Stakeholders are people who have an interest in a commercial entity including those within the organization and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy. Stakeholder analysis is an important aspect to the financial management of a company. What do you understand by the phrase "stakeholder analysis"? Attempt a stakeholder analysis of an organization that you are closely associated with. Consider the strategic tool of "stakeholder analysis" to:

Identify people or groups and institutions that will influence your initiative

Anticipate the kind of influence, positive or negative, these groups will have on your initiative

Develop strategies to get the most effective support possible for your initiative and reduce any obstacles to successful implementation of your program.