Stakeholders are people who may be affected by or have an effect on an effort. They may also include people who have a strong interest in their business. Stakeholders are generally said to have an interest in an effort or organization based on whether they can affect or be affected by it. The more they stand to benefit or lose by it the stronger their interest is likely to be. The more heavily involved they are in the effort or organization the stronger their interest as well. Owners who are interested in how much profit the businessWho are the key stakeholders? makes. Managers who are concerned about their salary. Workers who want to earn high wages and keep their jobs. Customers who want the business to produce quality products at reasonable prices. Suppliers who want the business to continue to buy their products. Lenders who want to be repaid on time and in full. Why are they important? Owners have a big say in how the aims of the business are decided but other groups also have an influence over decision making. For example the directors who manage the day-to-day affairs of a company may decide to make higher sales a top priority rather than profits. Customers are also key stakeholders. Businesses that ignore the concerns of customers find themselves losing sales to rivals. In a small business the most important or primary stakeholders are the owners staff and customers. In a large company shareholders are the primary stakeholders as they can vote out directors if they believe they are running the business badly. Less influential stakeholders are called secondary stakeholders.”
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