All of us are prone to mistakes, they happen both in our personal lives and business. While making mistakes can be inevitable, how we handle them doesn't have to be. Here are some things to keep in mind when they occur: 

  1. Timeliness: As we've seen with the latest Equifax breach, acting timely is crucial especially when the mistakes have a lasting and wide impact. 
  2. Admission of wrongdoing: Don't try to pass blame. One difference between good and bad organizations is how they handle these mistakes. Kareem Serageldin was the only banker to go to jail for the 2008 mortgage meltdown that lead to a financial crisis and he wasn't even a CEO or a mortgage executive.
  3. Plan of Attack: Finally, you need to think through a plan to keep or at least minimize this from happening again. A customer will give you grace if you make a mistake, own it and show how you're going to keep from reoccurring. But continually doing the same mistake over and over and you can wave bye bye.

If an individual is  not willing to admit their wrong, it's an issue of character and not competence. While this can also be coached, it’s more difficult and if ignored, could cause significant morale damage across the organization.

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