The Stakeholder Quadrant was outlined in my book The Fourth Moon where I defined the four parties within the Stakeholder Quadrant as:

Customers
Employees
Shareholders
Suppliers

I think it is a great opportunity to review how we can make deposits with our stakeholders at this time.

Customers

Customers are feeling vulnerable. Consider how you might reduce their anxiety and improve their position.

Reflect on how you can improve your service levels to an even higher standard to enhance your value proposition in their eyes.

What resources, people and solutions can you share with them to help them eliminate what is bugging them?

Be proactive in enabling constructive communication around their pain points and needs. Help identify current and emerging challenges they are facing.

Remind yourself that you only ever know part of their current world reality, so be patient and kind in your interactions.

Employees

With remote working conditions, you need to ramp up your contact through a battery of suitable mediums including Zoom videos, phone, email and digital platforms. Choose the right forums for communication.

Understand that productivity will be impacted in the short-term, and while a painful reality, cannot be avoided.

Adopt a welfare mentality and stop to ask your team how they are really going. Don’t simply accept stock answers.

Take the time to actively listen.

Again, consider what may be happening privately in their lives, away from work.

Shareholders

Shareholders are understandably nervous about the economy and the pandemic.

If shareholders work alongside you operationally, keep your communication channels open and transparent.

If shareholders are remote, discuss with them their expectations around business performance, communication and reporting.

Spend extra time ensuring all parties understand what is required to meet expectations throughout this period.

Silence is deadly.

Suppliers

Understand that functional and positive supplier relationships cut both ways.

If you are likely to reduce scope, volume or change trading conditions - try and communicate this on a timely and respectful basis. If payment is likely to be late, let your suppliers know in advance so they have an opportunity to make arrangements.

From your suppliers, ask for a commitment to ongoing guaranteed supply. Clarify lead times. Ask for advance notice from them on emerging issues.

Good and bad news must travel fast.

Remember that they too are likely to have cashflow issues and need to manage the expectations of their suppliers.

Be loyal and honest to your existing suppliers as they will likely reciprocate this behaviour back to you.

Deposits into emotional bank accounts of stakeholders

Remember the powerful messages within the seminal book The 7 Habits of Highly Effective People by the late Stephen Covey.

Keeping a positive balance in the emotional bank accounts of stakeholders is what successful business owners do.

Successful owners don’t allow themselves to be in overdraft with key stakeholders.

If you make regular deposits into the emotional bank accounts of your stakeholders, you may have something to draw on should you require it.

Commit to regularly revisiting the Stakeholder Quadrant and assessing your deposits into these primary relationships.

I write blogs just like this one on productivity and human development fortnightly. If you'd like it delivered straight to your inbox head to https://darrenkbourke.com/the-fourth-moon-blog and let me know your email.

Email me at darren@darrenkbourke.com to schedule a meeting (at no cost or obligation) to discuss how I can help you re-platform from crisis this year.