Develop new relationships, gain insight, and expand local visibility by gaining the support of company stakeholders
Today, the success of a company depends on its ability to garner social support. From customers and employees, to investors and community members, stakeholders play a major role in the profit and progress of a business.
Considering the needs and wants of a variety of stakeholders is critical. By analyzing different perspectives and keeping all parties updated on your company’s latest news, you’ll be able to form a more cohesive vision for the future of your business.
Gaining the support of various stakeholders will:
- Improve information flows, practices, project management, and program results.
- Give anyone affected by the outcomes of decisions a chance to be heard.
- Generate clarity and a shared vision among all parties involved.
- Allow your organization to identify key stakeholders and improve the relationship they have with your business.
- Bring a diverse group together, all with unique knowledge, experience, and expertise, to collaborate and strategize solutions for the life cycle of your projects.
- Build new partnerships that can add value to your business.
- Identify new strategies to bring your business to the next level and drive innovation.
- Improve governance and decrease your organization’s level of risk.
- Enhance the surrounding community’s confidence in your company’s decision-making process and business practices.
Many companies rely exclusively on the opinions of stakeholders that support their projects, shutting out any opposing views. This practice muffles the opinions of parties that possess a much smaller voice (like the surrounding community) and no voice at all (like the environment). As a result, businesses miss out on opportunities to gain local visibility and support. Acknowledging your environmental impact, while making an effort to engage with your community, will build stronger relationships and reduce any misconceptions surrounding your business. B Corporations like Flock Freight work especially hard to meet these standards.
Certified B Corporations are legally obligated to consider the impact of their decisions on their workers, customers, suppliers, community, and environment. Held to the highest standard of social and environmental performance, these companies value the needs and wants of all stakeholders. Below are three socially responsible B Corps that strive to build local stakeholder support by considering the effects of their business decisions on all parties involved:
This altruistic skincare company has devoted years of service to community support. SheaMoisture created a $1 million fund to support women entrepreneurs and small business owners of color during the pandemic. Financial support goes toward businesses that are supporting their local communities, community healthcare, grants to black-owned businesses, and an online platform for entrepreneurs who are women of color.
This protein bar company selects growers based on their sustainability initiatives, and runs a foundation for its manufacturing and distributing processes based on recycling, ethical food sourcing, and renewable energy. GoMacro drives a positive impact within its local community with Give Back Bars — a line of the brand’s protein bars — by donating a portion of the proceeds to local organizations.
Flock Freight, that’s us! We’re a tech company that prioritizes sustainability while eliminating waste and inefficiency from the freight industry. We acknowledge the impact of freight transportation on the environment and aim to reduce our carbon footprint through our carbon neutral shared truckload solution and partnership with Carbonfund.org. Additionally, our employee-led Impact team devotes resources to connect and collaborate with the communities around our offices.
Give your business an extra boost
Once you’re able to see all the needs and wants of various stakeholders, your business will be ready to reap the benefits. Whether you’re connecting with stakeholders through webinars, community events, polls, or LinkedIn, prioritizing their needs will build a stronger, more well-rounded business foundation.