Expectations in Business

in Small-business

Webster's Canadian Dictionary defines expectation as:

"the act or state of expecting something to happen that is expected to happen" or the plural as "prospects for the future." Well and good you say, but what has that to do with my business.

Clearly, expectations are critical to the success of any enterprise. Because, if the expectations of all parties involved are not clearly understood and met, mis-communication can easily occur, resulting in, you guessed it lost business / revenue / valued staff members / etc.

Let's take a look at who might have expectations in any business:

First of course are your own expectations:

• You expect to be able to make a profit from what you made / sell / provide to your clients
• You expect to be able to meet the ongoing financial obligations of your business in a timely manner
• You expect to be able to grow your business year over year
• You expect your product / service to be wanted by your target market
• You expect everyone in your organization to perform in a way that will help the business grow
• You expect your staff to provide a fair days work for a fair days pay

What about the expectations of your clients:

• They expect you to deliver what you promise
• They expect value for their money
• They expect you to stand behind your product / service
• They expect you to be fair and reasonable in your business practices

Now, let's take a look at the expectations of your personnel:

• They expect to be treated with respect
• They expect to be fairly compensated for the work that they do
• They expect to be able to tell friends / relatives where they work with a sense of pride or at least without having to defend themselves
• They expect to be given the opportunity to grow and develop as both individuals and employees

Clearly there are a great number of expectations imposed on a business every day. Just as clearly, the expectations set out above may well not cover all expectations of all the parties touched by your business. For example, we have not considered your suppliers or your creditors in the list above.

Your task as a business owner is to manage these expectations and the many others not articulated here. In order to do this you need to first ask yourself the question:

"What are the expectations of each of the people involved in my business both directly and indirectly?"

Once you have identified the expectations of these folks you next should pose to yourself the following questions:

When: As you prepare to open for business each morning:

"What will I do today to meet the expectations of those who are affected by what my organization does?"

When: As you prepare to close your business each day:
"What did I do today to meet the expectations of those who are affected by what my organization does?"

If you are unable to provide a specific measurable positive answer to these two questions, the question you next need to answer is "What am I doing about it?"

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Gordon Newman has 1 articles online

Gordon J. H. Newman, CPT
Gordon is President of The Newman Learning Group Inc. an organization dedicated to providing value add solutions to improve the bottom line performance of organization and individuals. Gordon may be reached at: gordon@newmanlearning.com or 905-790-2944, http://www.newmanlearning.com.
This concept and others covered in Gordon's book "There Has To Be a Better Way."

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Expectations in Business

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This article was published on 2010/03/29