stakeholders

• • Owners and shareholders are the same. The owner might be a sole trader, a partner or someone who owns shares in a limited company.
  • They have the power to make important decisions, set goals, and influence the direction of the business. Shareholders have the power to make changes to the company’s management at the Annual General Meeting (AGM).
  • Owners have an interest in a business doing well so that they make a profit or receive dividends on their shares.
• • Managers are entrusted by owners with the day-to-day running of their businesses.
  • Managers' decisions can impact various aspects of the business, including productivity, efficiency, and employee satisfaction.
  • Managers can influence how well a business operates by recruiting and motivating staff, creating company policies and making decisions.
  • Managers have an interest in a business doing well so that they get promoted, win bonuses and have job security.
• • Employees are the backbone of a business and can have a significant influence on its success. Their skills, dedication, and performance directly impact the quality of products or services, customer satisfaction, and overall productivity.
  • Employees have an interest in a business doing well so that they have job security, higher pay and job satisfaction.
• • Customers are the people who purchase the product or use the service.
  • Positive customer experiences and satisfaction can lead to repeat purchases, positive word-of-mouth referrals, and brand loyalty.
  • Conversely, dissatisfied customers can impact a business negatively by sharing negative reviews, reducing future purchases, or switching to competitors.
  • Businesses often conduct market resear
• • Banks provide finance to organisations through overdrafts, loans and mortgages, which must be paid back in full, and with interest. They want the business to do well so that loans are paid in full and on time.
  • Banks can influence how a business operates by giving or denying loans, changing interest rates on loans, changing repayment terms.
  • Banks and other financial institutions also offer investment services, financial planning, and advisory services. These services can help businesses make good investment decisions and manage their finances well.
• • The government has a significant influence on businesses through laws, regulations, and policies. They establish rules that businesses must follow, such as those related to taxation, employment practices, health and safety, and environmental standards.
  • The government also provides support and financial incentives to businesses.
  • Government decisions can impact businesses by adjusting the rate of corporation tax and VAT, altering interest rates, and implementing policies that affect the economy.
• stake holders are people or organisations who have an interest in the business and its success
• internal stakeholders are those who are directly involved in the business and are affected by the decisions made by the business
• examples of internal stakeholders; owners and shareholders, employees, managers
• external stakeholders are people outside the business who have an interest in the business
• examples of external stake holders; customers, suppliers, government, local community, financial institutes/ banks
• • Reliable and timely supply of raw materials or components is essential for achieving production targets and meeting customer demands. The quality of goods/materials provided by suppliers directly impacts the quality of the final product or service offered by a business.
  • Suppliers can also influence a business by making changes to the quality of their goods and by adjusting the price of their products or services.
  • Suppliers can also altern the terms of trade credit, making repayments more expensive.
• • Local communities have an interest in a business doing well so that they bring jobs and prosperity to the area and enhance the overall quality of life.
  • Community support can also benefit a business by fostering a positive reputation and customer loyalty. However, if the community is unhappy or dissatisfied at an organisation's conduct, they can voice their concerns through protests, petitions, or community meetings.
• • Competitors are other businesses that offer similar products or services in the same market.
  • Competitors try to attract the same customers by offering lower prices or providing better value to customers. Competition means that businesses have to constantly to improve their product or service and come up with new ideas to stay competitive.