Effective Stakeholder Management: How to Prioritise When Trying to Please Everyone

Managing competing priorities is no small feat, especially when you are a central service provider. It can become even more challenging when you’re dealing with multiple stakeholders who all possess differing opinions and interests! How do you choose who gets your attention first, and when?

This is a dilemma that we at Mondo Ventures understand, having learned the art of prioritisation after years of experience and a bit of trial and error. 

The result? A number of proven strategies that effectively prioritise and engage stakeholders, guaranteeing that your projects not only meet their needs but also leave them happy at the end of the day.

Start with Ruthless Prioritisation…

The term “ruthless” might typically bring to mind negative connotations, but in this context, it’s actually a smart and strategic approach toward achieving success. Our best solution for simultaneously managing multiple stakeholders is through ruthless prioritisation

This involves setting clear objectives and success criteria for each project. After completing this step, you will be able to spot the most business-critical issue requiring your immediate attention. You can then channel your efforts and concentrate on tackling the problem head-on. 

Taking an incremental approach to prioritisation has also proven to be effective. At Mondo, we work alongside you to identify a core task set that addresses your immediate goals.

These tasks, when completed, establish a solid platform for managing other competing priorities down the line. By tackling these tasks quickly and efficiently, you demonstrate tangible value. This approach builds a strong case for senior stakeholders to support your process and endorse similar projects guided by the same principles. 

… and End with Happy Stakeholders 

As you probably already know, engaging stakeholders is not a one-size-fits-all endeavour. It requires a strategic approach tailored to the specific needs of each stakeholder group.

Here are a few more tips on how to ensure effective stakeholder engagement: 

Don’t forget to listen

All stakeholders have their own views on what a project requires, and they will likely be eager to discuss their ideas with you. Make sure to listen and, when appropriate, have an informed discussion about whether or not their views are feasible. As Forbes notes, each stakeholder should be given a voice and shown respect. At the end of the day, involving stakeholders in the decision-making process often provides valuable insights and helps you to make more informed choices. 

Practice open communication and transparency

Effective communication is a vital part of all successful business ventures, and should not be neglected when managing stakeholders. Be sure to keep them regularly updated about the progress of the project. Transparency builds trust, and also reinforces your commitment to delivering results.

Maintaining regular updates and dialogue also allows stakeholders to share any thoughts or concerns regarding the project’s progress. Promptly acknowledging these concerns and, if necessary, making adjustments to your approach shows that you are dedicated to prioritising your stakeholders’ needs.

Empower your delivery teams 

By granting your teams ownership of their projects, you enable them to make critical design and business decisions, as well as the day-to-day tactical delivery. This sense of ownership not only speeds up the execution process but also encourages a stronger internal collaboration with other projects, ultimately enhancing the overall efficiency of your organisation. 

Prioritising in a way that pleases everyone may be a challenge, but it’s not impossible. By implementing a few tried and true strategies, you can confidently manage competing priorities, ensuring that your projects not only succeed but keep everyone happy along the way. 

 Are you looking to transform your business with the power of technology? Get in touch with the Mondo Ventures team today to help unlock your success.

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