When a lot of people are relying on you, it can be hard to admit defeat. A common reaction might be to cover for yourself and scramble to make the deadline without anyone else ever having been the wiser. And while it may work on occasion, you may be doing yourself more harm than good in the long run. Craig Shapiro, CEO and Founder of Collaborative Fund, explains:

When you update your investors, be honest, tell the whole truth, and give context. Your investors want you to succeed and they understand that virtually all mis-steps can be fixed. But that means they need to know what challenges you are facing, if there’s going to be any chance of fixing them.

It concerns me when I get consistent updates that all is well only to hear later that a problem has been allowed to grow and snowball into something much bigger and less fixable.

Obviously Shapiro is discussing it in regards to investors, but the lesson holds true no matter who you’ll have to fess up to. Your successes are their successes and vice versa; they are there to support you, so bring them along with you.

Read the rest over at Progress Report.

(h/t: swissmiss)

  • mcatlett

    Absolutely, I have found this to be key in a service business. Clients understand reasonable delays and issues as long as you keep the line of communication open, but if you don’t trivial things start to endanger the relationship.

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