To develop a framework for managing different types of stakeholder relationships, map the power and influence of relevant stakeholders against their interest and aspirations.
One way to conduct stakeholder mapping is to use the grid pictured above. Stakeholders with high interest would include those who are particularly active in their support. Those with high power are those who have great influence over the company’s success.
The combination of interest and power determines the best approach towards these different groups:
- Low power, low interest: Monitor them with minimum effort
- Low power, high interest: Keep them informed of your work
- High power, low interest: Keep them satisfied to ensure continued support
- High power, high interest: Manage them closely to maintain a strong relationship
Another prioritization tool may be RASCI stakeholder categories, which is a useful tool to help identify different categories of stakeholders for the internal processes of a business. In other words RASCI is about who does what in the production process.
R = responsible: the person who is ultimately responsible for delivering the project successfully.
A = accountable: the person who has ultimate authority - this is the person ‘R’ is accountable to.
S = supportive: the person or team who will do ‘the real work’.
C = consulted: someone whose input adds value, is essential for successful implementation, or who needs to give buy-in.
I = informed: the person or group who need to be notified of results or action taken, but don’t need to be involved in the decision-making or delivery.
Because a circular business often is heavily dependent on their network to function some of the RASCI Roles might not be inside the business itself. So be aware that some external stakeholders might even fit in the RASCI model, and therefore should be included in the strategy for producing, sourcing and delivering a circular product to the customer.
Stakeholder analysis is a technique that can assist the company’s staff members in mapping the variety of stakeholders that have an interest in the company and the individual nuances that can affect the company’s success. The methods presented so far can be used in the case of all kinds of enterprises and organizations, including those of circular businesses.