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Insight & Analysis - January 22, 2022

How to Transform Your Mistakes into Business Opportunities in 2022

Business mistakes serve as opportunities to learn and try again, but this time more perfectly.

Mistakes are part of human nature. Whether in our personal lives or profession, mistakes are bound to happen, we can either decide to mop over them or turn them into business opportunities.

Even the world’s most renowned business tycoons have made mistakes when taking certain decisions, but they neither quit nor relented but instead continued. This is why you will find a mistake that was once made for every business narrative. No wonder Henry Ford said, “Failure is simply the opportunity to begin again, this time more intelligently”.

There is no such thing as an ideal business person in the business world. Even if you work tirelessly and do everything possible to ensure your company’s success, you will never avoid all the mistakes. Since these are unavoidable, here are a few pointers on turning mistakes into business opportunities.

Admit and Accept

The first step is to own up to the mistakes. You cannot fix a challenge you are yet to admit. Rather than be the type of person that blames it all on external forces, acknowledge and accept where you failed.

Admitting your action and accepting the mistake will bring about growth in your business. This is because acceptance will make you see, learn, and make a positive decision.

Dave Finocchio, the CEO of Bleacher Report, said, “It’s a major violation of trust with me when people don’t admit fault or openly talk about what they could have done better. I make mistakes all the time and talk about them openly with people up and down our hierarchy. It fosters a culture where people should feel comfortable critiquing themselves honestly.”

Ask yourself what went wrong

Owning your mistakes is difficult, but once you have admitted and accepted what happened, you need to provide answers to the following questions: What went wrong? Why did it go wrong? What did I learn from this? And, how can I avoid this from happening moving forward? 

You can make a list of the questions with the answers. Writing a list will help you internalise the whole process. According to a statement, what I hear I forget, but what I see, I remember. Seeing the list will help you remember and avoid repeating the mistakes. 

You can also create a flowchart to identify any weak points in your business. Geoff Gross, CEO Of Medical Guardian, said, “Own it. Let go of the pride that doesn’t want you to admit that you’re wrong. And don’t waste time letting the guilt or shame consume you. Use that time to come up with a solid action plan to fix it, or at least reduce the negative impacts of your actions, in conjunction with a plan on how you can avoid such a problem in the future.”

Develop your plan

From your answers, draft a strategy on the way forward for your business. Through the plan, it will be easier to avoid the same mistakes that led to the last tragedy, and you will remain on track as much as possible.

When drafting the plan, be very detailed. Ensure your strategy is as precise as possible, but keep in mind that the same circumstances are unlikely to exist in the future. Also, be strict in your commitment to the strategy.

READ ALSO: 5 Successful African Entrepreneurs Share their Secrets to Business 

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