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How to Learn from Your Mistakes in Business


Everyone makes mistakes throughout their life, and never is that more true than when you’re running a business. You’re going to make the wrong decision here and there, as well as take on a bit more risk than you needed to, and things will come crashing down as a result. And it’s in these moments when real, important lessons can be learned. 

Sure, you’ll lose some money or damage team morale, but the only way is up from here on out. If you know where you made a mistake, and why it happened, you can better navigate issues like these in the future. As such, here are some tips for making sure you can move on with security in mind. 

Launch an investigation

You started your business with a firm foundation, so where did it all go wrong? What did you do that made your foundation seem shaky and like it could collapse at any moment? That’s what an investigation finds out. 

Despite what the name implies, this doesn’t have to cut up your budget or deploy manpower you simply don’t have. It can just be you going over the paperwork and cross referencing your data. You need to see where discrepancies lie when it comes to your accounts, data entries, payroll, and your business background. 

Start working with the right people

Working with the right people can save you the headache of working out what went wrong and what to do next. Someone who has the experience you’re looking for, who is able to come up with ideas that’ll really work, is the best person to help you prepare for the future. As such, it might be time to reopen your hiring department, or even outsource with a consultancy. 

When the right people are in the right positions, or you’ve networked with the best advisors to form an action plan, it’s going to be a lot easier to recover. For example, if you’re having trouble allocating resources thanks to a lack of funding, someone like Matthias O’Meara could be the best person to reach out to. Simply put, if you can’t see the solution, bring in someone who can do it for you. 

Redefine your goals

It might also be worth it to figure out where you want to go next, now you’ve been hit with the reality of your five year plan. Not everything works out the way we want it to in the business world, and being able to adjust in a flexible manner can make or break your company. 

Take some time to revisit your business plan. Double check what you’ve written down as your objectives, and the goal they’re built to work towards, and see if this picture still fits. Could you make a change for the better here? Could you tweak the milestones to realign your mission? 

Learning from your mistakes isn’t easy, but that’s why it’s worth it. Take your time with the steps above for a better future.

Business, Advice, How can I grow in my business? What do I do if I have made a big mistake in my business? Launch an investigation, Recruiting, Redefining Goals


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