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Rising Influence of Stakeholders on Change

Stakeholders can be defined as individuals, groups of people or other organisations that can influence the functioning and success of a small business...

So, who's in charge here?

By now, we should all be in agreement that our small business world is constantly under the influence of change. In the last couple of postings we reviewed our readiness for change and how that can be fuelled by the simple art of asking questions. Let's just park that for a moment and consider exactly where lies our power base. This is really important.

Compared with 30 or 40 years ago, there has been a marked shift of influence within the Australian business community. That influence has diminished the power that a business owner could once wield in the market place. This is due to, not just that power shift towards other stakeholders, but the rise in the number of stakeholders that can impact our businesses, either positively or negatively.

Now, every business is different and, particularly with small or micro-businesses, the stakeholder mix can vary and, in some cases, only include:

  • the business owner

  • his or her customers

  • his or her suppliers of materials and/or services (including admin, accounting etc.).

Of course, that mix can easily change as fast as marketplace operating conditions change. As a result it is always a good idea to keep firmly in the back of our minds a list of other possible stakeholders, such as:

  • Employees

  • Shareholders

  • Competitors

  • Special interest or community groups (especially those who may have concerns over the effect of your business on the environment or the economy)

  • Politicians; Unions

If we look closely at this list it can be seen that stakeholders can represent both internal and external forces for change. In some cases, though, they can be significant forces against change!

And so it is that, when considering people's response to an impending change, we need to use this broad range of stakeholders as our litmus test to assist in determining growth opportunities as well as foreseeing obstacles.

So...

Keep probing, asking questions and, in doing so, continue to strengthen that wall of readiness to help manage the inevitability of change in your workplace.

This is just one way to ensure YOU stay in charge!

Ted Beecher
BLA Director

Make A Habit Of Asking Questions

A lot of the work of a good detective is centred on the list of questions he or she has to build from statements, suspects, witnesses, forensics and CCTV etc. Just look at almost any TV cop show or murder, mystery movie. Of course there's heaps more to it than just the questions. There's all the preliminary research, retrieval of historical evidence, pre-interview preparation and the like. Then it's all down to finding out what is behind the answers to those questions and what links with what.

Simple? Probably not…

At least we now know why our law-enforcement bodies undergo such rigid training and role playing before they are launched fully into the ever challenging and often feisty investigative world.

The whole 'question' of 'questions' needs to be a constant feature of our small business environment. All questions are important - the what?, the how?, the which?, the when? and finally, the why?, possibly the most dynamic of all the questions. Here in Australia some of us are old enough to remember watching the kids' science shows hosted by the late Professor Julius Sumner Miller. Remember, his catch phrase, 'Why is this so?' It prompted him to explain the scientific rationale behind the experiments he shared with his young audience.

Making a habit of asking the 'why' question can be a great discipline, especially in business. After all, not taking things for granted is simply a must, especially given that what is true for today may not be the same tomorrow. By asking the 'why is it so ' question, the answers will usually give you up-to-the minute clarity and perspective. Don't necessarily stop at that first layer as there may well be another 'why' that must be explored to address the answer to that first 'why!' And then another and another.......

Just drill down until you're satisfied that you can go no further to the point that, with reasonable peace of mind, you're back at your desk hopefully enjoying a thriving business.

FOR THE MOMENT THAT IS...

By regularly revisiting these 'Why' areas you become alert to what is changing on the outside, perhaps situations over which you may have little or no control. However being in a position to meet these changes head -on and then make the necessary adjustments in your own business will, over time, become a useful , healthy and fruitful habit.

In the meantime and maybe just for old-times' sake, you can easily find the late Professor's snippets of wisdom on YouTube, so enjoy!!

Ted Beecher
BLA Director