Meaning ● Stakeholder Theory, viewed through the lens of SMB growth, automation, and implementation, posits that a company’s success depends on effectively managing relationships with various individuals and groups who can affect or are affected by its actions.
● Within this framework, SMBs must identify their primary stakeholders: customers, employees, suppliers, investors, and the local community, understanding their needs and expectations is crucial for achieving sustainable growth.
● Automation implementation, for example, should consider impacts on employee skill sets and potential job displacement, necessitating retraining programs or alternative roles.
● For investors, clear communication regarding automation ROI and its impact on profitability is essential for maintaining confidence and securing further investment.
● A stakeholder-centric approach helps SMBs build trust, enhance reputation, and foster long-term business success in a competitive market.
● Ultimately, stakeholder management, when practically applied, enables smoother automation transitions and drives sustained growth, ensuring that the benefits of innovation are shared equitably.
