While we wait on news, purchase orders and financial reports I thought it might be a good time to give everyone some thoughts on expectation management. I really just have 3 points for us all.
These rules are helpful in any management or leadership position and I use them often.
First: Make no Assumptions. We have as a group done a really good job of keeping statements factual. However, when you read a post here on investors hangout you have to be careful that you understand the context, otherwise statements can be misunderstood or taken out of context. To avoid this as an author it is helpful when the poster can add a link or site a source for other readers to reference. This will add context to your post and can help avoid misunderstandings.
#2 Communicate. RMHB has done an outstanding job communicating to the share holders in my opinion. They have provided key milestones for us, they let us know when deadlines were approaching and updated us when situations changed. They have informed us about managing risks, and delays. The delay caused by the aluminum issue was not fun but being honest about the delay is critically important to me as a shareholder. (it helped me manage my expectations)
#3 Realistic and Achievable. This is where a lot of us can get into trouble. It can be fun to make predictions regarding pps, but when you are wrong your prediction can become the stick used to beat you. If you do make pps predictions it is best if you can back it up with historical data and provide examples or models that can illustrate your point.
A LOT of us including myself want to see a Purchase Order or an Amazing press release every day. THIS IS NOT REALISTIC or ACHIVABLE. I believe we will get news soon and I think that news will come in 4 to 5 weeks. That is a much better expectation than hoping for daily press releases (obviously...maybe not to some!)
Having realistic and achievable goals will also help you instill confidence in your investment.
Just some thoughts. How do you all manage your expectations?
These rules are helpful in any management or leadership position and I use them often.
First: Make no Assumptions. We have as a group done a really good job of keeping statements factual. However, when you read a post here on investors hangout you have to be careful that you understand the context, otherwise statements can be misunderstood or taken out of context. To avoid this as an author it is helpful when the poster can add a link or site a source for other readers to reference. This will add context to your post and can help avoid misunderstandings.
#2 Communicate. RMHB has done an outstanding job communicating to the share holders in my opinion. They have provided key milestones for us, they let us know when deadlines were approaching and updated us when situations changed. They have informed us about managing risks, and delays. The delay caused by the aluminum issue was not fun but being honest about the delay is critically important to me as a shareholder. (it helped me manage my expectations)
#3 Realistic and Achievable. This is where a lot of us can get into trouble. It can be fun to make predictions regarding pps, but when you are wrong your prediction can become the stick used to beat you. If you do make pps predictions it is best if you can back it up with historical data and provide examples or models that can illustrate your point.
A LOT of us including myself want to see a Purchase Order or an Amazing press release every day. THIS IS NOT REALISTIC or ACHIVABLE. I believe we will get news soon and I think that news will come in 4 to 5 weeks. That is a much better expectation than hoping for daily press releases (obviously...maybe not to some!)
Having realistic and achievable goals will also help you instill confidence in your investment.
Just some thoughts. How do you all manage your expectations?
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