Question

1.  What difference can you, or any stakeholder make by conveying your thoughts to the company you’re a stakeholder in?

2.  If you own the company, why should you listen to feedback regarding improvement for the company you have poured you heart, soul, and monies into?

Answer 1

Answer 1: Some of the benefits or difference can be made by conveying the thoughts by stakeholder/s are, such as, by sharing business experience and not making any mistake; it helps in anticipating some of the potential business to occur; ensuring that the business plan is a reflection of the real need; create a positive association among all stakeholders by showcasing more accountability; providing more clarity to the vision and mission of the company and more participation with full interest; ways to sustain the business success ; support in decision making; focus towards key performance indicators for the improvements. Overall, it will help in managing any issues and preserve stakeholder’s reputation for reliability.

Answer2: As a owner of the company, it is important to listen to feedback regarding improvement for the company because –

• it will help to understand how other perceives your idea, your business or your company rather spending money on the same;
• it will help to make profits in the right direction and get the potential customer for the business;
• it will help to sync up with the marketplace requirement or need;
• it will help to offer the right product or service to the customer by creating a right image or reputation for the company;
• it showcases your agility and adaptability with respect to the competitors in the market;
• it will help in maximizing the business profits with the right set of investments
• it will help in more business risk planning and management

Overall, feedback will help in improving the business performance and also motivate the workforce. And it is also true that "what you cannot see and what others can see".