Stakeholder

Stakeholder

1. What is a stakeholder

   • A stakeholder is a person or group of people who have an interest in how a business performs

2. Who are stakeholders

   • Customers
     • A successful business is less likely to cut corners or buy cheap materials, so the quality of the product may be better. customers want to be satisfied with the quality of the product or service
   • Employees
     • If the business is not profitable then their job may not be secure
   • Suppliers
     • Most suppliers have to wait some time before they are paid. if the business were to fail then they might never receive there money. this might then put there business into financial difficulties.
   • Creditors
     • Creditors are people whom the business owes money to. if the business is doing badly and cannot afford to pay its creditors, they will lose out
   • Owner
     • The profit (after tax) of the business belongs to the owners, so they get more money if the business is successful
   • Local community
     • A successful business will usually employ more people. this is good for the community because it will offer job opportunities to local people

3. Customer service

   • Customer service is the provision of service to customers before, during and after a purchase

4. Revenue