CEO Excellence

Engage effectively with external stakeholders

Instructions

Contain the time spent “outside.”
Place a firm, absolute boundary on how much time you’ll spend with external stakeholders, then prioritize those meetings based on which interactions help the company live its purpose, deliver on its strategy, and manage short and long-term risks. Spend the most time with your investment community as they are the most important stakeholders.
Understand the other party's “why?”
Go beyond the “what” and understand your stakeholders’ “why”. Doing so enables you to make more profound connections, resolve conflicts, and at minimum create a baseline of respect when they feel heard and understood. Take the press for example. They want to be truth tellers, but they’re forced to be entertainers. If you can understand that conflict, you can help them be entertaining and also get some truth through. This will endear them to you.
Gather as many good ideas as possible from your interactions.
Always have a further objection, which cuts across all of your stakeholder interactions: to harvest new ideas that can make your business better. Also, realize that inspiration can come from stakeholders other than customers. Suppliers, partners, and even politicians can spur powerful thinking. Turn the tables on investors and analysts who are looking for information from you, from time to time, to get their own insights.
Maintain a single narrative across all stakeholders.
Employ a single narrative when interacting with the “outside” not just on your company’s social purpose, but in relation to all aspects of your business. What you present to the board of directors should be exactly the same as what you present to your shareholders, leaders, and unions. This helps you to be open, honest, and consistent; establishing real trust and credibility in the market.