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How can you involve stakeholders in developing a business planning framework that meets everyone's needs?

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Business planning frameworks are essential tools for aligning your organization's vision, goals, and strategies with its capabilities, processes, and resources. However, developing a framework that meets everyone's needs can be challenging, especially when you have multiple stakeholders with different perspectives, interests, and expectations. How can you involve them in a collaborative and constructive way? Here are some tips to help you.

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Shobhit Mittal

Financial Planning | Business Operations | Program Management

1 Identify your stakeholders

Before you start designing your framework, you need to know who your stakeholders are and what they care about. Stakeholders are any individuals or groups that have a stake in your organization's success, such as customers, employees, partners, suppliers, regulators, investors, or competitors. You can use various methods to identify and categorize them, such as stakeholder mapping, analysis, or interviews. The key is to understand their roles, needs, expectations, influence, and potential impact on your framework.

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Shobhit Mittal

Financial Planning | Business Operations | Program Management
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Stakeholders play a crucial role in the development of a business framework. It is common for people to associate stakeholders solely with customers, but as the article points out, stakeholders encompass anyone directly connected to a project who may be affected by its alignment with business planning. The importance of stakeholders varies, with some having a greater influence over the process. It is vital to consider their viewpoints and integrate their feedback into your insights. In my line of work, I deal with multiple stakeholders, and while I take the time to understand and evaluate their input, I never lose sight of the overarching business vision or objectives.

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2 Define your scope and purpose

Once you have a clear picture of your stakeholders, you need to define the scope and purpose of your framework. What are the main objectives and outcomes you want to achieve with your framework? How will it support your organization's vision, mission, and values? How will it align with your existing or desired business architecture? How will it address the current and future challenges and opportunities in your environment? You should communicate your scope and purpose to your stakeholders and get their feedback and buy-in.

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Shobhit Mittal

Financial Planning | Business Operations | Program Management
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Clarifying the scope is a critical step in ensuring all stakeholders are aligned. Gaining a comprehensive understanding of the challenge at hand facilitates effective communication of the broader vision to all stakeholders. Once there is a consensus on the significance of the framework and the business vision, stakeholders are more likely to take ownership of their roles, offering valuable feedback and guidance to help achieve the target. In order to ensure your business operates smoothly, it is essential to first comprehend the objective and then establish frameworks and business plans in collaboration with all relevant stakeholders.

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3 Choose your approach and methods

Next, you need to choose the approach and methods you will use to develop your framework. There are different types of frameworks, such as balanced scorecard, business model canvas, value proposition canvas, or strategy map, that can help you define and communicate your organization's value proposition, goals, strategies, measures, and initiatives. You should select the one that best suits your needs and context, and that can be easily understood and applied by your stakeholders. You should also decide on the methods you will use to collect, analyze, and present data, such as surveys, workshops, focus groups, or dashboards.

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4 Engage your stakeholders

The most important step is to engage your stakeholders throughout the development process. You should involve them in co-creating, reviewing, validating, and refining your framework. You should also seek their input, feedback, and suggestions on how to improve it. You should use various techniques to facilitate stakeholder engagement, such as brainstorming, prototyping, storytelling, or gamification. You should also ensure that you communicate clearly and transparently, listen actively and empathetically, and manage conflicts and expectations effectively.

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Shobhit Mittal

Financial Planning | Business Operations | Program Management
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In my opinion, gathering feedback from relevant stakeholders is fundamental to the success of any business strategy implementation, serving 3 main purposes: Refinement: Feedback refines content and guides potential strategy pivots. Responsibility: By actively seeking stakeholders' input, you demonstrate that their opinions are valued, fostering a sense of responsibility and a shared commitment to success. Enhanced Communication Skills: Gathering feedback is not only receiving input but also clarifying the context and value of the strategy. This requires mastering various communication techniques, including storytelling, conflict management, and empathy. Stakeholders are essential to any strategy, with their insights proving invaluable.

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5 Implement and monitor your framework

Finally, you need to implement and monitor your framework. You should ensure that your framework is aligned with your organization's culture, structure, and governance. You should also assign roles and responsibilities, allocate resources, and define timelines and milestones for executing your framework. You should monitor and measure the progress and performance of your framework using relevant indicators and metrics. You should also report and communicate the results and impacts of your framework to your stakeholders and celebrate the achievements and learnings.

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Shobhit Mittal

Financial Planning | Business Operations | Program Management
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Effective governance is crucial for the success of any organization. This includes monitoring aspects such as resource planning, financial planning, budget utilization etc. regularly. Frequent communication with relevant stakeholders is essential to keep the business on track and to be prepared to take corrective action if any risks arise. Implementing regular performance reporting – be it weekly, bi-weekly, monthly, or quarterly – not only supports the success of any framework but also enables continuous monitoring for potential risks. Collaborating with stakeholders and establishing clear performance expectations lays the groundwork for success. Additionally, it is important to analyze failures to build a better approach for the future.

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6 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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How can you involve stakeholders in developing a business planning framework that meets everyone's needs?

1

2

3

4

5

6

1 Identify your stakeholders

2 Define your scope and purpose

3 Choose your approach and methods

4 Engage your stakeholders

5 Implement and monitor your framework

6 Here’s what else to consider

Business Architecture

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How can you involve stakeholders in developing a business planning framework that meets everyone's needs?

1

2

3

4

5

6

1 Identify your stakeholders

2 Define your scope and purpose

3 Choose your approach and methods

4 Engage your stakeholders

5 Implement and monitor your framework

6 Here’s what else to consider

Business Architecture

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