Managing business relationships

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  • Stakeholder Management is the process by which you identify your key stakeholders and win their support. Stakeholder Analysis is the first stage of this, where you identify and start to understand your most important stakeholders.
    ------------------------------------------
    Identify them: brainstorm who your stakeholders are. As part of this, think of all the people who are affected by your work, who have influence or power over it, or have an interest in its successful or unsuccessful conclusion.
    ------------------------------------------
    Prioritize
    High power, interested people: these are the people you must fully engage with, and make the greatest efforts to satisfy.
    High power, less interested people: put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.
    Low power, interested people: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
    Low power, less interested people: again, monitor these people, but do not bore them with excessive communication.
    ------------------------------------------
    Understand key stakeholders
    You now need to know more about your key stakeholders. You need to know how they are likely to feel about and react to your project. You also need to know how best to engage them in your project and how best to communicate with them.
  • Stakeholder Management is the process by which you identify your key stakeholders and win their support. Stakeholder Analysis is the first stage of this, where you identify and start to understand your most important stakeholders.
    ------------------------------------------
    Identify them: brainstorm who your stakeholders are. As part of this, think of all the people who are affected by your work, who have influence or power over it, or have an interest in its successful or unsuccessful conclusion.
    ------------------------------------------
    Prioritize
    High power, interested people: these are the people you must fully engage with, and make the greatest efforts to satisfy.
    High power, less interested people: put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.
    Low power, interested people: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
    Low power, less interested people: again, monitor these people, but do not bore them with excessive communication.
    ------------------------------------------
    Understand key stakeholders
    You now need to know more about your key stakeholders. You need to know how they are likely to feel about and react to your project. You also need to know how best to engage them in your project and how best to communicate with them.
  • Differences:
    Goals, culture, values, personality, working style. These may pose barriers between us

    Developing: Is there any conflict? Do we share mutual expectations? Do we trust each other?
  • Stakeholder Management is the process by which you identify your key stakeholders and win their support. Stakeholder Analysis is the first stage of this, where you identify and start to understand your most important stakeholders.
    ------------------------------------------
    Identify them: brainstorm who your stakeholders are. As part of this, think of all the people who are affected by your work, who have influence or power over it, or have an interest in its successful or unsuccessful conclusion.
    ------------------------------------------
    Prioritize
    High power, interested people: these are the people you must fully engage with, and make the greatest efforts to satisfy.
    High power, less interested people: put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.
    Low power, interested people: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
    Low power, less interested people: again, monitor these people, but do not bore them with excessive communication.
    ------------------------------------------
    Understand key stakeholders
    You now need to know more about your key stakeholders. You need to know how they are likely to feel about and react to your project. You also need to know how best to engage them in your project and how best to communicate with them.
  • Stakeholder Management is the process by which you identify your key stakeholders and win their support. Stakeholder Analysis is the first stage of this, where you identify and start to understand your most important stakeholders.
    ------------------------------------------
    Identify them: brainstorm who your stakeholders are. As part of this, think of all the people who are affected by your work, who have influence or power over it, or have an interest in its successful or unsuccessful conclusion.
    ------------------------------------------
    Prioritize
    High power, interested people: these are the people you must fully engage with, and make the greatest efforts to satisfy.
    High power, less interested people: put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.
    Low power, interested people: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
    Low power, less interested people: again, monitor these people, but do not bore them with excessive communication.
    ------------------------------------------
    Understand key stakeholders
    You now need to know more about your key stakeholders. You need to know how they are likely to feel about and react to your project. You also need to know how best to engage them in your project and how best to communicate with them.
  • Create face time: Even a small amount of face-to-face contact goes a long way toward creating trust among coworkers.
    ----------------------
    Set clear goals and expectations: Clear goals and expectations are fundamental to building and maintaining trust. “In your launch meeting, you should have an explicit discussion about what you want to accomplish and how you will know you have gotten there,” says Neale. “The team can handle divergence without it eroding trust if everyone has the same goal.”
    ----------------------
    Make the work visible: Another roadblock to trust occurs when team members don’t know whether their distant colleagues are taking care of business.
    ----------------------
    Provide ongoing feedback: Managers who are perceived as fair and trustworthy are usually those who provide feedback to subordinates on their performance. spiritual life,” he says. “Then we discussed whether the message was harming anyone or disrupting business. As a leader, it is my job to promote an environment of under-
    ----------------------
    Foster cultural understanding: When you are managing from afar, cultural differences stand out. Virtual teams must often overcome language barriers and diverse ways of doing business. When those kinds of differences aren’t addressed and understood, it is very easy to dismiss or come to distrust a virtual colleague.
    ----------------------
    ----------------------
  • Create face time: Even a small amount of face-to-face contact goes a long way toward creating trust among coworkers. initial meetings, share information about team members
    ----------------------
    Set clear goals and expectations: Clear goals and expectations are fundamental to building and maintaining trust. “In your launch meeting, you should have an explicit discussion about what you want to accomplish and how you will know you have gotten there,” says Neale. “The team can handle divergence without it eroding trust if everyone has the same goal.”
    ----------------------
    Make the work visible: Another roadblock to trust occurs when team members don’t know whether their distant colleagues are taking care of business.
    ----------------------
    Provide ongoing feedback: Managers who are perceived as fair and trustworthy are usually those who provide feedback to subordinates on their performance. spiritual life,” he says. “Then we discussed whether the message was harming anyone or disrupting business. As a leader, it is my job to promote an environment of under-
    ----------------------
    Foster cultural understanding: When you are managing from afar, cultural differences stand out. Virtual teams must often overcome language barriers and diverse ways of doing business. When those kinds of differences aren’t addressed and understood, it is very easy to dismiss or come to distrust a virtual colleague.
    ----------------------
    ----------------------
  • Commitment to retention: The companies we studied that valued social capital demonstrated a real commitment to retention. That is, they limited volatility by working hard to make sure their people stuck around. Relationships can only happen, and trust can only flourish, when people know one another.

    Facilitate personal conversations: When it comes to social capital, allowing people to meet face-to-face is only half the battle if they talk only about work. Managers also need to facilitate personal conversations. That’s why cafés, chat rooms, libraries, kitchens, and other social spaces are important. Sure, they promote knowledge exchange, but they also spur the discovery of mutual interests that support communities.

    Foster durable networks: Companies can also help people make connections by fostering durable networks. Fortunately, many networks come about naturally in organizations. Members are drawn together by their involvement and interest in a particular work domain. They engage with one another to share what they know, help one another accomplish tasks, and enjoy the satisfactions of membership in a group. UPS drivers in various areas around the country regularly meet for lunch in parks or cafés–for sociability and to exchange missorted packages, adjust workloads, and share information. These lunchtime meetings have developed informally, but the company recognizes and approves of them.

    Enable trust: Leaders can make deliberate investments in trust. They can give people reasons to trust one another instead of reasons to watch their backs. They can refuse to reward successes that are built on untrusting behavior. And they can display trust and trustworthiness in their own actions, both personally and on behalf of the company.
  • Commitment to retention: The companies we studied that valued social capital demonstrated a real commitment to retention. That is, they limited volatility by working hard to make sure their people stuck around. Relationships can only happen, and trust can only flourish, when people know one another.

    Facilitate personal conversations: When it comes to social capital, allowing people to meet face-to-face is only half the battle if they talk only about work. Managers also need to facilitate personal conversations. That’s why cafés, chat rooms, libraries, kitchens, and other social spaces are important. Sure, they promote knowledge exchange, but they also spur the discovery of mutual interests that support communities.

    Foster durable networks: Companies can also help people make connections by fostering durable networks. Fortunately, many networks come about naturally in organizations. Members are drawn together by their involvement and interest in a particular work domain. They engage with one another to share what they know, help one another accomplish tasks, and enjoy the satisfactions of membership in a group. UPS drivers in various areas around the country regularly meet for lunch in parks or cafés–for sociability and to exchange missorted packages, adjust workloads, and share information. These lunchtime meetings have developed informally, but the company recognizes and approves of them.

    Enable trust: Leaders can make deliberate investments in trust. They can give people reasons to trust one another instead of reasons to watch their backs. They can refuse to reward successes that are built on untrusting behavior. And they can display trust and trustworthiness in their own actions, both personally and on behalf of the company.
  • Commitment to retention: The companies we studied that valued social capital demonstrated a real commitment to retention. That is, they limited volatility by working hard to make sure their people stuck around. Relationships can only happen, and trust can only flourish, when people know one another.

    Promote from within: You’ll bolster connections and build enduring communities of trust and knowledge sharing. For example, most UPS senior managers have risen through the ranks and accumulated long experience working together.

    Give people time and space to bond in person: One consumer-products company discourages working from home until people have been with the firm one year. It takes that long to absorb the culture and bond with colleagues. Far-flung teams also need opportunities to convene faceto-face on a regular basis.

    Facilitate personal conversations: When it comes to social capital, allowing people to meet face-to-face is only half the battle if they talk only about work. Managers also need to facilitate personal conversations. That’s why cafés, chat rooms, libraries, kitchens, and other social spaces are important. Sure, they promote knowledge exchange, but they also spur the discovery of mutual interests that support communities.

    Foster durable networks: Companies can also help people make connections by fostering durable networks. Fortunately, many networks come about naturally in organizations. Members are drawn together by their involvement and interest in a particular work domain. They engage with one another to share what they know, help one another accomplish tasks, and enjoy the satisfactions of membership in a group. UPS drivers in various areas around the country regularly meet for lunch in parks or cafés–for sociability and to exchange missorted packages, adjust workloads, and share information. These lunchtime meetings have developed informally, but the company recognizes and approves of them.
  • Enable trust: Leaders can make deliberate investments in trust. They can give people reasons to trust one another instead of reasons to watch their backs. They can refuse to reward successes that are built on untrusting behavior. And they can display trust and trustworthiness in their own actions, both personally and on behalf of the company.

    Give employees no reason to distrust: Establish clear rules—then live by them. At executive-search firm Russell Reynolds Associates, people know if they don’t “grow,” they “go.” Trust is high.

    Show trust yourself: The best way to display trust? Trust employees.

    Promote trustworthy people: You’ll prove that good guys finish first and your company values trust.
  • Give people a common sense of purpose through strategic communication and inspirational
    leadership.

    Reward cooperation with cash. IBM bases bonuses on group and corporate performance
    much more than individual performance.

    Establish rules for cooperation. At Russell Reynolds, new recruiters must make five internal phone calls to get candidate suggestions
    before calling outside. They learn the ropes and get to know their colleagues.

    Hire for social capital. Southwest Airlines hires for positive attitude, sense of humor, and joy in team results.
  • Hoteling. A number of companies whose employees travel frequently have done away with the traditional “one person, one desk” approach. They assign office locations day-to-day to the employees who happen to be on-site. Hoteling, as the practice is called, may be an accountant’s dream–it means less real estate is needed–but it drastically reduces employees’ opportunities to form personal networks, develop trust, and learn the behaviors and values of the organization by observing people in action over time. It also eliminates opportunities for people to communicate their identities and connections with the organization through the artifacts displayed in personal work spaces.
    ---------
    Reengineering and Its Progeny. Reengineering, regardless of its original intent evolved into a practice that valued efficient processes at any cost, and the idolatry of process efficiency is still with us. Yes, efficiency is important, but not at the cost of the breathing space and time that human connections–and thought–need in order to flourish.
    ---------
    The Leader As Superstar. Charismatic leaders sometimes accomplish extraordinary things, but elevating leaders to superstardom tends to negate the profoundly social nature of all work. No one person can be an organization. Ultimately, an emphasis on larger-than-life leadership detracts from trust, collaboration, and perceived fairness.
    ---------
    Hypocrisy. Hypocrisy is an obvious problem. One example is praising cooperation and knowledge sharing while promoting the wheeler-dealers who keep their cards close to their chests. Another is providing open, collaborative office space to everyone except senior managers (who “need” their privacy). When he was at Alcoa, U.S. Treasury Secretary Paul O’Neill provided an excellent example of how to avoid this second trap: he made senior managers the guinea pigs for open-space working before others at Alcoa’s headquarters were asked to make the change.
  • compatible work styles. Bosses process information differently. “Listeners” prefer to be briefed in person so they can ask questions. “Readers” want to process written information first, and then meet to discuss. Decision-making styles also vary. Some bosses are highly involved. Touch base with them frequently. Others prefer to delegate. Inform them about important decisions you’ve already made.
    -------------
    mutual expectations. Don’t passively assume you know what the boss expects. Find out. With some bosses, write detailed outlines of your work for their approval. With others, carefully planned discussions are key. Also, communicate your expectations to find out if they are realistic. Persuade the boss to accept the most important ones.
    -------------
    information flow. Managers typically underestimate what their bosses need to know and what they do know. Keep the boss informed through processes that fit his style. Be forthright about both good and bad news.
    -------------------
    dependability and honesty. Trustworthy subordinates only make promises they can keep and don’t shade the truth or play down difficult issues.
    -------------------
    good use of time and resources. Don’t waste your boss’s time with trivial issues. Selectively draw on his time and resources to meet the most important goals—yours, his, and the company’s.
  • compatible work styles. Bosses process information differently. “Listeners” prefer to be briefed in person so they can ask questions. “Readers” want to process written information first, and then meet to discuss. Decision-making styles also vary. Some bosses are highly involved. Touch base with them frequently. Others prefer to delegate. Inform them about important decisions you’ve already made.
    -------------
    mutual expectations. Don’t passively assume you know what the boss expects. Find out. With some bosses, write detailed outlines of your work for their approval. With others, carefully planned discussions are key. Also, communicate your expectations to find out if they are realistic. Persuade the boss to accept the most important ones.
    -------------
    information flow. Managers typically underestimate what their bosses need to know and what they do know. Keep the boss informed through processes that fit his style. Be forthright about both good and bad news.
    -------------------
    dependability and honesty. Trustworthy subordinates only make promises they can keep and don’t shade the truth or play down difficult issues.
    -------------------
    good use of time and resources. Don’t waste your boss’s time with trivial issues. Selectively draw on his time and resources to meet the most important goals—yours, his, and the company’s.
  • Managing business relationships

    1. 1. YOU, WE, US. Tips to manage the boss, your peers, and other stakeholders
    2. 2. What we’ll talk about  Handling your stakeholders  Remote interaction with your peers  Social capital  Managing the boss 1
    3. 3. Handling your stakeholders 2  At the beginning of a career we rely mostly on  Technical competencies  Individual expertise/actions  Short-term goals  As we progress we start relying more on  Human competencies  Interpersonal work  Relationships with key individuals  Long-term goals
    4. 4. Handling your stakeholders 3  Who might our stakeholders be?  Boss  Senior executives  Coworkers  Team  Customers  Suppliers
    5. 5. Handling your stakeholders 4  We tend to deal with our relationships by instinct  We should be more analytical about our work relationships  Who do I depend on?  Who is dependent on me?  What differences exist between us?  How is my relationship developing?
    6. 6. Handling your stakeholders 5  Identify  Prioritize
    7. 7. Handling your stakeholders 6  Understand key stakeholders  What are their motivations?  What information do they need from you?  What is the best way to communicate with them?  What interest might they have on your work?  What is their opinion on your work?  Can their opinions be influenced by someone else? Can they influence someone else?  If there are negative towards you, can you offer them something they want?
    8. 8. Handling your stakeholders, opinion7  What about your case? Do you manage your stakeholders?
    9. 9. What we’ll talk next  Handling your stakeholders  Remote interaction with your peers  Social capital  Managing the boss 8
    10. 10. Remote interaction with your peers9  Nowadays, technology allows companies to take advantage of geographically dispersed teams  Cost reduction  Sharing technical skills  However, some issues are magnified  Conflicts  Misunderstandings  Erroneous assumptions  Lack of trust
    11. 11. Remote interaction with your peers10  How to improve trust in non-collocated teams?  Create face time  Set clear goals and expectations  Make the work visible  Provide ongoing feedback  Showcase team members’ competence  Foster cultural understanding
    12. 12. What we’ll talk next  Handling your stakeholders  Remote interaction with your peers  Social capital  Managing the boss 11
    13. 13. Social capital, promoting it 12  What is social capital?  Consists in strong relationships among the employees of an organization  Close ties and mutual trust lead to  Gains in productivity  Quicker learning speed  More creativity  Faster deals
    14. 14. Social capital, measures to promote it13  Make connections  Enable trust  Foster cooperation
    15. 15. Social capital, make connections14  Commitment to retention  Promoting from within  Give people time  Facilitate personal conversations  Foster durable networks
    16. 16. Social capital, enable trust 15  Give employees no reason to distrust  Show trust yourself  Promote trustworthy people
    17. 17. Social capital, foster cooperation16  Common sense of purpose  Reward cooperation with cash  Establish rules for cooperation  Hire for social capital
    18. 18. Social capital, what wrecks it 17  Hoteling  Reengineering  The leader as superstar  Hypocrisy
    19. 19. Managing your boss – why? 18  Get resources to do the best job  Maintain a healthy relationship based on mutual respect and understanding  Increase both yours and your boss’ productivity
    20. 20. Managing your boss – the theory19  Compatible work styles  Mutual expectations  Information flow  Dependability and honesty  Good use of time and resources
    21. 21. Managing your boss – the movie20
    22. 22. Managing your boss – the movie21
    23. 23. The end 22  Any thoughts or remarks?

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