We often talk about keeping our word -- making a commitment and sticking to it, no matter what.
But we don't often talk about honoring our word -- acknowledging when we can't meet a commitment.
There will inevitably be times when we can't keep our word as circumstances change for one reason or another.
Say you've committed to meeting a milestone on a specific date, for example. To keep your word, you have to do whatever it takes to make that date. But to honor your word, you only need to follow up with the person you made the commitment to and clarify why you can't meet the deadline. I'd also recommend recommitting to a different date, time or scope.
This way, you're not simply hiding and hoping that things will work out, or that you won't be asked about a deliverable. Be confident enough to raise the issue directly, knowing that it will maintain a workable relationship.
Even if you're unable to deliver as promised, you can at least be relied upon to raise red flags early enough, without downplaying the severity, to allow the client or team time to align their activities accordingly. And that saves time and money.
To maintain a healthy relationship on your team, you must honor your word. It impacts the results of your work, your reputation, and your ability to earn a renewed trust from your clients and project team members.
Honoring your word restores your integrity and creates workability. But the better you assess estimated target dates for the project tasks and milestones and your ability to manage your day-to-day activities per your own commitments to others, the easier it will to keep your word and "do it right the first time."