The Stakeholder Strategy Evaluation Tool facilitates the challenging planning process for purpose-driven startups and entrepreneurs who want their new ventures to contribute to a better world. A deep commitment to all stakeholders in a business is tough and the people in the enterprise need all the help they can get.
The idea behind this stakeholder strategy evaluation tool is that leaders will need to describe intentions and their arguments for having arrived at the decision to build a business that considers all stakeholders and not just the shareholders. They may produce ‘think pieces’, make presentations, consult backers and the significant outsiders—doing a lot of heart-searching, fact-finding and data collection.
To get ‘buy in’ from staff, and many other groups that are likely to be impacted by the ultimate stakeholder strategy there is likely to be research as well as many discussions, meetings, workshops, and other events in order to understand the factors that will need consideration agree and rollout the agreed policies and practices. The stakeholder strategy evaluation tool, will be a canvas against which to consider the issues and bring the conclusions to fruition and ensure that nothing is overlooked.
It might even be worth printing out a copy to aid the process. Each participant could use it to check their own and colleagues’ thinking and proposals, as a kind of checklist.
Two Uses for the Stakeholder Strategy Evaluation Tool
The stakeholder strategy evaluation can be used in two ways.
The first, is to use it very early on in the development of the stakeholder strategy, to ensure that issues are not avoided or left out.
The second, is to use it after the plan has been established to make sure that in the complex and exciting process, the team has not created inconsistencies or avoided considering all the risks that make be inherent in such an ambitious endeavor.
Other Evaluation Tools and Readings
Developing a stakeholder strategy is a tough job and maintaining its effectiveness and relevance is no less demanding. Some of the other tools here on Venture Founders may help; examples include the Purpose and Profit Framework, PEST (Political, Economic, Social & Technological) Analysis. You may find more that will help your specific circumstances.
There is much to read on the Venture Founders website, but New Business Normal will help to underline the significance of creating an enterprise that is based on the notion of creating value for all stakeholders, rather than simply enriching the shareholders. You’ll see how Sustainability Benefits Your Startup and the World by working through the UN’s Sustainable Development Goals.
You might also benefit from looking at a short video on the Strategist’s Toolkit: Stakeholder Analysis, part of a Corsera course.