5 tips to balance shareholder and user interest in project management.?

As a project manager, collaboration is the norm, and isolation is usually a rarity. You might not be the person directly writing the code or allocating resources towards the development, but the work must be done.

You see, balancing the needs of your team, that is, shareholders and users, is one of the most challenging aspects of team management. It is very crucial and challenging at the same time because while businesses (shareholders) want to solve problems for their users, they also want to make money. At least that is what they are in business to do, which often causes friction between both parties.

To be successful, a good understanding of how to balance stakeholder (user)? and shareholder needs is crucial because differences in needs and expectations will always arise. If they do not, you are probably not in the right team or managing well.

Differences in the needs and expectations of users and shareholders will always arise.

Who is a shareholder and a stakeholder (user)?

A stakeholder is anyone who has an interest in the company but does not own shares, such as employees, customers (users), vendors, nearby communities, industry organizations, and others impacted by the business. A shareholder is an individual or institution that holds at least one or more shares of stock in a company. They hold a financial interest in the company and its profitability because they have bought stock in it.

You need to balance the needs of your users and shareholders. Here are the guidelines that will help you get there.

1. Identify and prioritize both parties. Shareholders are the owners, but they don’t always manage the company. If you want to get the best return for your shareholders, then you need to have a company with which the customers want to do business more than any competitor, and that can only be achieved by listening and attending to your users's pain points. It is worthy of note that there'll also be a time when you'll have to listen and do the bidding of your shareholders.
2. Negotiate and compromise. Negotiation involves discussions aimed at reaching an agreement, while compromise is a settlement where each party makes concessions. This can help you resolve disputes and create win-win situations between your users and shareholders. This is something you will always have to do with users and shareholders, and it will be of great interest to you to put your emotions in check. Work with everyone the same way; it will help you negotiate and compromise easily.
3. Communication. Effective communication will save you more than you can ever imagine because friction will always arise. In fact, it is believed that a team isn't effective until there are frictions. Remember, you are working with different people with different needs. You need to listen to their feedback, concerns, suggestions, and questions and address them promptly and respectfully.
4. Adapt and innovate. While communicating, negotiating, and compromising, something might not sit well with you, so this is why these skills are a must-have. Adapt to what you cannot change and innovate what you can. As a leader, you need to be flexible enough to adjust your plans, actions, and outcomes to meet the evolving demands of your stakeholders, especially if you are in an agile team. Again, learn to put your emotions in check and work skillfully.
5. Evaluate and improve. You are a professional, and you are expected to know your onions. Always double-check both parties needs and work on making them better. Evaluation and improvement can help you learn from your experiences and identify areas for growth and development.

In conclusion, keeping everyone happy on the team or business is hard. But what's easier is reminding them of why the product exists in the first place, how important the input of everyone is, and why it is paramount that everyone focus on producing a marketable and sustainable product at the end of the day. Once the mission and vision statement are defined and refined, it's much simpler to balance the needs of everyone and come to a middle ground.

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Motunrayo Joseph, Technical Writer of "Product Tribe"