My stakeholders.

My stakeholders.

In my business I have will have a variety of internal and external stakeholders. 

The internal stakeholders of my business are the owner, manager and the employees. 

I am the owner of my business. My interest in the business will be making decisions on how the business is run. However I will be interested in the profit of the business. This is extremely important as I will be a sole trader therefore I have unlimited liability for everything that occurs in the business. Therefore profit is important. The reason for this is that if the business doesn't make a profit or even makes a loss I will be held responsible and have to pay for the business out of my own pocket. 

I will also be the manager of my business. My interest in the business as a manager will be its financial resources, tangible resources and human resources. I will be interested in the financial resources as it is the management of money which is used to achieve the objectives of the business and this makes it possible for the business to grow. I will be interested in the tangible resources as these contribute particularly to the value of the business. I will also be interested in the human resources as it focuses on the recruitment, management and providing direction for the people who work in the company. If done correctly this helps to provide a remarkable service in terms of customer satisfaction.

I believe that I will be hiring at least three employees to work for me. Their interests in the business will be receiving a reasonable wage for the job they do. This is important because somebody is not going to be happy and want to continue to work at the company if they are not getting paid fairly. They may also be interested in learning new skills or even meeting new people for example other employees or customers. Learning new skills is especially important as it could potentially help them to get a promotion or even be able to move onto doing something else in the business. Meeting new people would help build confidence for the employees which is also a great thing to help them move up in the business.

The external stakeholders of my business are the customers, suppliers and the community. 

The customers will be anyone from the community. Their interests in the business will be primarily the quality of the products and also the standard of the service. Customers will be interested in the quality of the product so that they know that they are receiving their money's worth. They need to know that the amount of money they pay for the product matches the quality of it. The customers will also be interested in the standard of the service for similar reasons. They are not going to want to pay money for a service where they don't feel welcome or comfortable. Customers will also feel better about coming back to use the company again if the service was good. They may even recommend it to others which is a plus for the business as there will be more customers. 

The supplier will be Pro Studio Supply. Their interest in my business will be for it to be loyal and keep buying and using their products, components or materials. They will be interested in this as it makes them money and helps their business to grow. They will also be interested if our business was to sign long-term contracts or placed orders of large quantities. This would be important to the supplier as they would be potentially making a lot of money from this. My business using their products could also promote them in a way because if customers see that these things are made by them they could also be potential customers for our supplier too. 

The community will be everyone in Corby. They will be interested in my business because they will want to know about the activity of the business as this effects the local environment and also the business in general.They will want to know that the local area will still be peaceful and uncontaminated. An example of this is that the community wont be happy if there are noisy deliveries in the middle of the night as this will disturb the local area. The community will be interested in the business in general as it is a major component of and a huge contributor to the strength of the local economy. The business will also create new employment opportunities which is a key interest of the community.