Managing Expectations

If there is one issue that really annoys me in business, it is poor management of expectations. Given the thousands of business books that seem to be written each year, maybe this is a subject I should write about?

Trust is critical in any business relationship. Unfortunately, I do believe that trust is diminishing, perhaps deservedly so. Whilst the internet has been tremendous for so many activities, the ability to present yourself as something you are not is not reserved for adult chat rooms. There are no shortage of expert oil traders, people with preferential access to coal or iron ore, people who have amazing links to millions (or billions) of dollars seeking a home in real estate, venture capital, power projects etc etc......I could go on.

Whilst I would dearly love to trust someone by default and then be disappointed when that trust is broken, I fear that the appropriate approach is to assume that they are going to screw with you and then be disappointed when they prove to be honest and genuine.

In my opinion, the best way of demonstrating that you are trustworthy is to manage my expectations. If you promise an email today, I am suspicious if it doesn't arrive. If you tell me that your client will provide something  by next week and it is going to be late, drop me a note to tell me it will be late. If you think that the client will pay $10 but I am asking $12, be straight with me upfront. Dont waste my time and dont put me into an awkward position with my own contacts and clients.

Managing expectations is, in my opinion, the most important element in developing a trusting business relationship. It shows concern and respect and avoids wasting time (the most precious and scarce resource we have). However, it is also the most poorly executed.

So next time you are in a bookshop thinking about buying another tome on the soft skills of business, save your money and just start ensuring that you have properly managed the expectations of everyone you are doing business with. It will pay off!