Who are your stakeholders in a small business?
The common stakeholders for a small business are these:
- Employees
- Business/Entity Structure
- Owners/Shareholders
- Managers/Officers
- Customers
- Suppliers
- Community
- Environment
The first four stakeholders, or stakeholder groups as they are sometimes referred to, are internal to a small business. The last four are external.
Most small businesses don’t start out on day one with a plan to be good stewards to all of their stakeholders; that comes later. An owner’s first task is to build a viable business. To become a better leader who can build a stronger business, you first have to help all of your internal stakeholders become better as well; what helps them, helps you.
Building a business that can change the world, one community at a time, necessarily starts with the people who directly support that business and make it successful, and then expands outward to the people in that business’s community, to the environment, and to the world.
Thinking of ownership as a caretaker or custodian…
Small business owners who aim to build something lasting for their stakeholders should embrace the mindset that leadership is a temporary role, not a lifetime entitlement. Think custodian, not commander. This is especially true in a business designed to span generations, where continuity depends less on the original founder and more on a steady flow of new, younger, and great talent. A deeper bench is not optional; it is essential. Viewing leadership as a caretaker role shifts the focus from personal control to shared responsibility—fostering humility, accountability, and long-term thinking. It recognizes the business as part of a larger ecosystem of people: team members, customers, and the broader world waiting to be served.
This is small business stewardship.
