Communicating with stakeholders who are supporting your operation is a critical function that is often overlooked. The most common frustration for investors comes from a lack of communication, or lack of clarity in the communication.

 

Solution

Stakeholders, whether they be shareholders, partners or customers, need to be informed of your entity’s progress. Regularly written communication pieces that have a broad audience can be sufficient, but at times specific audiences need to receive a particular set of information.

 

Critical components of good communication are honesty, straight-forwardness, clarity, and not over-promising. Entrepreneurs are optimistic by nature, but including optimistic forecasts in communication pieces can be detrimental by creating unrealistic expectations. Internal forecasts are one realm, what is communicated to stakeholders is different. The objective is to manage expectations while striving to reach internally set goals.

 

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