers, influencers, users, sponsors, and champions of your products or services. You should also consider the level of influence, interest, and satisfaction of each stakeholder group. A stakeholder map or matrix can help you visualize and prioritize your stakeholder relationships.

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Alaluddin Sk

Experienced Ed-Tech, Banking & IT Professional | Proven Sales Strategist
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he first step is to establish clear and effective communication channels through which renewal timelines will be conveyed to stakeholders. This may include email newsletters, internal memos, project management software, or even dedicated meetings.

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2 Communicate the renewal value proposition

The next step is to communicate the value proposition of your products or services to your stakeholders. This means highlighting the benefits, outcomes, and impact that your solutions have delivered to your clients. You should also address any pain points, challenges, or risks that your stakeholders may face if they do not renew. A value proposition canvas or a business case can help you articulate and demonstrate your value proposition.

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3 Establish the renewal timeline and milestones

The third step is to establish the renewal timeline and milestones with your stakeholders. This means setting clear and realistic deadlines for each stage of the renewal process, such as contract review, negotiation, approval, and signing. You should also communicate the consequences of missing or delaying the deadlines, such as price changes, service disruptions, or lost opportunities. A project plan or a Gantt chart can help you track and manage the renewal timeline and milestones.

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4 Engage your stakeholders regularly

The fourth step is to engage your stakeholders regularly throughout the renewal process. This means keeping them updated on the progress, challenges, and achievements of the renewal project. You should also solicit their feedback, input, and concerns, and address them promptly and effectively. A communication plan or a stakeholder engagement matrix can help you define and execute your engagement strategy.

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5 Anticipate and resolve potential issues

The fifth step is to anticipate and resolve potential issues that may arise during the renewal process. These may include changes in stakeholder preferences, expectations, or needs, conflicts or disagreements among stakeholder groups, external factors or events that affect the renewal context, or technical or operational problems that affect the renewal delivery. A risk register or a contingency plan can help you identify and mitigate potential issues.

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6 Celebrate and reinforce the renewal success

The final step is to celebrate and reinforce the renewal success with your stakeholders. This means thanking them for their trust, support, and collaboration, and acknowledging their contributions and achievements. You should also reinforce the value and benefits of the renewed contract, and set the stage for future opportunities and growth. A thank-you note, a testimonial, or a case study can help you celebrate and reinforce the renewal success.

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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?

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Chewe Christopher

Credit Risk Analyst at Standard Chartered Bank
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One of the ways to manage stakeholders effectively is to use emotional intelligence in handling matters. Effective communication is key to becoming a better team with stakeholders. Commitment of all stakeholders is critical to success. When a stakeholders isn't contributing as expected, a good place to start, if you have got somebody checking out those not performing is to diagnose the problem first if you could. We have a tendency to judge other people by own internal workings, so we are actually judging other people's outside by our inside and that not actually helpful because they our insides . Every crisis should be a learning event and for that to happen it is really helpful to have a discipline action review process

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What steps can you take to ensure stakeholders are aware of renewal timelines?

1

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3

4

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1 Identify your stakeholders

2 Communicate the renewal value proposition

3 Establish the renewal timeline and milestones

4 Engage your stakeholders regularly

5 Anticipate and resolve potential issues

6 Celebrate and reinforce the renewal success

7 Here’s what else to consider

Business Relationship Management

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What steps can you take to ensure stakeholders are aware of renewal timelines?

1

2

3

4

5

6

7

1 Identify your stakeholders

2 Communicate the renewal value proposition

3 Establish the renewal timeline and milestones

4 Engage your stakeholders regularly

5 Anticipate and resolve potential issues

6 Celebrate and reinforce the renewal success

7 Here’s what else to consider

Business Relationship Management

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感谢您的反馈

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