Setting Expectations, Maybe The Greatest Business Building Tip Of Them All

I woke this morning thinking about business. More specific, I woke thinking about easy and simple things to support and grow a business. The first thing that hit me was setting expectations – it may be the most important business building tip of them all.

People like certainty.

We buy insurance, invest, and plan our estates for a level of certainty in our lives. We like to know we’re prepared for times we cannot yet envision or control – disasters, financial setbacks, loss of a loved one, etc. We like to know things are taken care of.

The need for certainly extends to business.

We like to know when the next check is coming, when a delivery is expected, what is required to be promoted, etc. Basically we want to know what happens next.

Setting expectations with employees, suppliers, customers, and business partners is critical to building trust and earning respect. Trust and respect leads to a great reputation. All are elements of a strong business.

Setting expectations are as simple as communicating – letting people know what you’re doing, informing others of timelines, and letting people know what happens next and when. Give people enough information to trust and respect your business.

This isn’t a call for transparency, just a call to set expectations. Your business will grow as a result.

Have you noticed a difference in working with companies that set expectations and those that don’t? Which do you prefer working with? Why?

David Lee

David Lee

David is a serial entrepreneur, advisor, and investor. He has built and exited successful businesses and is now focused on investing. He holds a master's in business administration from the University of California, Berkeley.