Expectations in business come from all angles, all directions and from all types of people. Customers want this. Suppliers expect that. Employees expect something too. And what about you? You've probably got expectations as well.
If we allow those expectations to overwhelm us, it can cause a whole lot of stress. So is there an art to managing these endless expectations?
In this episode of Business Wisdom, we explore discusses the importance of managing expectations in business, including:
- The different types of business expectations
- The impact of unmet expectations, and
- How to effectively manage expectations in business and life
The different types of business expectations
- Expectations are the beliefs or assumptions that people have about what will happen.
- Expectations can be positive or negative, and they can come from a variety of sources, including customers, suppliers, employees, and ourselves.
- Expectations are important because they can have a significant impact on our behaviour and emotions.
- When expectations are met, it can lead to satisfaction and positive outcomes.
- When expectations are unmet, it can lead to disappointment, frustration, and even anger.
The impact of unmet expectations
- Unmet expectations can have a negative impact on our relationships, our productivity, and our overall well-being.
- They can also lead to conflict, stress, and even legal problems.
How to manage expectations
- The best way to manage expectations is to be clear and transparent about what you can and cannot deliver.
- This means communicating your expectations to others, and also being open to hearing their expectations.
- It is also important to be flexible and willing to adjust your expectations as needed.
By understanding the importance of managing expectations, we can avoid many of the negative consequences that can come from unmet expectations. By being clear, transparent, and flexible, we can set ourselves up for success in business and in our personal lives.
Highlights
- [0:00 - 0:15] What are expectations and where do they arise in business?
- [0:15 - 0:30] Why are expectations important for you, your staff and your customers?
- [0:30 - 1:00] How to manage those expectations to achieve win-win outcomes for all
- [1:00 - 1:30] The impact of unmet expectations and how they can affect your business success and personal wellbeing
- [2:30 - 2:45] How effectively handling expectations, including your own and the expectations of people around you sets you up for business success
Resources
Talk Strategy with Clive
With more than 30 years’ experience in mentoring small to medium-sized businesses around Australia. Clive works with company owners and their teams to grow their business and achieve goals through strategic coaching.
