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When it Comes to Water, Stakeholders Want to Know

By Daniel Stouffer

Republish: EasyPublish™ Published: 26Aug2010 Word count: 551 Viewed: 330 time(s) Get Free Content For Your Site

In order for any organization to operate successfully, it must satisfy the requirements of a disparate number of external entities. Each of these entities, sometimes individuals, sometimes associations, or companies or governments have a vested interest in one way or another in the impact of the company. This interest is often focused in individual areas. In the case of the most valuable resource, water, stakeholders can have more than just a passing say in the matter.

Water stakeholders will be very interested in the company's policy and how it guides decisions regarding the procurement, use and disposal of this resource. The company's policy must be very clear as to how it communicates its strategies to these stakeholders and must reveal just how important the use of water is during the business process.

In order for any organization to operate successfully, it must satisfy the requirements of a disparate number of external entities. Each of these entities, sometimes individuals, sometimes associations, or companies or governments have a vested interest in one way or another in the impact of the company. This interest is often focused in individual areas. In the case of the most valuable resource, water, stakeholders can have more than just a passing say in the matter.

When it comes to the local availability of water, stakeholders will want to ensure that the company is not using a drop more than it needs to. They will want to know how company executives will address water related issues that may be beyond their immediate control. In other words, how will the company react if a severe drought impacts water availability in the region?

The potential risks are so high, as some of these water stakeholders may be able to impose conditions and terms upon the company under certain circumstances. No company can afford to ignore environmental pressures. Certain key consumers could impose considerable pressure, not only to try and convince the company to reduce its energy and carbon output, but also to mitigate its water use.

Communication is everything whenever executives are involved in strategic planning. Much effort should be put into the construction of a water footprint and to the revelation of any risks associated with water use and disposal. Feedback should be sought from water stakeholders including investors, community leaders, customers and government figures.

By initiating a proactive, two-way exchange of information and individual positions, company executives will be in a better position to strategize the way forward. Emerging issues will be more readily identified and plans can be laid according to various potential outcomes. If an open form of communication is not maintained, there is a greater likelihood of disruption when and if an event occurs.

The most forward thinking organization understands how important it is to embrace water stakeholders, as actively as if they were key financial investors. The company should try and take a lead in water related issues locally, helping to provide education and awareness, leading a sustainability drive and being seen to be productively engaged.

From a risk assessment perspective, companies should consider the allocation of available funding to invest in technologies, schemes or efforts locally. The aim is to help improve water quality or availability locally. This will put the company in a position of strength in the eyes of its water stakeholders.

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