Overpromising Expectations Hurts Company Growth
As a business owner, overpromising and underdelivering won’t promote company growth. Although you may be tempted to promise anything necessary to gain employees and clients, the reality is that failure to deliver on those promises will cause problems down the road. Here are three reasons to avoid overpromising results and two ways to set reasonable expectations.
Losing Credibility
Overpromising expectations makes you quickly lose credibility. Not following through on your commitments means employees, clients, vendors, and others won’t trust or respect you. They won’t believe you’re committed to them and, in turn, won’t be committed to you.
Letting People Down
Overpromising expectations results in letting people down. Getting employees’, clients’ and vendors’ hopes up and failing to deliver erodes their belief that you’ll keep your word. As a result, overpromising hurts your revenues and reputation. People would rather have you be honest with them and meet or exceed expectations than promise something great just to make them happy.
Losing to Competitors
Overpromising expectations causes you to lose employees and clients to competitors. Setting unrealistic expectations and leaving them unfulfilled encourages people to work for and do business with a company that follows through on its promises. Delivering anticipated results is what attracts and retains employees and clients.
Setting Realistic Expectations
Creating reasonable expectations involves understanding your industry and knowing your data. Understanding your industry means having confidence in your company and offerings. You want clients happy with both your words and products/services. You know your offerings inside and out and how your industry works. Knowing data about your business and finances inside and out helps you understand the cost. Knowing your margins helps you set appropriate numbers. When you let clients know what their price will be, you won’t have to increase it later because your cost is two or three times higher than anticipated.
Delivering on Your Promises
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