External stakeholders are crucial for several reasons:
Market Feedback:Customers provide essential feedback on products and services, helping businesses refine their offerings. Supply Chain:Suppliers are vital for the procurement of raw materials and services necessary for operation. Financial Support:Investors and Creditors provide the financial resources needed for expansion and stability. Compliance:Regulatory bodies ensure that companies adhere to laws and regulations, which is crucial for legal operations and corporate governance. Social License to Operate: The community and media can influence public perception and acceptance of a business.