Everyone makes mistakes when running a business. Some slip-ups involve:|
These things happen. But if you take the time to learn from what went wrong, mistakes can also lead you to a more profitable future.
- Hiring the wrong person for a key position.
- Promoting an unsuitable (or ill-timed) product.
- Making process changes without first consulting knowledgeable stakeholders.
Tips for maximizing the learning curve
Mistakes can affect your company’s bottom line. So the key is to identify and evaluate mistakes to see what you can change to avoid costly repeats. Here are some steps you can take:
- Track success (or lack of success) through statistics. Numbers rarely lie. Documenting and tracking business processes regularly can help you identify patterns and, in turn, possible poor decisions that may benefit from adjustments. For example, if a new product isn’t gaining momentum several months after a launch, perhaps the market isn’t quite right for it or the product is unsuitable.
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- Empower employees to participate in solutions. Instead of pointing fingers when errors are made, encourage your employees to come forth in helping to identify issues and offering solutions to remedy them. Establishing a no-blame atmosphere builds trust and teamwork.
- Outline a corrective plan of action. Once a plan has been determined, delegate to your staff the steps for which they are responsible. For example, if product forecast meetings are being added to avoid contract shifts, make sure your employees in accounting, sales and account management know their roles in accurate forecasting.
- Reassess as necessary. Your plan of action for correcting a past mistake may require supervision and refinement as time goes on. Strategic redirection can benefit your company’s future and keep it moving forward.
Our REACH Business Blueprint is a great tool to measure the performance of your business and identify opportunities for improvement.
Maximize on our years of experience as a small business partner and schedule a REACH Business Blueprint appointment today.