Benefits Of Having A Stakeholder In The Company †Free Samples

Question: Discuss about the Benefits Of Having A Stakeholder In The Company. Answer: Introduction The report talks about thestakeholders relationship management and its influence on management decision-making. It explains that how stakeholders help an organization to achieve long-term growth and success. The report talks about the importance and function of the stakeholders in the company. The report presents an example of an Australian company, Caltex. Through the example of Caltex, the features, responsibilities and the working of the stakeholders are explained in the report. The report explains that how the different types of stakeholders provide support for the betterment of the company as well as society. It tells that how stakeholders important for the company success and growth. It shows the relationship between stakeholders and themanagement of the company. The advantages and disadvantages of the relationship management have been explained in the report. The good and bad relationship with the management is also explained. Further, the report describes the multi- advocacy of the relationship management. The report tells about the responsibilities of the stakeholders towards the company and it also explains the company attitude towards the stakeholder. The report explains that there should be a good relationship between company and stakeholders because Stakeholder is responsible for controlling and monitoring the financial activities of the company. No firm can run the business without a stakeholder. A stakeholder solves the entire problems that are faced by the company due to the finance. The company decisions can be affected by the presence of stakeholders. It explains that how stakeholders help and guide to the company for taking investment decisions. Further, Caltex Company of Australia has been taken as the example in the report. Caltex is a lubricant, fuels and Oil Company. It was founded in 1936 in Australia. The company has a good reputation in this country. It is expanding its business activities and operations with effective stakeholders pol icies. The stakeholders of the company are experienced and professionals and well qualified. The growth of the company mainly depends on the strategies are made by the stakeholders of the firm (Bryson, Patton Bowman, 2011). Stakeholder The stakeholders are responsible for maintaining and controlling the monetary transactions of the company. A stakeholder of any company deals withholding of the shares. They are also responsible for the growth and success of the firm. A stakeholder solves the problem that is faced by the firm due to finance. The stakeholders presence can affect the organization and it can also be affected by the companys decision (Hrisch, Freeman and Schaltegger, 2014). They invest the money on the behalf of the firm. They serve as a guide to the organization and the market. The Company depends on stakeholders in order to gain long-term growth and success in the business. It is a moral duty of the company to trust the stakeholder. Further, it is the responsibility of a stakeholder to be loyal, faithful towards the company. The stakeholders must be aware of the confidentiality of the firm and they should not share the important information of the company with other persons. A stakeholder is responsibl e for managing and monitoring the decisions of the company that is related to the finance (Beringer, Jonas Kock, 2013). They should take effective decision to gain the competitive advantages in near future. The stakeholder is accountable for forming and taking good and effective decisions of the association. It helps to maintain a positive relationship with the company. The management should also share every information with its stakeholders. This will make easier for them to take efficient and effective decisions in the firm. A proper relationship among the employees of the organization and stakeholders will lead the company towards success and growth in the market. It is the responsibility of stakeholders to fulfill the expectations and needs of the company (Manetti Toccafondi, 2012). They should analyze the external environment of the market to gain the long-term advantages in the firm. In this way, they can evaluate and analyze the changing market conditions and environment. F or example Caltex company of Australia maintains the significant relationship with its stakeholders. The company regularly provides relevant information to its stakeholders. It maintains trust, faith, and loyalty among its stakeholders. This will help to the firm to attain the long-term goals and objectives of the firm. It is the well-known and popular company in the market (Pondeville, Swaen De Rong, 2013). The goodwill of the company is excellent due to effective stakeholders policies. The Stakeholders of the company are aware of the history and the future strategies that were followed and will be followed by the company. This builds a strong relationship between them. Caltex has good relations with the investors. This allows other company investors to understand the business, the management and other aspects of the company. The Caltex maintains a good and effective relationship with their stakeholders. They fulfill entire expectations, needs, and requirements of the stakeholders . In this way, the firm provides various benefits to the company (Ackermann and Eden, 2011). General External Environment General External Environment factors affect the ability and potential of the business to perform the task outside of the company. The company needs to manipulate the external elements to gain the benefits in near future. The general external elements are set to know and analyze the market strategies so that the company can set its own according to their marketing needs and requirements. The Company makes an effective plan with the help of stakeholders. The firm at every stage is supported by the stakeholders either internally or externally. They allow the company to meet the requirements of the outside environments. They take care about the outside entities such as customers, clients, market etc (Edelenbos, van Buuren and van Schie, 2011). Types of Stakeholders Project Management Stakeholders These stakeholders are responsible for taking a project from different clients and planning strategies to do work effectively and efficiently. They manage and evaluate the projects on behalf of the firm. Their aim is to achieve the goal and objectives that are set by the company. There could be success and failure in the project. It depends upon the way through which stakeholders perform the functions. The stakeholders must have a proper and enough knowledge about the project in order to meet the long-term growth and success of the company. It is important for the stakeholders to work on the assigned project firmly and professionally (Crilly Sloan, 2012). Primary and Secondary Stakeholders The Primary stakeholders are end users of the firm who takes interest only in the success of the business. They only focus on the companys growth and success. They only take care about the results and outcome of the firm. They do not show any interest in knowing the functioning of the business. The primary aim of the primary stakeholder is to check the companys growth and business activities. Primary stakeholders include project managers, project sponsors, and team members (Beringer, Jonas Kock, 2013). Secondary Stakeholders are responsible for completing the project. They are not the end users of the firm. They are responsible for managing the project, searching sponsors for the project and contacting the investors. They also work for the growth and success of the association. They focus on the business activities and operation of the firm. The aim of the secondary stakeholders is same as the primary stakeholders. Lack of communication and coordination is the major concern between the primary and secondary stakeholders. As a result, it reduces the companys reputation and goodwill in the market (Vasi King, 2012). Internal and External Stakeholders Internal stakeholders are responsible for developing the project. They function inside the companys environment. They have to check and analyze the criteria and strategies which would need to be followed by the company. They search the project sponsors and investors to invest the money (Turner Zolin, 2012). They check the performance of the work and make plans and strategies and solving the issues in a team. They have to ensure that project should be efficient and effective. They should the goals and objectives. External Stakeholders such as vendors and salespersons are responsible for making the product to reach the maximum number of people in the market. They are concerned and worried about the societal demands and works to fulfill these demands. They work for the welfare of the firm as well as society. They are responsible for market growth and success by reaching the number of customers. They supply the essential elements of the society and company. The growth and progress of th e company are dependent upon the supply of the product in the market. Direct and Indirect Stakeholders Direct stakeholders check and evaluate the day to day workings of the business. They are responsible for managing the project on a daily basis. They work on every new project on each day. The main objective of the direct stakeholders is to achieve the target that is set by the firm. They directly meet with the company project criteria. On the other hand, Indirect Stakeholders are not responsible for managing the project. They are not affected by the working, customers or the end users. Results and outcomes are a major concern for indirect stakeholders as like the primary stakeholders. They do not indulge in managing the things during the project but they are interested in knowing about the success of the business. They focus on the various kinds of projects. Specific External Environment Specific External Environment allows the company to trade outside. The organization conducts its business outside the firm for a specific purpose. These specific external forces are directly responsible for achieving the desired goal. It is the set only to achieve the specified target and goals. Every organization has a unique target and goals. They work on a single body. The targets of the companies differ according to the changing environmental conditions. The important entities of specific external environment include customers, clients, suppliers, competitors etc. Types of Specific Stakeholders Customers and Clients The Customers or clients are those entities of the organization who purchase the products of the company. They are individuals who use the services offered by the company, but with the changing trends of the day to day life, the tastes and preferences of the customers are also changing. This will become the reason of growth and success of the organization. Customers keep on the changing their lifestyle according to the environmental conditions which makes it difficult for the company to remain stable at one point. They have to think about the various different ideas to bring to the society which will provoke them to keep buying their products. The Company has to meet the changing demands of the firm to maintain its growth and success of the firm (Yang et al, 2011). Suppliers Suppliers are those entities of the company who is responsible for maintaining a proper record for the amount of product that has been supplied and the amount of product which has been left in a stock. The more supply of the product will generate the more profit for the firm. The ultimate aim of any organization is to attain profits and revenue of the company. These suppliers help them in achieving target and goals effectively and efficiently. They should have the power to convince people to buy their products in the market. The Supplier has to be aware of a number of products that have been supplied to the company as per the demands of the market. The demand of the products increases the suppliers in the market. Thus, they play a vital role in success and growth of the firm (Nguyen Mutum, 2012). Lenders Lenders are the individuals who lend money or fulfill the requirements and expectations of the company. The lender of any company is generally fixed by the firm. They help the company to achieve its target and objectives by providing human resources to them (Lee, Olson and Trimi, 2012). Creditors Creditors are the people who take resources in terms of money by the company. The firm gives them the credit to gain and achieve the name in the market. Debtors Debtors are the people who give money to the company to flourish and expand its business in the society (Bridoux Stoelhorst, 2014). Employees Employees are the labor of the organization. The common goal of every employee is to achieve the target set by the company. Employees should be aware of the work being done in the company and the strategy being followed by other members of the organization in order to meet the goals and objectives of the firm. A company cannot run the business without efficient and effective employees (Hollensen, 2015). Shareholders Shareholders are those individuals of the business who purchase and sell shares on the behalf of the company (Mason and Simmons, 2014). Relationship Management A stakeholder is a group which shows interest in the working of the organization. They have direct and indirect interest in the business. The group may include the government, society, individual or any other company and media. The influence of such entities in the business allows the stakeholders to operate the business effectively and efficiently. Relationship management makes plans and strategies to attract the more customers in the market. In this way, they help to increase the sale of the company (Kumar Reinartz, 2012). They check for the profitability and the performance of the company as well as employees. The interaction with such stakeholders is important for the firm. They easily solve the related issues that are responsible for the success and growth of the business. The aim of stakeholder relationship management is to check the attitude, decisions, functions, and actions of the stakeholders for the benefit of themselves as well as the company. This relationship managemen t allows the stakeholders to gain the benefits from the business. This helps to build and develop the trust among the firm and the stakeholders who put efforts to make the position of the company on the top level. The relationship should be a strong and trustworthy (Lidskog, Sundqvist, Kall, Sandin Larsson, 2013). The management should also share all the information with its stakeholders. This will become easier for them to make efficient decisions. A proper relationship among the employees of the organization and stakeholders will lead the company towards success and growth in the market. It is the responsibility of stakeholders to stand on the expectations and needs of the company. They check and analyze the market conditions and environment (Bourne, 2016). Importance of Relationship Management It is very important to have an effective relationship with the stakeholders. It helps to resolve the difficult matters that are faced by the organization. Through the influence of stakeholders, the organization has a relief about the working on the financial matters. The performance of the organization is checked by the relationship management in order gain the progress and growth in the market (Rozanski and Woods, 2011). This results in good relations with the stakeholders as their main aim of accomplishment is done by the stakeholders. They gain the attention and support of the business. They generally focus on the attitude or behavior of the stakeholders towards the company, thus various important decisions are taken by the stakeholders. The stakeholders must inculcate the knowledge about the business or it will result in bad results. The Company can use the opinion of the stakeholders to work on the project (Mellahi, Frynas, Sun and Siegel, 2016). This is done to achieve the tar get and goals as soon as possible. This will improve the quality of the project and the company will also come to know about the stakeholders towards the business. It is important to take support from the powerful stakeholders. This will help the firm to gain more resources in the market. This will make the strong and effective relationship between the two entities; this will make the project more qualitative. Communicating with stakeholders time to time will ensure them about the project that company is working on these projects properly or not. They will suggest more good criteria for doing the project. This will also ensure the motivation of stakeholders towards the firm. The Company can know about the reaction of public towards the project. This will allow them to make effective strategies and plans for the success of the firm (Alt, Dez-de-Castro Llorns-Montes, 2015). In a company, a stakeholder is usually an investor. The actions of the stakeholders towards the company depend upon the type of decisions are made by them. It is not necessary for them to hold equity shares in the business. They can also behave like the other employees working for the firm. They only focus on the success and growth of the company. They can work for the overall firm. Their interference in every management is accepted as it is beneficial. They can run the company as partners also. A stakeholder plays different roles in the firm. The role of stakeholder is very crucial as her decisions are effective and transform the growth of the company (Eden Ackermann, 2013). The importance of stakeholder relationship in an organization results in good outcomes and results. This develops an interest in stakeholders to work for the firm to achieve the target. The relationship management of stakeholders also helps in making managerial decisions and a strong relationship with the manag ers also. It gives the managers a chance to show their ability to work and handling the responsibility of the firm. This improves the relationship of the managers towards the stakeholders and maintains the relationship for a long term. The Stakeholder relationship plays a vital role in every company. Relationship management of a stakeholder has various significance (Smith, 2013). It is important for making decisions, it works as a managing director, it serves as an investor which is very important for the firm (Beringer, Jonas Kock, 2013). Decision Making The most important task for the stakeholders is making decisions that should be in favor of the company. The stakeholders have the power to make or implement new ideas while working on any project. But it is also important to listen to the opinion of other members of the firm and then to make decisions keeping in mind all the suggestions. The decision made by the stakeholders should be efficient as the future of the company. They strategies planned by them results in good outcomes (Gonzlez-Benito, Lannelongue Queiruga, 2011). Direct Management Direct stakeholders have to check the day to day workings of the business. They are responsible for managing the project on a daily basis. They work on every new project each day. Their target for doing the amount of work is set which they have to achieve. They directly meet with the company project criteria. The approach used by the board of directors and stakeholders differ in many cases. The Stakeholders can work for the human resource department to gain the long-term goals and objectives. They can directly participate in any project and can share their opinion and ideas (Fernandez-Feijoo, Romero Ruiz, 2014). Investors The Stakeholders are described as the inventors of the company. They maximize or minimize the stakes in the company according to the finance needed. They act as a supreme power for the organization. They observe the financial report to check the progress of the firm. Since they are responsible for the growth of the company, it is their duty to invest in the business to fulfill the demands of the customers (Murillo-Luna, Garcs-Ayerbe Rivera-Torres, 2011). Corporate Conscience The stakeholders of large companies are highly respected. They have the power to shut down companies who do work according to the societal needs and also who violets the law. They check the overall functioning of the company and take effective actions for wrong decision-making activities. They are concerned about the companys long-term goals. The corporate and communicate with the company and implement laws required for running the business effectively and efficiently (Lovejoy, Waters Saxton, 2012). Advantages of good relationship management Identify material risks and opportunities- The Stakeholders are professionals who can easily identify the risks that prevail in the society. They are ware about the opportunities that company can get in the near future. They research about the opportunity before taking it. They have a proper planning for every project. It helps to reduce the risk and threats of the firm. Before getting into any opportunity stakeholders first identify and analyze it thoroughly and then allow the company to operate on the opportunity (Boxall Purcell, 2011). Obtain input for organizational priorities and activities Stakeholders duty is to give the effective suggestions on the project. They find solutions for organizations priorities and activities. The inputs given by the stakeholders increase the performance of the business. They give a relevant solution which is also accepted by the company. They give importance to the business work because their main aim is to take long-term benefits and to meet the goals and objectives (Innes Booher, 2012). Provide feedback on progress towards a more sustainable future Stakeholders serve as a guide to the company. Due to their effective decision-making power, they are able to flourish and expand in the market. They are able to make good relationship with customers which results in positive feedbacks. The feedback of the customers motivates the company for achieving sustainable future. For example, Caltex company of Australia has trusted stakeholders. They are professionals who identify the risks and gives solutions to avoid those risks. The company has employees who bring the feedback of the customers to make development in future (Neubaum, Dibrell Craig, 2012). Disadvantages of relationship management Pool knowledge, experience and co-create solutions that address societal, industry and business issues. Stakeholders are experienced and professional people. They have plenty of knowledge about the field of business. Therefore, the solutions they give makes the company confused. It becomes hard to choose the relevant solution, hence it is very time consuming (Chan, Watson Woodliff, 2014). Developing a new product and launching it in the market is very difficult task. There has to be a proper strategic plan to make the product reach many people. Due to the dynamic environment, customers demand new product is frequent changes which results in the development of new product (David, O'Brien, Yoshikawa Delios, 2010). Build collaborative partnerships and relationships that contribute to value creation (profitability) in the company. It is not so easy to build collaborations with different companies. The relationship should be profitable. One should choose the company whom they want to collaborate wisely. For example: In a company like Caltex, it is important to collaborate with other companies for expansion. This is the difficult task. They have to search about the profits earned by each company but it is a very difficult task (Vargo, 2011). Multi- advocacy approach to stakeholder relationship management There has been a fast evolution in the stakeholder relationship through the multi-advocacy. However, the development of multi-stakeholder advocacy is still at a lower level including the investors and the analyst who is responsible for functioning the business. The advocacy states that various organizations tie up, make effective decisions, change policy and work towards achieving the goal and objectives together. The multi advocacy of stakeholder survey and take interviews of the selected organizations before coming together. The goal of the multi advocacy stakeholders is to work jointly with all the other companies effectively (Ellis Sheridan, 2014). There are unique methods of developing the relationship between the stakeholders and the companies are such as: Assessing Mature and Emergent Advocacy Fields, Machine Learning, and Dashboard Tracking. The advocacies between the different companies have resulted in the strategic decision-making, priding meaningful information and have generated evidence towards the loyalty of these multi-stakeholders relationships towards the business. The Multi-stakeholder advocacy is aimed at sharing the goals with the well-coordinated team. The advocacy efforts of the stakeholders of different companies are focused on a particular goal and objective. They have the same target. The decisions made to achieve the goals show the thinking of the stakeholders. Stakeholders show interest in achieving the common organizational goals. They facilitate the policy framework of the firm. Their decisions are important for the firm which results in changes in the environment. Stakeholders manage these changes for sustainable development in future. The aim of stakeholder relationship management is to check the attitude, decisions, and actions of the stakeholders for the benefit of themselves as well as the company. The advocacies of stakeholder relationship management have proven the growth for the company in the coming future. These advocaci es have resulted in the development of the economy. The stakeholders decisions have the power to change companys environment (Gosselin et al, 2014). Conclusion The report the stakeholders relationship management and its influence on management decision-making. It describes the functions, roles, and significance of stakeholders in order to meet the goals and objectives. It also describes relationship management, its importance, its advantages, and disadvantages. It explains that the stakeholder is the one very important entity of the business. They are interested in serving the company its required resources. A stakeholder solves the problem that company faces due to financing. His presence can affect the company and also can be affected by the companys decision. He tells the company where to invest. He serves as a guide to the organization and the market. The Company depends on stakeholders for the growth of the business (Bingham, Dyer, Smith and Adams, 2011). It is a moral duty of the company to trust the stakeholder and responsibility of a stakeholder to be loyal towards the company. The report suggests the relationship with various other entities that stakeholder holds. The influence of such entities in the business allows the stakeholders to operate into business. Relationship management is something which plans strategies in a way that it binds the customer to keep buying the product. They check for the profitability and the performance of a long time. The interaction with such stakeholders is important. They easily solve the related issues that are responsible for affecting the growth of business (Keller and Price, 2011). 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