The wisdom of learning from failures is irrefutable. However, managers and organizations that do it well are rare. Even though mistakes are inevitable at some point, there are many leaders who struggle to recover from failures. They simply didn’t respond well to their mistakes and it ended up costing them more than it should have. It is important to remember that anyone in a leadership position is going to make a mistake eventually, as this comes with being human. Fortunately, these mistakes don’t have to tarnish your reputation and do lasting damage. Here are some powerful suggestions for things you can do to recover after a serious mistake.
Acknowledge the Mistake
Mistakes are a part of life and the best thing you can do is own it. Don’t pretend like it didn’t happen and don’t try to place the blame on someone else. Rather, acknowledge it quickly so others won’t have a chance to make judgments about your competence. The sooner you acknowledge that you’ve made a mistake, the sooner you can get a handle on it and figure out how to handle it. When you acknowledge and accept responsibility for your mistakes, your colleagues and employees will respect and support you.
As soon as you realize you have made a mistake, you need to let the people know who are affected by it as soon as possible. The longer you wait to communicate your mistake, the more complicated the problem becomes. You don’t need to go into grave detail about the mistake, but simply let them know what happened and how you plan to make things right. By letting people know immediately, you can often keep the situation under control and prevent further damage.
Stop the Loss
Once all parties involved have been notified, your next step should be to do whatever is needed to prevent further damage. If you have made a financial mistake, do everything in your power to recoup as much as possible. If professional relationships have been compromised, offer a sincere apology and try to quickly restore trust. A timely, humble response is the most effective way to prevent additional damage.
Decide What’s Next
Part of recovering from a mistake is not letting it discourage you from moving forward. This isn’t a time to beat yourself up and give up. It’s a time to reflect on what went wrong and how you avoid the same mistake in the future. Now is the time to focus on solutions and figure out how you will fix the situation. A true leader is someone who remains accountable even in the worst of times. This is your chance to show others that they can count on you and you are willing to pick yourself up and do whatever it takes to recover.
Reflect on What You Learned from It
Although making a mistake may not seem like a good thing, it’s seldom that it doesn’t provide us with a valuable lesson. Every mistake, even the worst ones, have something to teach us. By opening your eyes to your mistakes and reflecting on them, you find ways in which you can grow and improve. Mistakes play a critical role in leadership because they teach you how to recover from challenging situations and lead to even greater change.