The company key people or the team has to satisfy the needs and balance the requirements of the parties. In some cases, demands turn into conflicts and have to be prioritized one and other. What are the order of the company and the stakeholders?
Which of a Company’s Stakeholders Should Get Preference
Customers are top Priority
In every business, it is important to look into customer needs and prioritize the client satisfaction. A business with no loyal customers is likely to fall especially when the company is in crisis. The company cannot compete with the other players in the market. Looking into the needs of customers is important.
Every company or a team should provide better hospitality and innovate new things to the products or services.
Caliber of the Staff
The presentation of the staff reflects the mood of the customer. Employees are the one to sell the service or the products to the buyers. Always look for the potential point and try to improve the business by educating the customer along with the employees with tactics and another customer service.
Shareholders are the key people in a firm because they are the one who is fueling the company to move forward and take steps to make an innovate idea shine in the valley. SO they are the important people and need to be taken care of, so they have authority to make significant changes like replace the teams, CEO and build a new team.
To run the business smoothly, you have to work along with the partners, and it ‘s nice to have more than just one mind to focus on specific goals.. As we know that each has their agenda and it is replaceable. If the key people do not like it then, partners can be replaced.
Collaborate With the Community
Building strong local community is crucial for an employer, whose intention is to provide the best responsible work environment. Not many follow the rule to make a strong local community links, but it is also a vital point of business and work environment.
Follow the Rules
Stakeholders are the owner but there an order that allows you to measure the importance of the stakeholders. To avoid disputes and prosecutions, there are few rules and regulations to follow.
The growth and profits in the business are when you have better net profits. You can increase net profits by allowing hiring a cheaper customer service. There would be a reduction in the profits if you were to hire a better customer service by paying high salaries.
If there is a financial difficulty in coming months, then it is necessary to get rid of employees. In case if you want to survive in the industry then you have to necessary steps to ensure the survival of the company.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.