Start with yourself.
There…that’s it, in a nutshell. To set REALLY clear expectations, start by making them clear to you.
Say this out loud (to yourself): “To be clear, this is what we’re talking about.” And then poke holes. If you’re being honest with yourself, you’ll set clearer expectations for others: Investors, clients, employees, family members, etc.
That, I think, is key to setting clear expectations.
Then it helps to bake in some basic rules as well (I like them presented in the form of questions):
1. What are our objectives? What do we all want to achieve? In the Notes business, it’s X% yield…stuff like that.
2. Who’s accountable? Someone must be held accountable for whether or not the expectations are met. Sometimes that’s you (big guy/gal) and it means admitting you failed to meet certain expectations, but….so be it. Say it upfront: “I will be accountable for meeting these expectations!”
3. Is this part of the start? When it’s go time, in the beginning, are expectations part of the discussion? They should be. Set ’em early! Sooner the better.
4. How are we gonna measure this? Using the example from above, percent yield is a good expectation to set in the Notes biz (for investors). Expectations are best when they have dates and/or numbers.
1. Start by communicating expectations to yourself first.
2. Then: Ask the basic questions.
If you follow those two steps, I believe you’ll set REALLY clear expectations.
Faller Financial is growing. We are currently seeking real estate Note sale opportunities in the $5 million range.
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