Coming to Terms with Mistakes in Business

Mistakes in business can be a hard lesson to swallow. Just ask me about the huge list of mistakes I’ve made in business over the past 8 years. It’s so long it has its own storage space in the cloud.

But the reality is that everyone will make a business mistake of some form of epic proportion during their professional career. Yes it’s tough. Yes it can leave you feeling sick. It cuts to the core of all the things you strive for. But there is a silver lining.

A very wise person once told me…

“It’s not the size of the mistake, or how you did it, but what you do afterwards that counts”.

I couldn’t agree more.

Being in business can be lonely. I am a strong advocate for knowing you are not alone. For seeking help when it is available.  Don’t be shy to seek help when you need it. It is not a sign of weakness. It is a sign of strength that you want to improve. We can’t be good at everything. We are human – we make mistakes.

Business Mistakes – A Case Study…

This certainly rings true for an agency we recently helped to get their reconciliation back on track. During the Christmas period we have been working on a large reconciliation dating back to 2015. This alone may trigger some into an instant conniption. Yet we saw it as an opportunity. An opportunity on how to turn an extremely negative situation into a positive one.

So from experience, here’s our take on how to learn from your mistakes…

  1. Acknowledge

    Acknowledging your mistake, taking responsibility and accepting the issue isn’t going away will make you a stronger person. Admitting your error shows that you are a real person. It establishes your credibility as a true professional.

  2. Minimise

    Now you have acknowledged, you can begin the process of searching for the right solution. Seek other professional services if need be. Don’t be afraid to ask for help.

  3. Evaluate

    Reflect on how the error came to be. Evaluate how you will change your processes in the future to ensure lightning doesn’t strike twice. Once you begin to analyse your process, you can work out solutions for any gaps.

  4. Implement

    Put some new strategies in place. This may include updating your policy and procedure manual, seeking ongoing professional help or undergoing intense training.

  5. Move Forward

    Don’t dwell on the mistake. Move on and work on following the systems and strategies you set in the Implement stage.

We’re pleased to say that this agency is back on track and feeling much better about the world. They were not in essence a bad person. They weren’t stealing money from their clients. They weren’t involved in fraudulent practices. They just didn’t know how or where to seek the right help. What started as a simple mistake, snowballed into something they didn’t have the knowledge or skill to deal with.

We have successfully assisted them with implementing new daily processes and ongoing training and support where needed. If you require additional support with workflows, software, banking integration, trust accounting practices, bookkeeping or compliance – talk to us about how our support packages are the perfect solution.

Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 23 years industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.