Maximize Your Return on Investment from Mistakes

What do you do when you or your employees make a mistake? Do you…

• Get angry?
• Focus on blame?
• Jump in and fix it yourself?

Mistakes are costly in dollars, time and frustration so be sure to maximize your R.O.I. when they occur. Identify and separate the value of the mistake from the consequences of the mistake then take action to maximize that value; i.e.:

• Improve a process or procedure to prevent (or minimize) repeating that (or a similar) mistake
• Create a tracking and reporting mechanism that warns of the circumstances that often lead to the mistake
• Identify and address deficiencies in management, supervision or accountability that might have contributed to the mistake
• Improve staff (or customer) training, communication and knowledge sharing methods
• Develop a more valuable employee by mentoring and reinforcing the experience gained from the mistake including the experience of correcting it and dealing with the consequences
• Improve the evaluation and hiring process to filter out people who don’t learn from their mistakes
• Improve your own management and leadership style to focus on opportunity and less on knee-jerk reactions
• Use the opportunity to build overall staff capability, trust and loyalty

Mistakes represent an opportunity to improve your business. If you endure them without capitalizing on that opportunity, the same mistake will most likely re-occur until you do.