Big mistake... huge!
It isn’t just the snobby shop assistant in the film Pretty Woman who made a mistake by not serving Julia Roberts’ character – hence missing out on a fortune in commission. Mistakes at work can have big consequences and, throughout history, there are some prime examples.
Did you know that 12 publishing houses rejected JK Rowling’s Harry Potter manuscript before Bloomsbury finally took her – and her following £1bn wealth – on. And while we’ve all made typos when sending a message or posting on social media, a slip of a finger by a Japanese trader in September 2014 lost $617 billion in stocks on the trading floor of the Tokyo Stock Exchange.
Of course, the vast majority of errors at work cause nothing more than inconvenience and possibly embarrassment. Mistakes are inevitable, but how we handle them can significantly impact our professional growth. Rather than succumbing to panic, approaching mistakes with a strategic mindset can turn them into opportunities for learning and improvement.
Pushing boundaries
Mistakes and failure at work have traditionally been seen as negative things, but the thinking around that is changing. For example, PwC’s 2023 Global CEO Survey states: ‘Here’s a counterintuitive message to leaders: your people probably aren’t failing enough. Only 46% of CEOs say that leaders in their companies regularly tolerate small-scale failures. That’s a problem. When employees aren’t failing, they aren’t pushing boundaries or challenging established norms. Worse, that institutional mindset of collective compliance means that they’re likely not learning.’
The report continues: ‘Overcoming this challenge requires a different leadership style. Many successful people have spent their careers rising up through a traditional command-and-control structure, where expectations were clear and the main challenge was measuring who exceeded those expectations and by how much. Today, amid much greater uncertainty, leaders need to create the right conditions for their teams to take risks, be creative and attack problems in unconventional ways.’
In the dynamic landscape of the professional world, mistakes are part of the journey. How we navigate and learn from these errors defines our growth. By following the dos and avoiding the don’ts, we can transform mistakes into opportunities for improvement, fostering a culture of accountability and continuous learning.
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Dos
Acknowledge the mistake and take responsibility
When a mistake occurs, own up to it promptly. Denying or shifting blame will only escalate the situation. Admit your mistake, acknowledge the impact it may have had and show that you are committed to resolving the issue.
Assess the impact and communicate
Calmly evaluate the consequences of the mistake. Is it minor, affecting only a small group, or does it have wider implications? Communicate transparently with your line manager, team or stakeholders about the situation, its potential effects and the steps you are taking to address it.
Develop a plan for remedying the mistake
Draft a clear plan outlining the steps you will take to rectify the mistake. Identify the root cause and outline the solutions. This demonstrates your commitment to making things right and can help rebuild trust.
Learn from the mistake
View mistakes as valuable learning experiences. Understand what went wrong and why. This introspection can help prevent similar errors in the future, leading to personal and professional growth.
Collaborate and seek help
Engage colleagues or experts who can offer insights into the issue. Collaborative problem-solving demonstrates your willingness to learn and improve, fostering a positive team environment.
Implement preventive measures
After resolving the mistake, identify preventive measures to avoid recurrence. Whether it involves process improvements, additional checks or training, taking proactive steps shows your commitment to long-term quality.
Don'ts
Panic and deny
Reacting with panic or denial worsens the situation. Ignoring or downplaying the mistake can damage your credibility. Instead, stay composed and address the issue head-on.
Blame others
Avoid the urge to shift blame onto colleagues or external factors. Taking responsibility demonstrates integrity and professionalism.
Delay action
Procrastination can exacerbate the issue. Swift action is crucial to minimising the impact and finding effective solutions.
Lose focus on solutions
Focusing solely on the problem without proposing solutions can create frustration. Present a well-thought-out plan for addressing the mistake.
Underestimate good communication
Failure to communicate the mistake and its consequences can lead to misunderstandings and mistrust. Open, honest communication is essential.
Repeat the mistake
Failing to learn from mistakes and repeating them sends a negative message about your adaptability and willingness to grow.
More information
This article was first published in Student Accountant in October 2023 | Get the SA app now