The Eastern Way: Fundamental #8- Set and ask for expectations
This week’s fundamental was written by Angela Kim. Angela has been with Eastern Funding for 9 years. Angela serves as one of Eastern Funding’s Loan Officers helping customers secure financing for various business needs.
Fundamental #8- Set and ask for expectations
Create clarity and avoid misunderstandings by discussing expectations upfront. Establish mutually understood completion times and dates for all projects, issues and commitments.
There are many occasions when vendors/brokers and customers pressure us to rush on deals. When this happens, it causes disorganization and deals being re-prioritized out of order. As important as it is to be sufficiently flexible to meet our customers’ needs, it’s imperative that expectations be kept current and realistic to all involved. This eliminates frustration and misunderstandings between all parties. Open and clearly defined lines of communication to our external contacts (vendors/brokers/customers) begin within the company between departments.
For example, over the past few months of working with Shevon in our documentation department, she has gone out of her way to follow up on deals and communicate with me in regards to expected equipment delivery dates, targeted funding dates and lists of missing items in a timely fashion. And in our credit department, Walter has always been quick to inquire about the urgency of each deal when they are assigned and following through with his targeted turnaround time. The above examples highlight how being proactive with open and clearly defined lines of communications provided information that was key to setting realistic expectations with our external contacts.
Recently I’ve received feedback from a vendor who’s complimented us on our quick turnarounds and realistic funding expectations. This is the kind of feedback we want to hear from all of our vendors/brokers and customers. I appreciate how the various teams have demonstrated their commitment to our collective goal. Let’s keep up the great work!
Next week, Steve Choka will share with us his thoughts on fundamental #9- Focus on the customer.
Have a great week EF’ers.
Regards,
Angela Y. Kim
