What are the best practices and lessons learned from successful stakeholder engagement in business planning?

Identifying and ranking important stakeholders according to their influence and interests is just one step in the complex process of effective stakeholder involvement in business planning. Involving stakeholders early on in the planning phase, getting their feedback, and keeping lines of communication open all call for initiative. Organizations may guarantee alignment with stakeholders' interests and cultivate deeper connections by attentively hearing their issues and incorporating their input into the planning process. Enhancing decision-making and building a network of supporting stakeholders are facilitated by regular assessments and adjustments based on feedback from stakeholders.

Remember etiquette when first meeting them. Try to have someone introduce you to them. First impressions are shown to matter.

Do we over-categorize stakeholders? While mapping stakeholders helps in planning, it can also create rigid perceptions. As Peter Drucker noted, "The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic." Stakeholder dynamics are fluid, requiring continuous, real-time engagement rather than static categorizations. Embrace adaptability to truly understand and meet stakeholder needs.

Are we losing depth with constant communication? Clear communication is key, but over-simplification can lead to misunderstandings. Albert Einstein said, "If you can't explain it simply, you don't understand it well enough," but simplicity shouldn't sacrifice nuance. Ensure that communication retains the complexity necessary for stakeholders to grasp the full scope of issues and solutions. Quality trumps quantity in effective stakeholder engagement.

COCREATE=WENNOVATE instead of INNOVATE The main reason why innovation projects get stopped is according to a linkedin poll: ‘LACK OF MANAGEMENT BUY-IN. That’s why in my experience as facilitator of 100+ projects you should better WENNOVATEinstead of INNOVATE. Let me explain… Innovation is a long journey with high uncertainty. That’s why you should get all your internal - and external partners and the decision makers aligned as from the start, agreeing all on both your assignment and process. When you WENNOVATE in the way your project will be based on: - commitment, - trust, and - openness. Check out the FORTH innovation methodology, which comebines design thinking with business thinking, which is based on this WENNOVATE principle.

As the CEO of a global company the annual report and quarterly financials gave the share holders accurate information on company performance. The employees are the stakeholders who achieve the results. They needed to understand the company vision and goals. They need to be empowered to discover and implement all process improvements to achieve operational excellence in their roles. The most important method to communicate progress, results and recognition is to travel and meet with employee groups and use Town halls to present progress and to solicit their input. Clearly compensation plans need to be impacted by progress in performance. Open engaged leadership at the top creates trust and engagement with employees.

Is stakeholder engagement too focused on process over people? Focusing excessively on engagement processes can overshadow genuine relationship-building. Richard Branson emphasized, "Clients do not come first. Employees come first." Prioritize authentic, personal interactions over procedural checklists to foster true stakeholder trust and loyalty. Building genuine connections often yields better results than strictly adhering to formal engagement protocols.

In my experience, you have to accept the reality that some stakeholders may not be up to the task. I was part of a bank acquisition team in 2008 and the business plan called for a robust mortgage production platform. I tried to warn the team that the regulators may not accept the budget plan as it stood due to what I considered to be unrealistic mortgage loan projections. Despite my concerns, the team moved forward with its business plan which was ultimately rejected by the regulators. The upshot was the group lost investors and upwards of $1 million in capital.