What are the most common stakeholder management mistakes?

1 Mistake 1: Not identifying all the stakeholders

One of the first steps in stakeholder management is to identify who are the stakeholders for your project or initiative. This may seem obvious, but many business development professionals overlook or underestimate some of the key stakeholders, such as internal teams, customers, suppliers, competitors, regulators, media, or community groups. Failing to identify all the stakeholders can lead to missed opportunities, conflicts, or resistance, as you may not address their needs, expectations, or concerns adequately. To avoid this mistake, you should conduct a thorough stakeholder analysis, using tools such as stakeholder maps, matrices, or power-interest grids, to identify and prioritize the stakeholders based on their level of influence and interest in your project or initiative.

2 Mistake 2: Not communicating effectively

Another common stakeholder management mistake is not communicating effectively with the stakeholders. Communication is essential for building trust, rapport, and alignment with the stakeholders, as well as for informing, educating, and persuading them about your project or initiative. However, many business development professionals communicate too little, too much, or inappropriately with the stakeholders, resulting in confusion, frustration, or misunderstanding. To avoid this mistake, you should develop a communication plan, specifying the objectives, messages, channels, frequency, and feedback mechanisms for each stakeholder group. You should also tailor your communication style and tone to suit the preferences and personalities of the stakeholders, and use active listening and empathy to understand their perspectives and emotions.

3 Mistake 3: Not managing expectations

A third common stakeholder management mistake is not managing expectations of the stakeholders. Expectations are the beliefs or assumptions that the stakeholders have about your project or initiative, such as the scope, timeline, budget, quality, benefits, or risks. If the expectations are unrealistic, unclear, or inconsistent, they can cause disappointment, dissatisfaction, or conflict among the stakeholders, as well as undermine your credibility and authority. To avoid this mistake, you should set and communicate clear and realistic expectations from the start, and update them regularly as the project or initiative progresses. You should also manage the expectations proactively, by anticipating and addressing any potential issues, changes, or challenges that may affect the stakeholders.

5 Mistake 5: Not managing conflicts

A fifth common stakeholder management mistake is not managing conflicts among or with the stakeholders. Conflicts are inevitable in any project or initiative, as the stakeholders may have different or competing interests, opinions, values, or goals. If the conflicts are not resolved or managed effectively, they can escalate and damage the relationships, trust, and cooperation among the stakeholders, as well as jeopardize the success of your project or initiative. To avoid this mistake, you should adopt a constructive and positive attitude, by recognizing and respecting the diversity and differences among the stakeholders, and seeking to find common ground and mutual benefits. You should also use appropriate conflict resolution techniques, such as negotiation, mediation, or arbitration, to facilitate dialogue and agreement among the stakeholders.

6 Mistake 6: Not evaluating and improving

A sixth common stakeholder management mistake is not evaluating and improving your stakeholder management practices. Evaluation and improvement are essential for learning from your experiences, measuring your performance, and enhancing your skills and competencies in stakeholder management. However, many business development professionals do not evaluate or improve their stakeholder management practices, either because they do not have the tools, do not have the feedback, or do not have the motivation. To avoid this mistake, you should establish and use indicators, metrics, or criteria to assess your stakeholder management outcomes and processes, such as the satisfaction, engagement, trust, or influence of the stakeholders. You should also seek and act on the feedback, suggestions, or recommendations from the stakeholders or other sources, such as peers, mentors, or coaches, to identify and address your strengths and weaknesses in stakeholder management.

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?