Bringing Your Stakeholders Together to Transform Your World
Though large, diverse communities of people have always had to find ways to work together to tackle common challenges, the phenomenon of "multistakeholder collaboration" is becoming more important than ever, as the world grows increasingly interconnected and complex. This is especially true for companies that find themselves having to balance the disparate and often conflicting needs and interests of their multiple stakeholders. In this article, Fred Krawchuk -- an IESE visiting professor and former U.S. Army Special Forces colonel -- draws on his on-the-ground experiences in Afghanistan and other trouble spots around the globe to present a practical framework to guide businesses in their collaborative endeavors. His 5P approach highlights the five most important factors in any successful multistakeholder effort: purpose, people, place, process and practice. Following the systematic approach described in this article creates the synergies and momentum necessary to transform our organizations and the complex challenges we face into new possibilities -- for prosperity as well as peace.