Stakeholders Case

After much discussion in our team forum, we have come to the conclusion that stakeholders are anyone that puts effort into, supports, or has an interest in the organization in some way, shape, or form. It is a liaison in which a resource is given with the expectation that their interests will be satisfied (most often by an incentive). This means that customers (company provides a peculiar product), the CEO (compensation), bondholders (provide capital in the form of debt), suppliers (business affairs), employees (job security), and even the government (taxation) are all stakeholders. We also believe that without their support, the company would cease to exist.

Each person plays a meaningful role in the organization that is especially helpful in terms of discussions on business matters. Because each one of them possesses distinctive concerns, the output is so much more versatile than that of a single person's input. They can also influence tactical business planning with the help of strategic objectives. The significance of goals and planning is to ensure that the operation is being carried out in the way that it is expected. A good example would be a company that is projected to produce a certain number of parts with a set budget. Sometimes projects have to be cut short time wise to make room for other more important items, yet it still must be completed with the same specifications. In this case, it is necessary to change something to make sure that the project can be done in a shorter amount of time. Stakeholders will hold a meeting and hash out a plan to allocate resources to complete the current project faster and still allow room for the company to take on additional tasks.