July & August 2010 Ready2ACT Newsletter
Our goal is to provide you with news that you can use to improve your business or enhance your professional development.

Please provide us with feedback on this newsletter so that we can create one that you enjoy and forward to others (we will never ever rent or sell your email addresses). Thanks for your help!

How to Identify your Stakeholders
  Tiffany's Tip of the Month Tiff's photo
Before you can solve a business problem, propose a solution, or execute a project, you need to identify who has influence and/or who will be impacted by the upcoming change (yes, you're initiating change to some degree anytime you are taking action within an organization). These people are called stakeholders because they have a "stake" in what you do.

These stakeholders have wants and needs, commonly referred to as "requirements". Requirements define the features or functions of products (e.g. iPad), services (e.g. Nordstrom customer service), or results (e.g. 100% exam pass rate). If we don't adequately identify all of our stakeholders, we will miss their requirements, which ultimately impacts what we deliver. Consequently, if we don't satisfy our customers (also stakeholders), we end up doing another phase, new version, or rework to "fix" it. This rework costs us time, money, resources, and wasted energy. According to Microsoft, for every $1 requirement, it costs $200 to fix an error after it's been implemented.

You can minimize these errors by ensuring you have ALL the right stakeholders. Try these tips:
1) Brainstorm who needs to approve decisions, designs, expenditures, etc.
2) Identify the subject matter experts (SMEs) who may provide requirements
3) Look at your company's organizational chart for functional areas (I.T. and Legal are often overlooked)
4) Consider people outside the company such as suppliers, vendors, and regulatory agencies
5) Complete a stakeholder analysis tool (like the one we provide in the "Business Analysis (BA) Boot Camp")
6) Consider who/what you need information from and who/what you need to send information to (there are a variety of tools that show these relationships, which we also teach in the BA Boot Camp).

The bottom line is this: they are a stakeholder if they are providing you with requirements that you will incorporate into your deliverable (defined as a verifiable and unique product, service, or result). You can verify what you delivered by checking it against the requirements. If those requirements are vague or incomplete, your customers can claim that you didn't fulfill their needs. As a result, they may not sign off on it or pay you, and they certainly won't be happy with your deliverable.

The process of "Identifying Stakeholders" is only one component in the field called, "Business Analysis". In our BA training, we also teach you how to get your requirements right the first time. All of these tools will save you time, money, and energy! There are still a few seats left in the BA Boot Camp on August 30 - September 1.

Grow LLC Manages Multiple Priorities
Grow LLC offers comprehensive, outsourced, business management services that cover the 80% of business functions that are non-unique, allowing management to focus on the 20% that can make the difference between a good or a great business. These non-unique functions include day-to-day accounting, payroll, health insurance, profit sharing plans and much more. Grow is particularly experienced in helping companies that do business with the federal government through contracting and research grants.

On June 21, Grow LLC hosted "Managing Multiple Priorities" - a workshop led by Ready2ACT. Living up their own name, Grow LLC is growing very quickly, and they wanted to empower their people with the tools to manage their time even more effectively. One of their most popular takeaways from the workshop was learning how to write SMART goals: Specific, Measurable, Attainable/Agreed Upon, Results-Oriented, and Time Based.

If you're interested in a workshop on "Managing Multiple Priorities", please contact us.

Upcoming Public Events

Contact Information

phone: 720-545-9841
Join our mailing list!