How do you conduct a stakeholder analysis for your business case?

1 Identify your stakeholders

The first step is to brainstorm a list of all the individuals, groups, or organizations that have a stake in your project. This can include internal and external stakeholders, such as customers, suppliers, employees, managers, sponsors, regulators, competitors, and so on. You can use various sources of information to identify your stakeholders, such as organizational charts, project documents, surveys, interviews, or feedback forms.

2 Categorize your stakeholders

The next step is to categorize your stakeholders according to their level of interest and influence in your project. Interest refers to how much they care about the project outcomes, and influence refers to how much power they have to affect the project decisions. You can use a stakeholder matrix or grid to plot your stakeholders on four quadrants: high interest and high influence, high interest and low influence, low interest and high influence, and low interest and low influence. This will help you prioritize your stakeholders and tailor your communication strategies accordingly.

3 Analyze your stakeholders

The third step is to analyze your stakeholders in more detail, and understand their needs, expectations, perspectives, and concerns. You can use various tools and techniques to gather and analyze stakeholder information, such as SWOT analysis, PESTLE analysis, stakeholder interviews, surveys, or focus groups. You should also identify the potential conflicts or synergies among your stakeholders, and how they might affect your project.

4 Engage your stakeholders

The final step is to engage your stakeholders throughout the project lifecycle, and keep them informed, consulted, involved, or empowered, depending on their level of interest and influence. You should develop a stakeholder engagement plan that outlines the objectives, methods, frequency, and channels of communication for each stakeholder group. You should also monitor and evaluate the effectiveness of your stakeholder engagement activities, and adjust them as needed.

By conducting a stakeholder analysis for your business case, you can ensure that you address the needs and expectations of your key audiences, and build trust and support for your project. A stakeholder analysis can also help you identify the benefits, costs, and risks of your project from different perspectives, and strengthen your business case argument.