Who are “key decision-makers” and what do they expect?
Key decision-makers are people and institutions that make important decisions for your company. This can be the supervisory board or board of directors, the owners or the management (so-called economic interest groups).
However, important decision-makers can also be legislators, e.g. the European Union, industry associations or supervisory authorities (regulatory interest groups).
In contrast to many other interest groups, the company is often purely the recipient of expectations, especially in the case of regulatory interest groups. The typical expectations can be derived from the functions or roles and sometimes also the fashions or philosophies of the decision-makers.
Typical examples of regulatory interest groups are
Regulatory compliance: Regulatory stakeholders expect companies to comply with all applicable laws and regulations. This may include tax laws, environmental regulations, data protection laws and labor laws.
Transparency: Regulatory stakeholders often expect companies to be transparent in their management, finances and business practices. This may include the disclosure of financial and operational information as well as information on their social and environmental impact.
Responsible business conduct: Regulatory stakeholders can expect companies to act ethically and responsibly. This may include respecting human rights standards, avoiding corruption and bribery, and taking responsibility for the impact of their business practices on communities and the Sustainable World.
Risk management: Regulatory stakeholders may expect companies to implement appropriate risk management practices to mitigate potential risks to their business and society as a whole. This may include the establishment of emergency plans, the implementation of safety measures and the performance of regular risk assessments.
Contribution to society: Some regulatory stakeholders may expect companies to make a positive contribution to society, whether by creating jobs, paying taxes, supporting community projects or reducing their environmental impact.
Laws were made so that people are secure in their freedom.
However, many expectations do not come unexpectedly, but are on the horizon, e.g. legislative proposals. It is easier to adapt to expectations if you have the right tools.
Key decision-makers in your own company, such as the owners or management, are often under great pressure to succeed, as there is a lot at stake. In most cases, they therefore want to take as few risks as possible, leave many options open and, of course, be successful (themselves) in the end.
Opportunities and risks are therefore generally weighed up carefully, especially when making major decisions. For discussions with this group of people, it is advisable to submit proposals that contain few risks or proactively come up with proposals that minimize the risks.
I don't look around for two-meter hurdles to jump over. I look around for obstacles 50 centimeters high, which I climb over carefully.
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