BSR Insight | BSR’s Five-Step Approach to Stakeholder Engagement
In a series BSR is launching today, we outline our approach for companies to initiate and sustain constructive, cost-effective stakeholder relationships over time. By engaging early and often, companies can create value for stakeholders and use the engagement process to inform business strategy and operations. Each brief provides practical guidance and tools on implementing the five steps:
- Develop a strategy: Review past engagements, determine the company’s motivation for the engagement, and define objectives.
- Map stakeholders: Define criteria for identifying and prioritizing stakeholders and reflect on the best engagement mechanism such as a single meeting, open forum, social media, or an ongoing stakeholder panel.
- Prepare for the engagement: Define short- and long-term goals, and set tactics and rules for the engagement.
- Engage stakeholders: Conduct the engagement itself by focusing the conversations, getting the most value out of stakeholders, and mitigating tension when it arises.
- Establish action plans: Use stakeholder feedback to improve business strategy and operations, build trust with stakeholders, and identify opportunities and plan for future engagements.
Briefs on steps one and two are now available, and we be releasing the rest of the series over the next few months. For more information, contact Farid Baddache or Eric Olson.
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