Dialogue with stakeholders as a tool to ensure the sustainability of a business organization

Abstract

The paper examines conceptual principles and the significance of dialogue with stakeholders for the successful functioning of a business organization, its development, competitive advantage, sustainability, brand and image growth. The relevance of this concept in new business realities, the main trends of which are digitalization, openness, networking, and globality of processes, has been substantiated. The purpose of the study is to establish the impact of dialogue with stakeholders on the social and economic development of a business organization in the realities of the new economy. In the course of researching theoretical approaches regarding the nature and scope of dialogue with stakeholders, the author has formed his own point of view on the value and relevance of these processes for business organizations; personal understanding of their impact on business and society has been determined. A list of potential opportunities for a business organization was identified and supplemented, subject to establishing an effective dialogue with stakeholders based on social responsibility. The author’s vision of the content and essence of the stakeholder engagement policy has been developed, the effectiveness of which will manifest itself in increasing the company’s capitalization, improving sustainability, and increasing investment attractiveness. Possible areas of manifestation and directions of interaction with stakeholders have been analyzed and the prospects and opportunities for their development towards strengthening the business process sustainability have been outlined. The research on the importance of dialogue with stakeholders for Ukrainian companies has been analyzed. Conclusions regarding the prospects for the development of this concept in the direction of improving business processes have been substantiated.