5 Ways to Turn Stakeholders into Shared Owners
December 14, 2023 | By David M. Wagner
We have many terms for stakeholders in the nonprofit world: Partners. Funders. Community. Staff. Board. Volunteers.
One word we don’t use enough is owners.
Obviously there are no private ownership stakes in nonprofit businesses. But what would happen if we treated our stakeholders like co-owners in our mission?
A Perspective Shift
Imagine dining at your favorite restaurant. You’re a regular who loves everything about the place.
But this time, you notice a small issue. It’s nothing obvious, but you realize that it might cost the restaurant business.
Would you say anything? Complain to your server, or contact the owner? Or maybe leave a less-than-five-star review online?
Maybe.
This time, imagine you are a part owner in the restaurant. Are you more likely to speak up? Might you even offer your services to rectify the issue?
If you were the owner, which approach would you want your regular customers to take?
Cultivating Shared Ownership
Developing a sense of shared ownership can be transformative for everyone involved.
For nonprofits, having committed advocates (not just passive supporters) means having greater access to the energy, knowledge, and gifts of our stakeholders. They, in turn, enjoy fulfillment from a deeper level of connection and service to our mission.
Here are 5 ways to cultivate passionate co-owners.
Ask them for ideas. People love to be asked for advice. If you’re wrestling with any challenges, deepen your connection with a stakeholder co-owner by asking for input. In the absence of a specific issue, ask, “How can we better support you as a [insert role here]?”
Be transparent about feedback received. Sharing input you’ve received, especially criticism, tells stakeholders co-owners that you’ve heard what they have to say and you’re taking it seriously. It’s like active listening on a community level – and it’s a powerful way to build trust.
Share your plans with them. Instead of just reporting work we’ve already done, how about telling our stakeholders co-owners what we intend to do? Sharing your strategic plan, annual operating plan, or even individual goals as a leader is a great way to inspire responses like, “how can I get involved?”
Get them (more) involved. Make your stakeholders co-owners part of those plans by inviting them to play specific roles. If someone shared an idea with you in Step 1, protect your valuable time and empower them to put it into action.
Express gratitude. Frequently. A sincere, specific expression of appreciation is not only a sure-fire way to deepen a stakeholder’s co-owner’s connection with your mission – it’s also free!
Transforming stakeholders from passive supporters to committed co-owners might require a tough shift in mindset, or even operations. But by making the people connected to your mission feel seen, heard, and like their voice belongs, you’ll unleash their full potential and yours. I coach nonprofit leaders on techniques to develop committed advocates who will help turn strategies into results – set a free consultation to get started.