Building the trust of Your Stakeholders
The success of a business’ procurement function is fundamentally linked to how well it is regarded. This is reflected in its strong relationships across all areas of the business and the trust generated by consistent performance.
Key Considerations:
1. Is procurement integrated at all levels of the business, from the board to executives and other partners?
2. Is the purpose aligned with the business and stakeholder objectives?
3. Do you have the right forums, methods, and cadence for communicating with your stakeholders?
4. Do you adjust your messaging and approach based on your stakeholders’ preferences?
Achieving Better Outcomes for Stakeholders:
1. Listen to understand their needs and concerns.
2. Address stakeholder needs and concerns.
3. Take the time to follow up.
Seeking feedback from all your stakeholders encourages continuous improvement, ensuring better outcomes and a highly regarded business procurement function. Remember, feedback is a gift. Take the time to understand how you can improve to achieve better outcomes for your stakeholders.
If you’d like to know more, contact our team for a free, no-obligation chat about the do’s and don’ts of stakeholder management.
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