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Recovering from a major business mistake Pt: 2

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When asked what your best tip is for recovering from a major business mistake, Marty McDonald of Bad Rhino Inc. said “Take time to review – Take some time with a major mistake and retrace your steps. Look back and see where you went wrong first and fix any issues that might have led to the actual issue… The Key is to learn from it and not make the same mistake again.”

Last week, we began to look at strategies for recovering from a major business mistake. We referred to the Caribbean Examination Council 2020 results of the Caribbean Advanced Proficiency Examinations and how many students, parents and other stakeholders were thrown into a state of upset after the publication of the preliminary results.

We said that a recommended strategy in attempting to recover from a big mistake was to do everything possible to fix the mistake. We acknowledged that no one is perfect and what matters was how you move forward. Often, if your action is not swift and calculated, silence could only made things worse. This was evident as CXC’s silence at the onset of the query left people to speculate, while some demanded an entire review and those with knocked confidence threaten legal action and disassociation.

Today, we look at two more best strategies for recovering from a major business mistake. It is recommended that you “talk about it”. Talking about it lets people know that you own it and own the consequences. You should also apologize to all the people who were affected by your action or decision.

However, you shouldn’t do this alone, seek the support of your network, your advisors and your mentors. If you are open about it, you will give yourself the opportunity to be supported and this will enable you to move on.

“Learn from it.” It is believed that everything happens for a reason. Therefore, a big mistake is an opportunity to learn, to grow and to improve. Examine what led you to the decision that was made; what went wrong, what you had to do differently, and what in future you can use as valuable information, so you won’t repeat the same mistake. Looking for the positive in a bad situation will help you to accept the consequences and move on.

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