Attention all SME owners. This is something I’ve come to believe is true — and I think it makes sense. If any stakeholder in your group isn’t getting what they need, your business won’t work. Simple as that.
So, who are the stakeholders in your business, and what do they need?
Key business stakeholder #1: Customers
The obvious one: your customers. They need a product or service that works, priced fairly. They need convenience, speed, and a smooth experience. What else do your customers need?
Read: Give Your Customers What They Want, Or Fail
Key business stakeholder #2: Staff
Now, your staff. They need stable employment in a business that offers a fair day’s pay for a fair day’s work. They also need respect, growth, and opportunity. And finally, they need their salaries to eventually afford the life they’re working toward. What else do your staff need?
Key business stakeholder #3: Shareholders
And yes, shareholders. They need a return on their investment — one that justifies the risk they took. That might mean regular dividends, capital growth, or both. Maybe you are the shareholder. So, ask yourself: what do you need to make it all worthwhile?
Read: Shareholders’ Agreements can bite you on the…um, well you know!
Key business stakeholder #4: Community
Then there’s the community. A good business stakeholder doesn’t dodge taxes, destroy the environment, or break rules. Communities need businesses to be responsible citizens. What else does your community need from you?
By now, you’re probably seeing the picture: if something’s off in your business, it might be because one of your business stakeholder groups is being neglected — or one is thriving at the expense of another.
This kind of thinking has served me well. It might serve you, too.
In a world where SME owners constantly ask what they should actually do, here’s something practical. Something where the time from action to result is surprisingly fast — almost instant.
If this angle feels too abstract, try writing out your value propositions — customer value proposition, staff value proposition, etc. Do they stack up? Are they compelling? What could you tweak to stand out? What could you improve without blowing the budget?
And finally, if you’d like a hand with it, sing out. We’d love to help.
