In this episode, I discuss over-delivering in your business. In my business, when I talk about over-delivering, I’m usually referring to my relationship with my private investors. I always try to give my private investors just a little more than what I committed to doing.
In any business, your goal should be to over-deliver on your promises. Meeting your commitments is an expectation. What will set you apart from your competitors is your ability to pleasantly surprise your customers by going above and beyond your original agreement.
The key to over-delivering, is to not make wild claims and promises that you don’t know if you can keep. You should always prepare your customers, private investors, or business partners for results that are absolutely attainable and realistic. This is not to mean that you don’t paint them an honest picture of the results they should expect. What I am emphasizing is that you don’t exaggerate what you think you can do for them.
A good example of this in my business is when I give an estimated timeline for the completion of a fix-and-flip investment. I always do everything in my power to complete my fix-and flip-early, so that the house can be put on the market and hopefully sold earlier than promised. I usually try to commit to a six month timeline from purchase to sale. If I can do it in four or five months, then I make my private investor very happy.
Also, all of my private investors fully fund the flips that I partner with them on. They provide the capital to purchase the house, renovate it, and any associated holding or marketing costs. Whenever possible, I try to come in under-budget. That is another form of over-delivering.
Another way in which I try to over-deliver in my business that sets me apart from my fellow investors is that I try to give my private investor more information than he or she expects at the beginning of the project. That starts with good comps of the investment property. Then, I provide them with an accurate contractor quote for the work that needs to be done. Finally, I communicate on a regular basis so that my investor always knows what’s happening with the property, and they always know exactly how their money is being spent. I also have an open-door policy, meaning that they can stop by whenever they like, whether I’m there or not, because I give them the lockbox code.
No matter what industry you’re in, there are plenty of people who are competing for the same customers as you. Over-delivering is the best way to set yourself apart and make yourself more attractive to those customers.
If you over-deliver, your business will be much more successful in the long run.