In Terms Of Water, Stakeholders Need To Know

Every organization, in order to operate efficiently

, needs to be able to satisfy the requirements of a very diverse group of external entities. Some of these entities are individuals, some companies or associations and some are government officials. Each in one way or another, has a vested interest in how the company operates. Sometimes this interest is polarized. In case of water, stakeholders can have more than just a passing say in this valuable resource.

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.

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?

If water stakeholders become very active and start to discuss impositions or conditions, a company faces potentially higher risks. Just consider how stakeholders push a company to reduce their carbon emissions and energy use. Before long, this pressure will extend to water use.

Communicate clearly during strategic planning and create a water footprint to reveal the true risks associated with water use and disposal. It is a good idea to solicit input from investors, customers, community leaders and government figures, all potential water stakeholders.

If a two-way exchange of information is engaged, company executives will be able to understand individual positions and be better placed to generate a strategy for the future. In this way, whenever emerging issues arise, plans may be based on ideas already formulated. Beware of considerable disruption if this kind of communication is not facilitated.

Proactive company leaders understand how they should embrace the position of water stakeholders, just as if they were key financial investors. A proactive approach might lead the company to be at the forefront of water related issues in the local environment. A company might help to educate consumers and be seen as a leader in sustainability.

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.

by: Daniel Stouffer.

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