A stakeholder analysis can be used either at the task or project level or for the purposes of the strategy work. As the name says, it is an overview of which people/groups of people are interested in or influenced by the task/project/strategy. Most importantly, this overview shows how the different stakeholders are handled. The stakeholder analysis in relation to the strategy preparation and execution is described below.

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Experience shows that companies that are able to handle strategy development, implementation and execution at once are most successful. Therefore, it is important at the beginning of the strategy process to bring the stakeholders together and get an overview so that you can ensure the necessary action for your stakeholders along the way.

How to

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The first thing you need to do is identify your stakeholders. Next, it's about how you handle your stakeholders during strategy development and during execution. It may be an advantage to focus on

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• Who should be involved – and in what and when?

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• Who should be informed – and in what and when?

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• Who should make decisions – and in what and when?

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• How should communication be made in the different cases – and when?

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• Are there conflicts of interest? and, if so, how are they handled?

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A stakeholder analysis can be expanded and expanded , but it is about finding the level that suits the given situation.

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Once you have the stakeholder map described, you have the opportunity to plan your strategy preparation/implementation/execution. And along the way, adapt both the stakeholder analysis and the strategy as things change.

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A stakeholder analysis must not only be prepared so that you can then tick the check mark by now it is completed. Together with your other strategy material, it must be translated into concrete actions . An easy and simple approach is to use MakeMyStrategy™ as structures and summarize all your work into one comprehensive and coordinated action plan.

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I know it works in practice

Jørgen Lægaard

Active chairman, director, advisor and author

Lægaard Management A/S

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