How to Build Strong and Resilient Home Based Business Stakeholder Engagements Part I
by Francis Maina | on January 23, 2012
Home Based Business Stakeholder Engagement Part I
A Stakeholder can be defined as a person, group, or ‘entreprise’ that has direct or indirect stake in ‘home based business’ because ‘they’ can affect or be affected by the home based business’s actions, objectives, and ‘strategies’.
According to BusinessDictionary.com, “Key stakeholders in a business organization include creditors, customers, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions and the communities which the business draws its resources.” Copyright 2010, BusinessDictionary.com
From the above definitions, you’ll find that most home based business have multiple level stakeholders, internally you may have yourself the owners (shareholders and investors), spouses, kids and part-time employees if any, externally you have your Sponsors or Upline, (unless ofcourse, you own your home based business service or product 100%,) your Network Marketing Companies, your Mastermind Group, your Home Based Business Mentors, “so-called Guru’s”, your Competiting MLM Companies and other Home Based Businesses, Your Downline, Team Members and Customers, and Suppliers, ISP, Hosts, WebDesginers, SEO’s and other Advisory Groups (such as Direct Selling Association, Better Business Bureau etc).
Home Based Business Stakeholder Effects and Impacts
At present there is not a definite contingency planning process in home based businesses to ensure that their stakeholders’ interest are preserved. The existing processes are more reactive to achieve basic compliancy than to really take into consideration the relationship between the home based business and its stakeholders at large.
Internally, processes are basic, control based on short-term profit pressures, result orientation and little is done to boast owners engagement in the interest of the wider stakeholders. In the event of a disaster, emergency or crisis most home based businesses would be heavily exposed with the effects and impacts that would be immediate and dramatic, leading to almost instant demise within a few days.
Home Based Business Stakeholder Management Planning
Home based business need to critically look into the following and follow the recommendations made therein to improve their stakeholders relation. Home based business stakeholder management planning and organisational response has to be defined in a clear, concise and effective way to ensure that all their stakeholders communication strategy in event of a crisis are targeted, accurate and appropriate to the response and recovery process.
Home Based Business Stakeholder Engagement Part II, The Plan Coming SOON…
Start building Security, Continuity and Resilience to Your Home Based Business TODAY! read and follow the robust Home Based Business Stakeholder Engagement Option The Black Book
Entreprenuers Wanted Alert! Serious Entrepreneurs only need respond; for further details on Home Based Business Stakeholder Engagement contact:
Francis Maina
Home Based Business Resilience Consultant and Business Mentor
email: homebasedbusinessresilience@gmail.com
Mobile: +447890521876
i2c Network for The Resilient Entrepreneur
314 Midsummer Court, Midsummer Boulevard, Milton Keynes, Buckinghamshire, United Kingdom. MK9 2UG.
About The Author: Francis Maina
As founder of i2c Network online powerhouse for building business continuity, security and resilience. Francis is passionate about engaging, enhancing and empowering home based businesses (HBB's) and small and medium sized enterprises (SME's) realise their full potential.
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