How you admit your mistakes matters

Last month, Morey Stettner from Investor’s Business Daily reached out to me as an expert source for a story he was writing for their “Leaders and Success” page.  He was interested in the best way for leaders to admit their mistakes, whether it was to their peers, their employees, their Board of Directors, or others.  This is the article that was published in their print edition last week on May 28:

Admit mistakes clearly to reassure others, not make matters worse

In addition to yours truly, Morey interviewed three other individuals, all of who provided excellent advice.

What have been your experiences?

But I’d like to know what you think?  Have you ever found yourself in a situation where you’ve either had to admit an error in judgment or report a problem and you handled it appropriately?  What about the opposite, when the outcome wasn’t what you’d hoped?  Or have you observed a senior leader in your organization admit mistakes well or poorly?  Please share by adding your comments below.

P.S. Morey found me as a result of this column I wrote for The Globe & Mail a year ago in May 2018: Why good leaders make grave mistakes − and still thrive.  If you haven’t seen it before, you may find this helpful as well.

When leaders make mistakes …

#$&*&@# happens!  Well-laid plans don’t always turn out exactly the way you’d anticipated.  A sale that was one signature away from being finalized falls apart at the last minute.  One missed detail takes a project down the wrong path and it then costs a significant amount to bring it back on track.  The leadership journey is fraught with unexpected challenges and unknown landmines, and sometimes even the smallest misstep by a leader can result in financial and reputational loss.  The reality is that despite your best efforts, mistakes happen.

It’s how you respond to the mistakes that will matter

Some mistakes will be small, ones that you can simply shrug off as minor bumps in the road.  But others will be large, ones that affect major company objectives, directly impact profitability, or put important relationships in jeopardy.  It’s how you respond to these large slip-ups that will determine whether you’re a leader or a manager.  In my column in today’s The Globe and Mail, I lay out the three essential actions that separate the leaders from the managers, the three steps you have to take in order to successfully move past these blunders.

Why good leaders make grave mistakes – and still thrive

All decisions carry risk and therefore come with potential obstacles that can sometimes derail progress. But when bad stuff happens, what do you think separates the leaders from the managers?  I’ve given you the three necessary actions from my perspective, but I’d love to hear about your experiences and points of view.  Please share your thoughts by commenting below.