Why the Stakeholder analysis is important?

As a Business Analyst (BA), you are going to work with people first. Anyway, understanding requirements, proposing solutions, etc., are all fine. However, without understanding the people involved, or the so-called 'stakeholders,' it is going to be very difficult to deliver your work as a BA in a Project.

Hence, stakeholder management is a very important aspect and a critical skill for a BA, Product Owner, or Project Manager.

Now, imagine as a BA/PO, you are diving into a fresh project with brand new faces around you—customer teams, other vendor teams, and your team. It could be exciting, and sometimes intimidating as well, right?

Now, let me share some gems of wisdom about building those crucial connections to establish that "rapport" with your project stakeholders.

As we already know, when you are just starting a project, more than anything else, understanding "stakeholders" is very important. However, in many IT projects, such initiatives like stakeholder analysis etc., are not conducted (as this is not a customer deliverable). However, such stakeholder analysis is indeed helpful for you as a BA/PO/PM to understand who is who, what they are, and what their expectations are. This analysis could also be helpful when a new person joins the project midway in the future. Please note that a Stakeholder analysis is not a "RACI" building activity and a Stakeholder analysis activity may not give you a picture of who will "do" what. For that, you need to undertake another activity and prepare a well-defined RACI document (containing all information about who will have what responsibilities/ownership, etc.), which also needs to be mutually agreed upon and shared with the customer.

Now, let's delve a little more into stakeholder analysis.

Stakeholder analysis can be conducted during the initial kick-off phase of the project. It could be an interview, introductory call, or a casual chat over coffee. These interactions aren't just about project details; they lay the groundwork for building connections and understanding perspectives, establishing the foundation for successful collaboration. Also, don't be under the impression that you will fully understand a stakeholder in one call. It is a process. Getting to know someone takes time. However, that initial "date" with your stakeholder gives you some insights.

Love at first sight!: It may so happen that when you meet some stakeholders for the first time, you will get all the required energy and confidence. Sometimes, this could be short-lived as well if that stakeholder changes his/her colour later!! So, love at first sight may not be applicable here! But, always remember that your stakeholders are also human beings. They are not people with special powers from any other planet. They also have their priorities, goals, emotions, pressures, and concerns. When you meet your stakeholders physically or virtually, be friendly and be warm and welcoming. Socialize, understand them or about their journey in the company and the interesting things they do. Tell about yourself too -- keep the interaction casual and cool.

Understanding your Stakeholder: As a next step, delve deeper into understanding the perspectives of your stakeholders. It's time to gain a more profound insight into their views on the current challenges that prompted this project, as well as their expectations from it. Moreover, share the information you've gathered so far, intending to stimulate their thoughts. What concerns do they have? What are they aiming to accomplish? How does this project align with their team goals or personal objectives? Note that just this conversation can give you incredible insights and hence you "actively listening" to them is crucial.

Build that trust, and rapport follows next: By now, you might have some great insights, which will give you a decent understanding of a stakeholder and document them. Now, at this stage what you should be looking at is to start to build that "rapport". Remember that as a BA/PO everyone is looking at you and there are some real expectations from all. It's you who can make or break a project. Hence it is a very responsible role. Hence, to get that real support, info, and interactions you need to build those connections with people. To build that connection, you need to establish the trust first. As a BA, you should be the person of your word. If you make commitments, no matter how small, stick to them. If you think there will be some delay in deliverable, communicate it upfront, involve stakeholders in decisions, and show that you're on top of things. This builds trust, and everyone wants to work with someone they can rely on and hence a rapport automatically forms. Ultimately, this rapport is what will help you sail through any future challenges, impediments, or any situations that require real support from stakeholders, say, escalations, buy-ins, or negotiations.

All of the above will not happen overnight. But it has to happen over a period. I know it might seem like a bit of extra work, but trust me, it's an investment that pays off big time. When your stakeholders know you, trust you, and believe in you, most of the time, projects tend to sail smoother powered by that solid "rapport" foundation built by you.

Remember, building rapport isn't rocket science; it's about possessing the willingness to help, contribute and create value.

Now, here is a value for you. If you want to get my FREE and well-conceived stakeholder analysis template, which you can use in your project, just comment on this post, and follow me if you like my content. I will DM you the template in the next 48 hours from the time of your interaction.