Everyone business leader does it at one time or another. We all make mistakes. Sometimes, it’s making a deal with the wrong company. Sometimes, we mess up accounting and sometimes, we hire someone we thought would be a huge asset to the company and they let us down in a huge way.
Any situation we make a mistake in has consequences and like a pebble thrown in the lake, those consequences ripple throughout our company. Everyone feels the backdraft at some point. Saving face is not always possible and in this writer’s humble opinion, should not be the focus. Dealing with our mistakes with integrity will have much more favorable results in the long run and can turn a mistake into success. Below are some ways that might help.
Admit and Understand Your Mistake
This is a hard concept for many to master, unfortunately. Because of the fact that we all need our job and the paycheck that comes with it, many of us will refuse to own up to a mistake or pass the blame to someone else, out of fear of losing our job. Let’s make a reminder here. In most every situation, the truth always comes out eventually. So, it’s better to do what Mom taught us and tell the truth the first time so the consequences aren’t double what they could be.
Most companies will honor the fact that you were honest. Depending on the mistake, you may be demoted or receive a drop in pay, but you will have the opportunity to redeem yourself and you will set the example for the rest of your business. Even the coldest hearted person will give respect to a man/woman who is honest. Then, make an effort to figure out, where you went wrong. What happened that turned what you intended into a mistake?
Address It
After you have admitted to your error, the next step is to fix it. We all know some things just can’t be fixed, but what you can, you should. If there is anyone you owe an apology to, now is not the time to be prideful, even if it is someone who works for you. This not only will clear your conscience, but will build trust with your employees and set the standard for honesty and integrity in your business.
Next, if there is anything you can change to make the situation better, do it. For example, say it was you who hired the man you thought would be a real asset to the team and he was so ill prepared, he ended up costing the company money, besides his paycheck. In this situation, you can not allow hurting his feelings to get in the way of the overall betterment of the company.
That’s not to say you should kick him to the curb without considering his emotional well-being. In the end, if an employee is not a good fit, you have to acknowledge it for the benefit of both parties. The company will progress faster, and the employee will learn where they can improve. They may become a good fit later on. Basically, drawing the fine line between a leader and a ‘friend,’ so to speak, is one of the hallmarks of being an effective boss in a business environment.
Yes, professionalism goes a long way, but learning how to gently let someone down is equally important. Ensure you are supportive and considerate in your approach. Navigating this subject can be challenging, so consider seeking advice from acquaintances and other professionals. Alternatively, you can explore online resources such as blogs, guides, and articles to learn more about various business leaders and their philosophies. For example, you might read about the Newsweek CEO and his approach to leadership, as well as other prominent figures in the business world. All of this combined together may help broaden your knowledge of leadership, potentially strengthening your company in the long run.
Make Sure It Doesn’t Happen Again
Mistakes will remain mistakes until you can turn them into learning opportunities. Sit down and make a list of everything that went right and everything that went wrong. Think about the steps leading up to each point. Is there anything you could have done better, sooner, later perhaps? Should you have asked for help in an area you just weren’t sure of? Were there steps you should have avoided completely? Analyze the situation until you figure out a plan to accomplish the task better, and hopefully without a mistake, next time. History doesn’t have to repeat itself unless you just want it to.
Running a business is difficult. Being a man/woman of integrity while doing it is even harder, but the next time you find yourself in a situation, refer to these steps to help guide you to better decisions.
