Setting Expectations and Goals In A Shifting Market

This month, Mr. John E. Dustin of J.E.D. Insurance and Financial Services Agency, Inc., of Foxborough, Massachusetts, takes time out of a full schedule supporting his clients, to reflect on the subject of setting expectations and goals. Every business owner knows that reviewing—and readjusting when appropriate—expectations and goals, is critical to how a company manages changes in general economy, as well as the labor market, so as not to deviate from their mission statement. Reinforcing those expectations and standards to achieve their goals is an important exercise in keeping the company relevant, maintaining its reputation, and sustaining its place in the commercial world.

The last several months have seen many variables adjusted or change completely, where once these were fixed with little opportunity or need to change. “Barriers of demographic, geographic, and time constraints have been broken down by COVID-19 and I think businesses need to set reasonable expectations for themselves and for their clients,” John comments. He explains that, in his business, he collaborates with underwriters and insurance adjusters, and because of one of the aforementioned changes, they are not working a standard eight-hour workday anymore. In addition, writing business and having clients in various time zones adds to the complexity. Many people have become accustomed to working remotely or working flexible hours, or both, and this impacts when they can deliver what a client needs.

So, clients are made aware of when they can expect a qualitative reply, it helps to be specific, John advises. Expressions such as ‘right away’ or ‘before long’ do not make a client feel like a priority. “ ‘Right away’ means different things to different people. It’s better to be concrete. Two days. A week. Being specific sets expectations and avoids setting a bad precedent,” he articulates. Being specific also helps the client plan their time, as well. If ‘right away’ to them means ‘in the next half hour,’ but it means a day or two to the business owner, they won’t be happy if they’ve been sitting by the phone waiting for a call or constantly checking their email.

It’s important to note two concepts. First, while we live in a world of instant gratification, that notion applies best to playing on social media or engaging in other activities that do not have long-lasting implications or that provide protections. And that concept informs the second: Business to business companies are predicated on intangible principles related to law, accounting, public relations, and engineering, among others. Those disciplines are based on deeper knowledge. A thoughtful, well-written, and conscientious answer takes time to develop and increases the value for what is being delivered, whether it’s an insurance policy, legal agreement, engineering report, or business valuation. To illustrate this second point, John says he reminds his own clients that what they need might require that he reach out to other companies, for one reason or another, to put together a plan that works for his clients’ needs. “If you're an attorney and you're reviewing an M&A agreement, it could take time. It could be moving parts or provisions or financial inquiries that you need to review. Be honest and set a reasonable time to get back to your client,” he said.

Setting expectations with clients is just one piece. Another is goal-setting. “We know there's a supply chain shortage coming. We know the prices are escalating due to inflation. So, if you're going to try to buy equipment or computers, or install software, it’s important to set a reasonable expectation of acquisition and implementation,” John recommends. The labor shortage also poses installation and service delays. This example applies to both employees and vendors.

“Set goals early and set them reasonably,” John implores. “None of us has a crystal ball for next year. If you set goals, make them reasonable, but don't think you're going to double your bottom line. And a lot of businesses have done very well through the pandemic, and have increased revenue dramatically,” he enthuses. “But is that a concrete increase or is it something that just was a paradigm shift because of what was occurring in the economy at the time?” John suggests. It’s too soon to tell, but his remarks about setting goals early and within reason stand the test of time.

Establishing expectations and setting goals isn’t just for the relationship between the client and business owner. Employees have some responsibility in both of these areas, as well. Their role in the organization must be uniform in delivering on those expectations and working toward the goals that the business owner sets.

By applying these principles upheld by business owners, everyone stands to benefit: Clients get what they need in a timely manner, professionalism by the company isn’t compromised, and employees will have contributed positively toward increasing the company’s deliverables. - Copywritten by Boston Edits, LLC.

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