Conducting business is by nature interdependent. It is the result of multiple interactions between multiple stakeholders every day. A stakeholder is a person or a group with a vested interest in the success of your organization and your products and servicespeople who can affect or are affected by the actions of your business.
Stakeholders come in many shapes and sizes. They can be found inside and outside your company. They are your employees, your customers, your vendors, your partners, your advisors, your lenders, the government, the local community, even your competitors.
Few companies have leveraged the influence of stakeholders like Starbucks, which turned a passion for coffee and taking care of stakeholders into a runaway success. Howard Schultz, the CEO who transformed the company from a small chain of coffee shops to a worldwide phenomenon, states, If people relate to the company they work for, if they form an emotional tie to it and buy into its dreams, they will pour their hearts into making it better.
When stakeholder relationships are strong, you have employees who work better together, customers who buy more products, strong supply chains,...
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