Describe the stakeholders and how they will benefit from the project.

Individuals or groups with an interest in a project’s success are called stakeholders. Stakeholders can include, for example, employees, clients, investors, shareholder, suppliers, and creditors. Stakeholders will all benefit in different ways from a project. It is therefore important to plan for their needs during planning to meet everyone’s expectations.

For example, employees may benefit from increased job security or better working conditions resulting from the project’s implementation; customers could have improved access to services or products; investors and shareholders may earn higher returns on their investments; suppliers might experience greater demand for goods and services; and creditors may receive prompt payments.

External stakeholders, such as environmental or local organizations or communities that could have a negative or positive impact on the project are also worth considering. By considering all stakeholders’ interests at each stage of development and creating a plan with clear goals, everyone involved can work together towards creating successful outcomes.