Even if you work in your business alone, others are involved. People who are involved in your business are called Stakeholders.
These stakeholders have an interest in your business either because they must legally oversee your operation, like government personnel, or because they are rely on you and your income, like your dependents. Your stakeholders influence you and can have incredible power to alter how you operate.
A good business will carefully consider its stakeholders by managing relationships and keeping a close eye on the changes in stakeholder requirements.
Let’s take a look at who may be involved in your business…
• You, the business owner
You have enormous impact in your business. Your business needs you to be fit and healthy, organised and motivated. For the business’ best interest, it’s your job as business owner to keep yourself in the best shape to run the business machine. You are closely involved in your business.
• Your clients
Second to yourself, your clients have the greatest impact in your business and must be kept satisfied and happy. Should your clients disappear overnight, your business will cease to operate.
• Your team
Do you have a team? Not only do your team rely on you to pay them and provide them with work, but you also rely on your team to show up and do their best. Leading them and keeping them ready and willing to work for you is as important as keeping your clients happy. Your team are closely involved in the day to day of your business.
• Your support
As the business owner, you will likely work with a coach, mentor or supervisor – a person whose job is to support you and your business. These people have a stake in your business and want the best for you. The success of your business is the success of their business. They will be involved to keep you accountable, motivated and able to run your business.
• Your dependents
Your dependents are the people who rely on you for support, mainly financial support. These people may be your children, your parents, partner or friends, though they could also be your pet – your pet certainly needs you to be able to bring home the kibble. Your dependents will keep you in check and supporting them may be the reason you work as hard as you do.
• Your environment
Your environment has an impact on you. If something in your space however big or small, tangible or intangible – changes, your business could be thrown sideways in an instant. A business owner must be aware of how their environment has power to make or break the stability of the business.
• Your governing body
Similarly to the environment, your governing body (if you have one) are involved in your business and you must comply to their regulations. They are interested in you and you must stay interested and up to date with them.
• Your competition
Your competition are involved in your business because, like all stakeholders, they have the power to alter how you run your business. If your competition created huge value which meant that your service lost its value, your business is left vulnerable and changes would need to be made without delay.
• Your suppliers
Your suppliers are the people and other businesses that you need in order to run your business. They may be your landlord, your website host or even the post office. Any change they make, will make changes in your business too.
• Your investors
Even if you don’t have outside investors, funders or sponsors, you have invested in your own business. You’ve put your time, money and energy into your business and need your business to succeed. Your investors root for you. They want your business to thrive. Investors are involved and have great impact in how your business runs.
Your business has many stakeholders - people, businesses and organizations involved that have power to impact you. They may closely rely on you and may be able to greatly influence your operation in one small change they make.
Who are your stakeholders? It’s your job to oversee and manage all relationships you have with your stakeholders.
Written by Lily Llewellyn, family business coach
March31st 2025
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