Developing Effective Stakeholder Management Strategies in Small Businesses: An Investigation of the Challenges Faced by Small Businesses in Managing Stakeholders and Developing Effective Strategies for Stakeholder Engagement.

Small businesses face numerous challenges in effectively managing their stakeholders and developing strategies for stakeholder engagement. This paper investigates the challenges faced by small businesses in stakeholder management and provides recommendations for developing effective stakeholder management strategies. The findings reveal that small businesses face challenges such as lack of resources, communication barriers, limited stakeholder knowledge, and insufficient stakeholder engagement. To overcome these challenges, small businesses should develop effective stakeholder management strategies that prioritize stakeholder communication, engagement, and relationship-building. Recommendations include the development of stakeholder engagement plans, effective communication strategies, and the use of technology to enhance stakeholder engagement. By implementing these strategies, small businesses can improve their stakeholder relationships, increase stakeholder satisfaction, and achieve long-term success in a competitive marketplace.