Everyone makes mistakes, but making a mistake in running your business can really mess with you. Not only is it disheartening, it is also very scary because if it cannot be fixed and (worst case scenario), could destroy everything you have built. How should move forward in the best way possible after making a huge mistake?
Put it in Perspective
Take a moment to review the worst case scenario, whatever that is, and realize you must be prepared for that. Even if the worst case is highly unlikely, being prepared for the worst will put anything less than that in perspective in a phenomenal way.
Fix It If You Can
Of course there is always the possibility that the mistake cannot be undone; but the simple fact is that there are very few mistakes that cannot be fixed. But there are always consequences for every mistake. Consequences can be dealt with as well, and life will go on. Fix what you can and move on from what you cannot, whatever that looks like.
When it comes to “fixing,” calmly and carefully consider your options. If you have messed up and order can you call the customer, explain, fix it, and eat the cost? If there is a financial issue that has come up is it possible that small business financing in the form of SBA business loans or some other type of business loans could help? If you broke a piece of equipment for example, equipment leasing might be an option.
Learn from It
Was a piece of equipment broken beyond repair because you neglected maintenance? Did a bill get missed due to an unorganized bill paying system? Whatever the mistake was, learn from it. Get that bookkeeping organized and pay attention to little things in the future with the knowledge that little things ignored can turn into very big things. Everyone makes mistakes, but do not make the same mistake twice.
Learn From the Mistakes of Others
This is not exactly something to do when you make a mistake, but it could prevent a few mistakes here and there. You may not always know when others make mistakes, but when you do come into such knowledge be certain to learn from their mistakes as well. Recognizing the lesson is not always easy. Sometimes it takes a closer look, and all but your closest friends may not be so willing to let you peek inside. When given the opportunity however, take it. Pay attention and take heed so that you do not make the same mistake they did.
Everyone makes mistakes. How we deal with them is what can make the different between success and failure. These tips should help you deal with mistakes when they come, and remember, if you are not making mistakes, you are not growing.
This article was submitted by Faith Stewart. Faith Stewart has a BBA with a major in accounting and spent 10 years working in the various aspects of accounting and finance before pursuing her passion for writing.