What are the best practices for using CPS to monitor and evaluate stakeholder relationships?

When thinking through stakeholders, not just shareholders, UVA’s Ed Freedman discusses the importance to find the interconnectedness of customers, suppliers, employees, investors, communities and others who have a stake in the organisation. Businesses should be designed in a way which create value for all stakeholders and this can be done through incentive systems which align a confluence of factors. A business decision should not be at odds with what is best for the greater good. To do so there needs to be a firm understanding of what is trying to be achieved, the underpinnings of each group, and addressing our inherent biases. We should use our gut as a hypothesis, then questioning those believes, and bringing in a diverse set of views.

J’ai constaté que tenter de gérer toutes les parties prenantes ayant un intérêt pour le problème ou la solution peut consommer beaucoup d’énergie sans apporter beaucoup d’avantages. Les parties prenantes qui valent la peine d’être gérées sont celles qui, ont une influence sur la résolution du problème ou la mise en ?uvre de la solution. J’ai aussi constaté que celles-ci, dans certains cas elles n’ont pas d’intérêt pour le problème ou la solution; il faut alors développer leur intérêt.

It is important to identify all relevant individuals and groups, such as investors, customers, employees, and community members, and to consider their interests throughout the process.

To keep our stakeholder relationships strong using Creative Problem Solving (CPS), let's keep it simple. First, be clear about what we want from these relationships. Use CPS to really understand what our stakeholders need. Get creative in thinking up solutions to meet those needs. Pick the best ideas and make a clear plan to put them into action. Keep everyone updated and be flexible if things need adjusting. Measure how well we're doing, use feedback, and celebrate the good stuff while learning from challenges. By keeping these simple steps in mind, we can make sure our stakeholder relationships are positive and effective. ???? #SimpleStakeholderRelations #CreativeThinking #EffectiveCollaboration

One of the common problems that accountants need to solve for is the 13-week cash flow. To maximize cash inflows you need to see the customer as a key stakeholder. When a customer's invoice becomes past due, sometimes CPS is required to collect or prevent future loss.

It is important to establish precise and quantifiable objectives when monitoring and evaluating stakeholder relationships. Ask yourself what you hope to accomplish by doing so. Do you wish to enhance trust, boost engagement, or address any particular concerns? Clearly defined goals will assist you in selecting the appropriate metrics and tracking progress.

We recently did a SWOT analysis on our department and I found it very helpful. One of our strengths is being able to execute as a fully remote team. This allows us to attract talent from anywhere in the world and incorporate them seamlessly onto the team.

When it comes to implementing CPS, it's important to choose the right technology that suits your specific needs and budget. There are several CPS tools available, each with its own advantages and disadvantages. It's also essential to ensure that your team members are well-informed about the CPS process and its value. They should be trained in effective communication, data analysis, and action planning to maximize the benefits of CPS. Lastly, building strong relationships with stakeholders takes time and effort. You should be patient and flexible, and not expect immediate results. As you learn more about your stakeholders, be open to adapting your approach accordingly.

CPS is one of the most underrated skills an Accountant can learn and develop. What happens when something doesn't tie out? Or a state puts a lien on your business? Or the auditors uncovered a big issue? How you respond to difficult situations is what can set you apart from your peers.

The more times I’ve tried to create smart approaches I’ve usually over thought it. Keep it simple, clear and show the actions. It’s very easy to say, much more difficult to execute. Reason being you have to navigate through distraction and emotions. Learn to be empathic but avoid being careless by creating a really simply framework that shows off the things you did… not the things you said.