01142747576 bestadvice@knowleswarwick.com

Mistakes are opportunities to learn

2nd July 2019

By Lyndsey Hall

Stressed woman

 

According to Richard Branson, “One thing is certain in business. You and everyone around you will make mistakes.” If we are all spending time making mistakes, it makes sense to learn from them.

Failure is a critical part of building a successful career, and how you handle failure is a big indication of your true potential. 

Failures can teach you a lot about yourself, your impact on other people, and how your personal goals and expectations align with those of your firm. For example, losing a key client may be painful, but it probably means you were not giving them the service that they wanted or you were not providing the right solution for their particular needs. You can view this as a loss or you can use it as an opportunity to better align your product or service offering with the needs of your customers.

 

If your product or service isn’t selling maybe it’s because you had a great idea that worked for you but not for your customers. Did you conduct thorough market research the first time around? Next time, make sure your customers want it, they’re willing to pay for it, and the value they place on it is enough to make your business grow.

If your business is failing to meet its financial targets, perhaps there is something you can learn about your credit control. Perhaps you could take a fresh look at your pricing model and maybe consider moving some clients to a monthly retainer in order to improve cash flow, while providing your customers with an easier payment method. 

If you are personally responsible for a particular failure, don’t beat yourself up about it. Instead, be willing to let it go. Accept that a particular project or strategy didn’t work out and be willing to start again. 

 

Don’t be afraid to bring in some expert help. You can’t be an expert at everything - so it’s ok to bring in a team of people to help you get it right next time. That said, don’t just delegate the problem, be willing to get involved in order to get things right the next time around. 

Remember - your greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time!

 

How do you turn mistakes into opportunities to learn? What’s the biggest mistake you or our team have ever turned around into a positive for your business? Let us know in the comments or on our Facebook or Twitter pages.

 

 

Related Articles:

Setting Professional Goals

Creating a good work life balance

Do high expectations have a negative impact on your team?

 

 

Knowles Warwick Financial Services button

Click here for the Quickbooks website Xero Gold Partner Accountants Sage accountants, experts in cloud accounting, Sheffield, South Yorkshire ICAEW Chartered Accountants B1G1 Business for Good Click here for the ACCA website Connect Yorkshire  Sheffield Chamber of Commerce Click here for the Caunce O'Hara website Steve Knowles Yorkshire Advisor of the Year 2019 finalist

Knowles Warwick Financial Services Limited is authorised and regulated by the Financial Conduct Authority (in respect of regulated investment, insurance and mortgage business). For regulated financial services, the Financial Ombudsman Service is the alternative dispute resolution provider.