Stakeholders being the individuals, who are interested in how the business operates, have needs of their own. These stakeholders are the owners, employees, managers, financiers, suppliers, customers and henceforth. It has been further identified that this could be one of the leading factors of businesses not succeeding. Additionally if the stakeholders have similar interest it is known that they belong to the same group. Among these stakeholders owners and managers would mostly be concerned over the risk factors of a business, and the measures that should be taken to come over it. Enterprise risk management software vendors is the procedure where they will look into the objectives and consider what could be done to achieve success. They may even be concerned with how stakeholders’ needs should be met, seeing its influence over the succession of the business.
Owners who are interested in the business, mostly more than the others seek for a good profit. If the business is rather large it is mostly owned by shareholders. The interest they have here is the dividend each one of them gets.
Managers who are entitled to run the business deserve their rewards as well. They are expected to show leadership, with skills to make decisions instantly, solve problems, find solutions and largely even motivate their subordinates. It is not solely one responsibility that they have but rather different duties. In return managers may look for authority and recognition within the business and perhaps outside as well. Employees who work under these two stakeholders need a lot of reassurance. This can be because they are indeed working to be able to provide for themselves and their family. Therefore they vastly need the sense of job security, bonuses, promotions, and for working conditions to be good as well.
Customers who too are stakeholders are the reason why businesses are functioning with a goal since no matter how hard they may work within the business, if customers don’t exist so won’t they. They simply want a good provision of goods and services; they want the products sold to be reasonable of price. Furthermore, they have enough choices to choose from and if they do not get the product with a reasonable price from you, they can always go to your competitor’s doorstep. Therefore this becomes an interest to the business to meet with their needs.
Suppliers are commonly vital to a business as they provide the business with its inventory and other resources. The relationship between suppliers and the business is a positive relationship where both looks for an equivalent exchange. Businesses need their supply of goods regularly and on time, while suppliers need their payments to be made punctually. If the requirements of these stakeholders and all the others are met, it could largely contribute to the succession of the business.