I was reading through one of the many newsletters I subscribe to and saw the phrase “failed to meet expectations.” It’s an interesting phrase, one that is important for businesses and especially business owners to consider. Some business owners get into business with the unselfish goal of making a difference in the world, but I don’t know too many business owners that don’t go into a business with an expectation on some level of being a (financial) success. Maybe it’s a secret hope to really grow a big business that brings in a lot of financial support for all people involved, or maybe it’s just a hope to to cover expenses. But, as the old saying goes, if you’re not bringing in income it’s a hobby, not a business.
Back to the topic of expectations. It’s healthy to have expectations, to have goals you want to reach with your business. It’s also healthy for any investors to have expectations of how your business should grow. But something that we’re seeing again and again are business who are reaching too high and/or too fast and can’t create or sustain the growth to meet those expectations. I get it, life is moving at a very rapid pace, things change often and quickly, and it is good to jump on opportunities that seem viable when they’re presented to you and you do due diligence.
As I said, there’s nothing wrong with having goals, even big goals. But I don’t see a need to rush those goals or try to wring every single cent from an opportunity. It’s sad that it amazes us when we connect with a business that has been around for several decades, but the reality is that we’re not always thinking about making a legacy business and only about tapping into the here and now.
So here’s my suggestion: go ahead and have expectations. But rather than setting yourself up for a more likely failure, set both reasonable and reach goals. If you’re interested in really having victories in your life and business, set up easy, reasonable and reach goals, so that you’re almost guaranteed to succeed. Of course all of your goals should enable you to both help people and have a level of financial stability. What expectations do you have for your business, and do you need to adjust them?