The five-step process for stakeholder analysis and management involves:

1. Identification: Identify all potential stakeholders involved in the project or change initiative. This includes individuals, groups, or organisations that can influence or are affected by the outcome.

1. Analysis: Assess the stakeholders' interests, influence, and impact on the project. This often involves categorising them based on their level of power and interest.

1. Prioritisation: Prioritise stakeholders based on their influence and impact. This helps in determining which stakeholders require more attention and resources.

1. Engagement Planning: Develop a tailored engagement strategy for each stakeholder or group. This includes deciding how to communicate with them and what messages to convey.

1. Monitoring and Review: Continuously monitor stakeholder engagement and feedback throughout the project lifecycle. Adjust strategies as necessary to ensure effective communication and management.

A stakeholder communication strategy is a structured plan that outlines how an organisation will communicate with its stakeholders throughout a project or change initiative. It includes:

• Objectives: Clear goals for what the communication aims to achieve.

• Audience Analysis: Understanding the needs, expectations, and preferred communication channels of different stakeholder groups.

• Key Messages: Developing consistent and relevant messages tailored to each stakeholder group.

• Channels: Identifying the best channels for reaching stakeholders, such as emails, meetings, reports, or social media.

• Timing: Establishing a timeline for when communications will occur, ensuring timely updates and feedback loops.

Stakeholder analysis in business strategy involves systematically identifying and evaluating the interests and influence of stakeholders in relation to business objectives. This analysis helps businesses:

• Understand who their key stakeholders are (e.g., customers, employees, investors).

• Assess how these stakeholders can affect or be affected by business decisions.

• Develop strategies to engage stakeholders effectively, ensuring their needs are considered in decision-making processes.

• Enhance collaboration and reduce resistance by aligning stakeholder interests with business goals.

Stakeholder impact analysis is a process used to assess the potential effects of a project or decision on various stakeholders. This analysis typically includes:

• Identifying Stakeholders: Listing all relevant stakeholders impacted by the initiative.

• Evaluating Impact: Determining how each stakeholder will be affected—positively or negatively—by the proposed changes.

• Assessing Severity: Gauging the significance of these impacts on stakeholders’ operations, satisfaction, or engagement levels.

• Developing Mitigation Plans: Creating strategies to address negative impacts and enhance positive outcomes, ensuring that stakeholder concerns are managed proactively.

By conducting a thorough stakeholder impact analysis, organisations can make informed decisions that consider the broader implications of their actions.