Stakeholders

Stakeholder is defined as any person or entity that is affected or has a vested interest in a business. They include people like your customers, suppliers, competitors, workers and investors. They’re also likely to be part of your local community.

Opportunities

Knowing how your business affects people around it is an important part of establishing a network of people with the same interests. By doing so could open resources that are inaccessible to your competitors since stakeholders who are dependent on your business are probably more committed.

Supply Chain

Other stakeholder entities that are commonly overlooked are your upstream and downstream supply chain. When your business is disrupted, consider the effects it has on customers and suppliers. Think about how customers or suppliers will act when they can not purchase or sell products from and to you. Would they immediately try and fill in the supply chain gap with rivals? What are the risks that your business would be substituted? On the other hand, can your business reassure your supply chain entities that the likelihood of your business operations wouldn’t cease?

What are the risks that your business would be substituted? On the other hand, can your business reassure your supply chain entities of the likelihood of your business operations wouldn’t cease?

Another example, a local manufacturing firm decides to make most of its workforce redundant because of a recent disruption. This affects the communities that were dependent on the manufacturing firm for work, creating a ripple effect resulting in smaller businesses starting to close due to customer shortage. This damages the local economy.

From both examples, decision makers should be aware of their stakeholders and consider how decisions made in emergencies might affect them.

Disclaimer

ResilMe was built with the help of Mangere/Otahuhu Business Improvement Districts and Mangere Connect with the purpose of providing general information and general understandings of business resilience to our constituents, stakeholders. In using this website, you accept that the information is provided in good faith and not based on expert advice but by our own opinions. ResilMe should not be substituted for advice from professional advisors.