How can senior stakeholder management support economic growth in foreign countries?

Senior stakeholder management can lead to a better understanding of stakeholder needs, create long-term value, drive economic growth, reduce poverty, and boost the global economy.

In my experience Senior stakeholder management enables the engagement of key role players in the foreign market at a level of understanding and appreciating the market structures and conditions within which the economic contribution seeks to be made. This is crucial to then being able to demonstrate equitable value and sustainable growth anticipated from the investment, for both parties. It also helps with your due diligence especially in relation to the policies and in country laws that may influence your economic activity.

In my experience, earning the trust and credibility needed to execute any stakeholder management role requires a level of honesty which often requires the Manager to outline realistic expectations and set out achievable goals from the start. This may sometimes differ from those which stakeholders may hope to achieve however, it’s important to keep everyone involved, engaged and working with a certain degree of level headedness. At times this may require stakeholders to re-evaluate their initial ideas for the project or the intention behind then the outcomes but in most situations this is in the best interest of all involved.

Working with the senior stakeholders requires few qualities in order to gain trust and credibility: -be transparent as much as possible -keep your presentations and communication simple (do not over-exaggerate with the content/shared information, stick to what is important to the topic) -make sure you deliver on what you promise on time and within the budget (i.e. ‘walk the talk’) -always be respectful -add value to their needs / try to listen to understand their specific needs, as opposed to just listen to respond -be an expert in the area that you are covering, stay updated and never stop learning.

Whenever I dealt with senior stakeholders, mostly in the public sector, wherin most of my experience lies, I found that it is fundamental to have a prior understanding of the values that the leader holds and what they expect to deliver to citizens. It is important to consider that in the public sphere there are many interest groups with collaborative or competing views. Therefore, to establish a genuine connection and concrete results, it is necessary to understand how impacts will cascade throught those interest groups and the general population. It is crucial, therefore, to map stakeholders within and around the public sphere you are trying to connect with, and only then make proposals more likely to be considered desirable.

Senior stakeholders in the public sphere face a fundamental challenge before enacting any new policy or implementing a project: that of trust with collaborating organizations. This can be accomplished through compliance measures and transparency, but to get there it is fundamental to establish trust through mutual understanding of factors at stake. For example, a political leader must consider pressures from multiple interest groups, the media, opposition, etc. The goal, therefore, to earn their trust, is to position yourself as someone who represents a genuine public interest, who is seeking win-win situations, will always keep your word, and preferably will bring evidence-based solutions to those specific challenges.

The obvious key to achieving access to a senior stakeholder's mindset and thought process is in engagement. As a young project manager who literally feared engaging senior stakeholders simply due to lack of experience, I challenged myself to overcome those fears and gain this experience by essentially diving right in. I went from "do I deserve to be sitting across from this person?" to "I'd better get a closer look if I want a better feel for their needs". The result was improved clarity and direction and a more tailored approach to the stakeholder's strategy - essential factors in achieving the unity required in teams to run a successful project.

Senior stakeholder management is a linchpin for foreign economic growth. Beyond building trust and credibility, another key benefit lies in enhancing collaboration and coordination among diverse stakeholders and sectors. Collaboration is vital for aligning efforts and ensuring efficiency and effectiveness in foreign markets. By actively involving senior stakeholders from the outset, businesses gain invaluable insights into their needs, expectations, and viewpoints. This information can then be aligned with overarching goals and strategies, fostering a harmonious working environment.

Enhancing collaboration and coordination involves actively engaging with various stakeholders, such as local communities, government officials, and other businesses, to identify common goals and work towards achieving them collectively. By fostering partnerships and facilitating knowledge sharing, senior stakeholders can leverage the expertise and resources of different stakeholders, leading to more effective and efficient solutions. This collaborative approach helps in creating an environment conducive to economic growth, as it promotes innovation, drives investment, and stimulates job creation.

Throughout my career I have worked with multiple international non-profits or multilateral organizations, in which I worked as an intermediary between those and the leadership of my city, located in a developing country. As such, my role was to find a match between what foreign organizations sought to invest in, and what the main needs of my cities were, considering how to reach leadership with the best possible proposal. That can be accomplished only by reaching stakeholders - in-house experts, academia, NGOS, community leaders - and understanding their perspectives, in order to model feasible and desirable projects to be presented to public leaders. It is crucial to anticipate their objections and make evident the effort already put in.

"Strategic senior stakeholder management facilitates accessing resources and opportunities vital for economic expansion abroad. By leveraging available resources and fostering partnerships, it optimizes value creation and impactful outcomes for stakeholders"

Drawing from my own business practice, I can attest to the invaluable role of senior stakeholder management in leveraging resources and opportunities for foreign economic growth. This practice holds a third significant benefit. It's about identifying and harnessing the resources and opportunities that drive success in international ventures. These resources encompass a wide spectrum: funding, partnerships, innovation, access to new markets, favorable policies, and advocacy support. Through effective senior stakeholder management, I've found that it's possible to pinpoint these resources and capitalize on available opportunities to drive economic growth.

Senior stakeholder management is crucial for foreign economic growth. Through strategic alliances, cultural sensitivity, risk management, and government relations, they pave the way for businesses in new markets. Market research, localization, and infrastructure development support expansion. CSR and talent management foster goodwill and job creation, while technology transfer drives innovation. Their role is indispensable, underpinning economic growth and long-term sustainability in foreign countries. Finally, technology transfer and innovation, orchestrated by senior stakeholders, foster knowledge exchange and spur innovation. This, in turn, drives economic growth by enhancing productivity and competitiveness in foreign markets.

By conducting comprehensive risk assessments and implementing robust risk management strategies, senior stakeholders can proactively address potential obstacles. This includes understanding legal and regulatory frameworks, political landscapes, cultural sensitivities, and environmental impacts. By taking necessary precautions and being prepared for contingencies, senior stakeholders can minimise disruptions and create a stable business environment that fosters sustainable economic growth.

Incorporating my personal perspective into this discourse, senior stakeholder management brings with it a fifth compelling benefit – promoting a positive impact and reputation for economic activities in foreign countries. Positive impact and a sterling reputation aren't just abstract ideals; they serve as tangible metrics to gauge success, value, and contributions to stakeholders and the wider public. Effective senior stakeholder management plays a pivotal role in showcasing and amplifying the positive impact and reputation of economic activities abroad. By engaging and influencing senior stakeholders adeptly, businesses can effectively communicate their commitment to creating a positive impact.

Drawing upon my own experiences I belive senior stakeholder management adopting socially responsible practices and investing in social responsible initiatives, senior stakeholders can contribute to the well-being of local communities and the environment. This includes skill development programs, promoting diversity and inclusion, and engaging in philanthropic activities. By actively communicating and showcasing these efforts, senior stakeholders can enhance their reputation, attract investment, and create a positive image that encourages economic growth.

Success breeds success. Critical to the success of any organisation is the promoting and recognition of success by the Senior stakeholders. When an CEO says well done to a worker, they not only impact the self-worth of that worker but also have created a positive vibe within the workforce. Remember it is not the CEO that achieves the results but rather the team that they have empowered.

One insight that is often overlooked with managing senior stakeholders in foreign countries, is to take the time to learn some words or phrases in their language. Presenting an issue or idea in their language not only gets a feather in your cap, it builds trust and shows you respect them enough to go the extra mile. In the words of the master communicator, Nelson Mandela, "If you talk to a man in a language he understands, that goes to his head. If you talk to him in his own language, that goes to his heart."

Senior stakeholder management can drive economic growth in foreign countries through strategic investments, creating employment, and transferring technology and skills. High-level stakeholders can facilitate partnerships and collaborations with local entities, advocate for growth-friendly policies, and ensure sustainable and ethical business practices. By managing risks effectively and respecting local cultures, they can contribute to stable and prosperous economic environments. Additionally, their commitment to corporate social responsibility can have a direct positive impact on local communities, enhancing the overall economic and social welfare of the host country.