The term “stakeholder” refers to individuals, groups or entities that contribute to or are affected by how a business performs. A St. Louis business law attorney explains that internal stakeholders, such as employees, managers, customers and shareholders, have a direct stake in the monetary success of the company. Although external stakeholders have a less direct interest in the company, it is prudent to consider those entities in strategic planning.
A St. Louis business law attorney identifies the following as external stakeholders:
Different external stakeholders can exercise different types of power on the organization, such as political, legal and economic.
Managing External Stakeholders
There is an increasing realization that the company that fails to consider external stakeholders is advancing its own demise. In moving forward, it is recommended to:
Contact a St. Louis Business Lawyer for Legal Advice
Business, to the extent it ever did, does not operate in a vacuum. Understanding and addressing the concerns of all the entities that have an interest in your business will increase both its longevity and bottom line. For any questions, call the Law Office of Christopher Bent at 314-551-0898.