No matter how good a business idea sounds, not every new initiative will initially have a complete buy-in from stakeholders. No matter whether it is investors, employees, partners or consumers, the onus is on the entrepreneur to present a qualified pitch, garner support and address concerns arising from the audience.
While the process may seem straightforward, the challenge lies in formulating a plan to clear any and all doubts of the stakeholders. as leaders, members of Newsweek Expert Forum Know that full support for business ideas is critical to success. To help, they offer strategies that entrepreneurs can use to change one’s mind and get buy-in from stakeholders.
1. Involve the Dissenters
When leaders decide that others don’t immediately come on board for support, they need to stop and engage those stakeholders. The leader will gain credibility by having an open discussion about what stakeholders think about the decision, understanding concerns, and providing feedback. These ongoing conversations will quell the concerns of many members of the team. , Donna Marie Cozin, Consult DMC
Wait and listen. Ask how you can overcome the “no” and reach the “yes.” Listen with the intention of understanding the concerns and view that feedback as an opportunity to reinforce the idea. A stakeholder may see a blind spot that you do not see or information that was not readily available to you. Ask questions, listen, and see how those concerns can help develop the idea further. , jennifer thompson, National Association of Social Workers New Jersey/Delaware
3. Put Yourself in Their Shoes
If someone doesn’t buy in the beginning, it doesn’t mean it’s a bad idea. Agile leaders can take that idea and customize it to suit the individual needs of each stakeholder and show how it impacts the broader organization. Put yourself in that person’s place and think about how you will derive value from the idea presented. If you don’t have that answer, get input to inform your status. , Faisal Pandit, Panasonic Connect North America
4. Identify How Each Stakeholder Can Benefit
Pushback usually comes from the process and is rarely the end goal. I like to make everyone a part of the shaping process. For me the goal is the result. I identify the ROI for each stakeholder through my lens, but I also question how they can benefit from the kind of offering I am working on. This helps me measure interest. I also consider workload and how it is addressed. , Uriel Sanzo, US Lifestyle Group LLC
5. Decide to Create a Collaborative Process
More than ever, people are established in their thoughts, and effecting change in a thought process can be a daunting task. Obviously, people don’t like feeling like they’re not in control, and imposing views on someone usually has a bad outcome. Instead of giving one-sided instructions, try to create a collaborative decision-making process that brings people together! , Israel Tannenbaum, witham
6. Try to learn about their values
Personal values drive the actions, thoughts and decisions of the individual. Trying to change it is like trying to reshape a mountain. To inspire, inspire, or persuade others, take the time to learn their values and why they are important to them. Find common ground for how your idea aligns with their value and build from there. , Henry Kurkowski , e-wireless
7. Leverage Data
My favorite way to buy from key stakeholders is with data. I usually test ideas on a very small scale so that I can collect data about whether it is likely to be effective. If you can go into a meeting with data and evidence that something is likely to be successful, that’s a big step in changing someone’s mind. , Mary Kate Spears, Prestige Avenue
8. Keep Your Ideas Short and Tangible
The first step is to avoid thinking that your product or service will change the world. It’s wiser to approach stakeholders by telling short, concrete stories about the changes your company or ideas are taking to real people. People change their mind through empathy and when they are made aware of what they can personally gain from investing. , jacob mathison, Mathison Projects Inc.
9. Bring Evidence to Support Your Ideas
Have an open perspective. Share a data analysis based on successes to prove to them that you are not only educated about the company, but that you also have records to back up what you are presenting. , Tammy Sons, Tamil Nadu Nursery
10. Show how the idea has been received by others
Showing results is the best strategy to prove your point, even if it’s on a small scale. Allowing members of their family to try a new product can get you significant results in introducing it to them. Another technique is doing face-to-face interviews on the street with your idea as the centerpiece. When one sees other people openly saying that they like it, a skeptic may change their mind. , Baruch Labunsky, rank secured
11. Ask for Feedback
Try to assert vulnerability by asking stakeholders, “I need your help. We’ve come up with a strategy to meet important near- and long-term goals, and it won’t be successful without your support. Like this , when and why we came together as well as how it will get us where we need to go and why we believe it’s good for you too.” Tell them you want to hear their thoughts. , Mark Goulston, Mark Goulston, MD, Inc.
12. Make adjustments after receiving feedback
Listen Listen Listen. There is always a reason why stakeholders don’t like what we come up with. We should listen to them and prepare our ideas for their purchase and sale. If we don’t even know what their problem is, how can we offer them a solution? , Christina Veres, Veres Career Consulting
13. Use KPIs and Numbers
Lead with any trackable KPIs and qualitative numbers you can. It is extremely important for the stakeholders that their investments are safe. Sometimes while presenting the idea, the presenter does not keep that important element in mind. , Chris Tompkins, Go! agency
14. Hold Pre-Meetings
Holding pre-meetings with stakeholders on an individual basis to present an idea before a public pitch is one approach that I have found successful. The investment of time upfront to communicate the idea, listen to potential objections, and incorporate complementary ideas is well worth the time saved down the line. This strategy works well when seeking the approval of the board of directors or CEO. , sabina ponso, growth molecule
15. Aim to understand their mindset and what matters to them
Understand their mindset before attempting to change it. Stop assuming you know your audience because the more you do, the more you don’t. The harder it is to change a mindset, the more information you have that your approach is not effective. Know what matters most to you before you tell others. Understand what you don’t understand before anyone tries to understand you. , J Steven Levine, winthinking