In my profession, I have been privileged to see many great business leaders succeed in their role.
Many traits mark a great business leader. This one I want to explore now:
How can successful leaders establish a fruitful relationship with all key stakeholders, which will in turn determine their own success in a new role?
We have already written that, in many ways, the week before a new job starts is crucial for its long-term success. Preparing our own analysis of the role and the company’s situation and mapping the stakeholders is the basis of a pre-work that anyone appointed in a position of leadership will need to do before the new job even starts.
Doing this effectively and with purpose requires, in essence, the ability to build effective relationships with the relevant stakeholders through identifying, involving and inspiring them. Let’s see how.
Let us ask ourselves first of all this question:
Who are the people that have a clear say in determining whether I am successful in the new role?
Part of them will be shareholders, part of them will be team members, part of them will be peers in and outside the company. In most cases, a significant group of those will include external stakeholders like influential journalists or industry experts.
When it comes to identifying stakeholders, a typical mistake would be to focus exclusively on colleagues or people that may have a sort of guidance or leadership role towards us. So, for example, a Chief Executive would only focus on the Chair of the board or on other fellow board members, as well as stakeholders, but without paying attention to their own team members. Instead, including our own direct reports is crucial. So many CEOs have lost their job as a result of not identifying crucial stakeholders amongst their own reports.
We want to map them carefully, thoroughly and prioritise them so that we get to a list of no less than ten and no more than about twenty of them. I often recommend a very simple spreadsheet, listing all of them by name, role, with one line of comments and “next actions” just next to their name. Most importantly, I recommend one column with a priority number next to each of them. This is a very simple tool which will help us keep our list fresh, change it, re-prioritise it, always making sure that we can add new stakeholders, remove some old ones and manage their expectations effectively and timely.
Once we have identified and prioritised them, we want to involve them, by doing the following:
- Listen to them carefully. We want to learn from them and to make them feel involved in our own success. This implies, before we start in the new role, that we take the time for a personal interaction with each of them. We need to sit with them and ask such questions as:
If you were to consider me very successful in my role, what would you expect to happen within the next 12 months?
- Inform & involve them regularly: as all of us, stakeholders want to feel involved and do not like surprises, ever less so if negative. Keeping them involved will require regular “check-ins” with each of them separately. This can happen by a conversation in person as well as by phone or other form. Yet, it will all depend on what type of relationship we’ve been able to build with each of them. Hence, the more we invest in building trust and relationships upfront, the better and the easier it will become to keep our stakeholders involved. Also, the type and form of involvement will depend on the level of priority that we will have been able to attribute to each of them.
Great leaders become such also as they are able to inspire their own stakeholders. A very prerequisite for accepting a new leadership role is that the overall group of stakeholders who’ve engaged us needs to consist of people we like and we can inspire. Otherwise, we would have rather not taken the job in the first place.
Hence, building a relationship of trust and substance with them will need to be something we aspire to do as well as something we like to do. Inspiring our own key stakeholders will take our greatest ability to build bridges of trust with them, as well as nurturing our relationship with a regular dialogue of substance.
We will inform them, but we will also seek their advice when appropriate. In some cases, it will be crucial to be able to show our own vulnerability, which can result into a sign of greater strength. As we dialogue with them, we will realise that we will also strongly contribute to influencing and defining the very same criteria they will use to define our own success. This will lay a much more solid foundation for our long term future in the role.
It is difficult to overemphasise how many great people have failed as Chief Executives (and even more so in different roles) for lack of thorough identification, involvement and inspiration of key stakeholders.
As we do the above, we lay the foundation for a much easier and more secure path to our own success as executives and leaders.
This post was also published on LinkedIn.