When we talk Stakeholders the definition often stops at the property owner, or the Board, or your immediate manager. But Stakeholders does not simply refer to a physical or financial stake in the property, it extends to those who have influence over the outcomes…..ignore these influence stakeholders at your peril.

When identifying stakeholders, break them down into two categories –

1. Key Stakeholders

These are people and organisations who have a financial or physical interest in the property, as well as authorities who have decision making responsibilities for the proposed development. These are stakeholders who have the ability to approve or decline any aspect of the project.

2. Influence Stakeholders

These are people and organisations who do not have the ability to approve the project, but who have the ability to influence outcomes through indirect issues. These stakeholders can include advice agencies, neighbours, political influence, tenants, users etc.

To manage stakeholders, firstly create a Stakeholder Matrix that lists all identified stakeholders, then split them into Key and Influence.

The next step is to identify each and every particular issue that each individual stakeholder has, relating to the project either directly or indirectly.

Once all issues have been identified, then you need to provide a solution or mitigant for each issue. You need to clearly understand the impact each issue has on the project (Time Cost, Scope etc.) and what actions can be taken to mitigate that risk issue.

The final task is to put an action plan in place for each of the Stakeholders issues, based around your identified solution or mitigant.

This all sounds complex, but it really isn’t. It is simply a method to help you to identify and manage risk…..and if you choose to ignore risk…..well good luck with that.

Project Stakeholders