No one is perfect, and frankly we are all wrong – a lot more than most of us would like to admit. The key is recognizing you are wrong and handling it in a constructive way that can actually help things moving along; after the initial backlash that usually occurs after being wrong of course. This is easier said than done however. So how does one constructively handled being wrong?
If you are wrong and realize it in time, change. Forget about pride and consider what the after effects of being wrong could be. Swallowing your pride could be a small price to pay. Of course, most often we do not realize we are wrong before it is too late. In that case, get to work determining how to rectify the situation, get things moving in the right direction, and do damage control if necessary.
Listen to Others
Not every other person who offers their advice of course. Part of the trick here is learning to discern who knows what they are talking about, and who does not. Some things to look for include experience, age, and motivation. Those that have traveled the road before you, whether in your business or in life in general, will be able to help you figure out your way around the obstacles. What is equally as important is why they are offering advice. They can seem sincere even when they have sinister motives. Avoid paranoia, but aware of who are listening to as well. Use the age old advice of “consider the source.”
Surround Yourself with Professionals
This is similar to the last tip, but a little more refined. Surround yourself with others that know what you don’t know, but continue to learn yourself so that they cannot pull one over on you. For example, if you are not good with numbers hire a trusted bookkeeper. At the same time, continue to learn as much as you can about the financial side of things so that you can recognize if something is wrong. Listen to what they have to say about budgeting and expenses. If have not done this in the past and now recognize that you should have, there is never any time like the present.
Listen to Your Lender
If you make a mistake and run out of money, do not try to fix it yourself. Listen to your lender in regards to what type of financing could help the best. You may need an equipment loan, a new small business loan, or a business line of credit. Whatever type of small business financing they recommend, based on your situation, will likely be the best option for you. This is especially true if you have developed a relationship with your lender and they know your situation well.
Everyone is wrong sometimes. The important thing is how you right the wrong, and that you learn from the experience.
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.