7 Tips to Effectively Communicate With Stakeholders
Business stakeholders play a significant role in your company’s growth and development. With their level of experience, they can provide valuable resources that can help take your venture to immeasurable heights. Besides, if your investors are kept well in the loop, it will be easier for them to increase their funding without much thought, help you in problem-solving, and provide you with valuable insights.
Wondering how you can create an effective communication channel and ensure that all your stakeholders are up-to-date about your business? Here are seven tips to help you smoothen your conversations with your stakeholders and keep them well informed!
1. Stakeholder Project Maps
Before signing on any project or task, create a stakeholder communication plan. This will enable your stakeholders to review and provide feedback on major projects of the company and will help you connect better with them.
An effective stakeholder plan defines deadlines for updating your investors/clients regarding goals, budgets, developments, losses, etc. It will help keep them in the loop and create a flawless communication channel amongst all parties.
2. Video Updates
Conveying your message through a video is one of the most effective forms of communication and is probably the best way to get seen and heard by your stakeholders. It doesn’t have to be a thirty-minute clip or seem like a movie production! Rather, a small clip of thirty to sixty seconds, with ample information, necessary updates, and a meaningful message, can do the needful.
3. Schedule Consistent Meetings
Regular updates to your stakeholders can help you create a positive impression, not only on the clients but also on your employees. When you schedule consistent meetings and share the company’s progress meaningfully through professionally designed presentation templates, you establish a culture of support, leadership, and empowerment within your organization. It helps you establish a positive note amongst team members, peers, and co-workers and, at the same time, keep your shareholders informed. Besides, it also helps you manage your shareholder’s expectations, show them the real picture, seek their advice regularly, and demonstrate transparency and good faith.
4. Ask, Don’t Assume
It is one of the wisest pieces of advice for stakeholder communication – ask them what they need to know, how much they want to know, and what form of communication they prefer. It could vary from client to client. Some might wish for a monthly update, while others prefer a quarterly revision. It is also important to cater to different clients according to their preferences – some might want to conduct an in-person meeting or a team seminar, while others may opt for video conferences or phone calls.
5. Conduct Q&A Sessions
Harness the power of questions! Let your shareholder interrogate you regarding the whereabouts of the company, its potential clients, expected revenue, existing losses, etc. Scheduling a dedicated meeting for questions can help stakeholders gain more confidence in you, become aware of the business’s finances, and truly understand your venture’s mission, vision, goals, and objectives. It will also help them understand your setbacks and guide you through the same with their expertise, experience, and knowledge.
6. Harness the Power of Emails and Newsletters
One of the best ways to send periodic updates to your stakeholders is through emails and newsletters. It helps determine shareholders’ engagement with particular projects or information. These emails can include budget updates, timelines, next project plans, revenue analysis, utilization of funds, product developments, etc.
7. Commence with a Recap
Before commencing your next round of communication with your stakeholder, remind them of where you have been, your current position, and what you plan on doing next. Remind them of your terms from the previous meeting, as this repetition can help you foster more confidence in them.
Instead of putting your stakeholders in a blind spot, it is always advisable to focus on providing them with ample information. It will increase their engagement and create a strong bond between them and the company.