This week during enterprise risk management training, I asked attendees about their stakeholder analysis. It is something I also discuss with my consulting clients.

An organisation needs to be clear who all their stakeholders are to ensure they meet expectations and deliver on requirements. This is not just about customers, so a survey isn’t going to cut it.

Understanding your stakeholders means looking inside and outside your organisation. It means understanding your compliance obligations, but also thinking about everyone who impacts your organisation, and everyone your organisation impacts. That’s everyone from suppliers to shareholders to customers to regulators to staff.

Identifying them is only the beginning. You need to work out who needs to know what. When rolling out change you need to know which stakeholders need to be consulted and who you need on board to support the change.

Stakeholder analysis is an important part of a strong risk framework, but it’s just as relevant to strategy, change and everyday operations. Some days, managing all those expectations can feel a little like feeding a litter of hungry piglets — everyone wants your attention at once.

The answer isn’t to try to give everyone everything. It’s to understand who needs what, when they need it, and where you will have the greatest impact. That’s how you move from simply responding to expectations to planning for success.

Look at your organisation, who are your stakeholders and which ones are feeling a little left out right now?