Introduction: Realistic Expectations
Hello entrepreneurs and business enthusiasts,
This is Tanner Chidester, CEO of Elite CEOs. Today, I want to delve into an issue that many business owners face, often without even realizing it – setting realistic expectations. This issue can be a major hindrance in your journey towards success.
“This issue can be a major hindrance in your journey towards success.”
The Pitfalls of Unrealistic Expectations
Recently, in one of my paid groups, a business owner expressed frustration over the low pickup rate of her sales calls. She believed that more of her leads should be picking up, expecting a rate much higher than reality. The truth is, in the sales world, a 10-20% pickup rate is quite standard.
This gap between expectation and reality can lead to a negative mindset, making you feel like you’re failing when, in fact, you’re right on track.
Aligning Expectations with Reality
It’s essential to understand what realistic expectations look like in your field. For example, a 30% close rate on sales calls is excellent, but if you’re led to believe that 80% is normal, you might feel inadequate. This mismatch can be a source of unnecessary stress and self-doubt.
How to Set Realistic Expectations
You can achieve realistic expectations in two ways: learn from experience or seek advice from seasoned professionals. It’s common to hear impressive figures thrown around in the business world, but these often lack context and can set you up for disappointment.
For instance, a business owner claimed his sales reps close 80% of their calls. However, such a high rate is usually unattainable for most businesses. Beginners hearing this might feel like failures for achieving ‘only’ a 30% close rate, which is actually a great achievement.
Implementing Effective Strategies
Setting realistic expectations also involves effective strategies. For lead calls, I recommend double dialing, texting, and emailing if the first call goes unanswered. This approach increases your chances of making contact. Expect around a 10-20% pickup rate; anything more is a bonus.
Understanding the Importance of Context
When comparing your business to others, always consider the context. For instance, different offers might yield different pickup rates. What works for one business might not work for another due to various factors like lead quality or product type.
Final Thoughts: Realistic Expectations
As business owners, we must ground our expectations in reality. Unrealistic expectations can lead to a negative mindset, which can hinder our growth and success. Remember, it’s about understanding the realistic benchmarks in your industry and working towards them.
So, as you embark on your business journey, ensure that your expectations align with reality. This alignment will not only improve your outlook but also set you up for genuine, sustainable success.
That’s all from me today. Keep grinding, keep growing, and remember, realistic expectations are the key to a healthy business mindset.
Best,
Tanner Chidester
