San Jose, Ivan Raphael

SUSTENT-Reaction Paper (Chapter 2)

Strategic Management of Stakeholder Relationships

As a business owner, being the manager and leader requires great communication skills
and coming up with positive relationship towards your colleagues within and outside of your
scope. And as stated in the given PowerPoint, building effective relationships is considered one
of the more important practices of business today which is totally a fact that I can agree on.

To solve problems that businesses face, relationships with stakeholders must be managed
effectively. Stakeholders can control the business and social environment in which your firm
operates and, consequently, its subsequent financial and operational performance, by exercising
their influence. Therefore, an important area of organizational concentration should be the
effective management of stakeholder relations. Stakeholder relations management seeks to
positively affect the attitudes, choices, and behaviors of stakeholders. In order for stakeholders
to be adequately motivated to cooperate, they must stand to gain from the connection. To
balance the interests of all parties as much as feasible, a clever strategy is needed. You may
achieve the balance you want with careful planning.

In conclusion, I think that maintaining a healthy and growing relationship towards the
people around you are really the key factor that would help contribute towards the success of
your business. You have to build strong and meaningful relationship towards them because you
are also serving as their mentor for them to have an ideal or vision of what goal they can achieve
with everyone in your field.