- Created by: 15Morgan.Dalton
- Created on: 22-06-18 10:45
Stake holders are people who have an interest in the business. They are usually owners,employees, customers, suppliers, government and local community. All of these have a different interest within the business and usually work together to help make profit. These stakeholders can be internal and external. Internal is where they are in the business(owners and employees) and external is where they are outside of the business(customers, suppliers, government and local community).
Owners usually want the business to make profit and want to see the business succeed. They mainly run the business and make sure that everything goes to plan and see profit as the their main interest. They normally communicate with all of the stakeholders to get the best result and make sure that all of the stakeholders are satisfied with the results. Owners are one of the internal groups within the business.
Employees are the ones who can influence the business activity. They can have positive and negative influences on the business. For example they could provide good customer services so the business would look good, they can also promote ideas to the business that can benefit it and make more profit. However they could provide bad customer services and make the business look bad, and they could go on strike to prove points and make sure that the business is run the way that they want.
There would be no point in running a business if there werent any customers because they are a vital part of the business. The business could not survive without the customers because they are the ones who buy the products, this means that the business needs to please the customer and provise a good service. The business would change the way that they operate to please the customer. They would listen to what the customers say and take in ideas that they put forward. If they do this they will make more profit because all of the customers would be happy.
The supppliers are the ones who the goods that the business would sell. This can influence the business activity because if the products that they were selling werent to a high standard customers would not buy them. However if the product are to high standard more and more people would buy them making the business have more profit. Also if the goods werent supplied at the right time the shop would be unreliable because they wouldnt have any goods to sell.
The government play a role within the business because the business would have to pay their tax on time and would have to follow certain regulations to make sure that the business could go on. If the national living wage went up the business would have to follow it and pay the employees the right amount of money.
The local community can influence certain things to happen within the business. For example if the suppliers unload the truck with the goods in early on a morning and it make lots of noise it can wake small children up and the local community would sned in complaints. Also if the business is transporting goods lots of fumes could be released into the environmeant causing problems.