Balancing Act: How to Keep Stakeholders Happy and Ensure Project Success

Andreas is co-founder and CMO of InLoox Inc. in Munich, Germany.

Every project, no matter how big or small, has several stakeholders that have an interest in the outcome of the project. In return, they also have a considerable impact on the project’s outcome. Despite this fact, stakeholder management is often something that businesses only do on the side, without having a clear process or strategy.

The difficulty in managing stakeholders is that each has different expectations and requirements, often competing with each other. The challenge for the project manager is to balance all the requests and to resolve conflicts between the different interest groups.

At the same time, the project manager also has to make sure that the stakeholders’ demands are aligned with the project’s objectives. Here are five steps that can help you perform this balancing act and ensure a successful project outcome:

Step 1: Identify project goals
Identifying a clear project goal is the key to project success in general. It is also important if you want to manage stakeholder requirements and demands effectively. The defined goal and scope of the project will serve as a baseline to evaluate whether the project was a success or not.

Creating a scope and requirements statement helps the project manager and the team to focus their work and makes clear what requirements they have to meet at the project’s completion. It will also serve…

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What a waste it is to lose one's mind. Or not to have a mind is being very wasteful. How true that is.

- Dan Quayle