Depending on the scope and ambition of your upcoming project, going public and asking for stakeholders to pitch in support of your development efforts might be the most logical financial decision to make. Whether you’re working with B2B investors or B2C backers, keeping your stakeholders in the loop about the current status of your project is of utmost importance. According to Finances Online, only 34% of organizations deliver projects according to stakeholders’ expectations, while 77% of high-performing projects utilize a project management solution to streamline their processes as much as possible.
Thus, it’s important not only to gauge the expectations of your stakeholders efficiently but also strive to over-deliver on the initial promises, making recurrent investments and positive brand awareness a reality. That being said, let’s take a look at several ways in which you can manage your stakeholders’ expectations in regards to their investments with your business, as well as several practical reasons as to why you should do so going forward.
The Advantages of Managing Project Stakeholder Expectations
Before we dive into the “how” of managing stakeholder expectations, let’s discuss the “why” behind the matter. Once individual firms or investors stake a certain amount of financial or other resources with your project, it will be up to you to follow up on your promises going forward.
Katherine Michael, Head of Finances at Be Graded, spoke on the matter briefly: “There is no shame or weakness in sharing the stakes of your project with B2C/B2B stakeholders. However, while the approach will certainly minimize your own company’s development costs, you will also be required to take stakeholder opinions and mandates under serious consideration as time goes on.”
Depending on the timeline, scope, and complexity of your project’s development, stakeholders’ attention and personal investment will vary over time. Thus, in terms of concrete advantages related to managing your project stakeholder expectations, it’s worth pointing to several points, including:
Firmly established industry presence due to investment networking Ongoing dialogue and a sense of investor’s security Higher odds at recurrent post-project investments Managing Stakeholders’ Expectations 1. Define your Deliverables
The best way to address concerns, issues, or questions which stakeholders might pose to your team during the project’s development is to define your deliverables from day one. What is the concrete goal of your project and which KPIs are you using during development? Are all stakeholders receiving a copy/license of your deliverable upon completion, and if not, what are your stakeholders’ benefits for backing your project?
These questions should be answered internally and presented to all backers of your project as early as possible to avoid confusion, accusations of scam or worse – public lawsuits, and loss of brand reputation. Once your deliverables are clearly defined, each stakeholder will be able to make an informed decision on whether or not your project suits their interests, filtering out those which don’t identify with your vision and deliverables.
2. Find Common Ground
Being selective about which stakeholder receives which information about your project management is bound to cause issues down the road. Given the nature of your project’s development, not every stakeholder will be familiar with your industry’s terminology, jargon, and standard procedures.
This makes it important for you to find common ground with all stakeholders so that each receives the same reports,Continue reading