Community Development and Stakeholders

This is a photo of Jeanne Tedrow, CEO and co-founder of Passage Home, Inc., a community development corporation that serves Raleigh (especially southeast Raleigh) and its county, Wake County, North Carolina. She was talking to stake holders in the community about development of an area abutting a planned city revitalization strip. I think it’s important for any business to keep its stakeholders in mind, not just shareholders. Doing so helps build good will and helps all feel like a company is serving a mission beyond just making money. Stakeholders include people and organizations in the communities your business has a presence in, other small business owners impacted by your business such as current or potential partners, shareholders/investors, your bank(s) and other lenders, suppliers, and customers. The stakeholders for this area development discussion here were a church, small business owners, and nearby landlords. An additional benefit: Thinking about all your stakeholders and not just your customers and investors helps you broaden your thinking and stay alert to new opportunities. What better way to never get into a rut than to ask the opinions on a regular basis of a highly diverse group of people?

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About Tiffany C. Wright - The Resourceful CEO

Tiffany C. Wright is the author of “The Funding Is Out There! Access the Cash You Need to Impact Your Business” and “Solving the Capital Equation: Financing Solutions for Small Businesses.” She is the founder of The Resourceful CEO, which helps owners of small/medium-sized businesses prepare their businesses for sale. Tiffany has an MBA from the Wharton School of Business, sits on non-profit boards and serves as a business mentor with the Cherie Blair Foundation.
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