Admit Your Mistakes

Being able to use resources effectively is the secret of success in management. One of the most important steps of effective resource use is to stop allocating resources to projects that will not bring results. The fastest resource recycling is to not waste it. Of course, no manager would make a blatant decision to waste resources unless it was malicious. However, once the resource utilization decisions, which were considered efficient at the beginning, gain momentum, it can be very difficult to give up even when it seems that the project will not produce the desired results. Therefore, resources can be used inefficiently to finalize projects.

When there is doubt about any project that has been started, it is useful for the management team to ask themselves the following questions: If we close the project before it is concluded, will the trust of others in the management team be damaged? Does the decision to stop the project negatively affect the careers of the management team? Would we be embarrassed by the statements we made to the public regarding this project? Would breaking the promises we made to our stakeholders for the progress of the project hurt their trust in us in the future? Do we have the risk of perceiving some positive indicators regarding the development of the project that everything will turn into a positive one? Do we fear that stopping the project will cost more than finalizing it? Would we give our opponents a weapon to criticize us?

It can be said that a management team that responds positively to the majority of these questions has a weakness in its capacity to evaluate the project objectively. For this reason, the existence of independent, impartial and independent board members with different perspectives gains importance, especially in the evaluation of large projects.

Making a plan for how to limit damage for projects that are in serious doubt about not being successful helps make the right decisions. This plan should include estimations of what adverse events may occur for all stakeholders who may be adversely affected by the discontinuation of the project, what steps can be taken to minimize them, and the cost of these.

There is also what organizations can do to learn from mistakes: create a conducive environment for testing ideas and experimenting, and allocating resources. To encourage the prompt detection of errors. Some organizations even award rewards for those who share their mistakes with their colleagues. Encourage detailed analysis of faults, find root causes, and allocate resources. To make system investments that will prevent the recurrence of errors.

In order to develop such an environment, leaders have important duties. Leaders should ensure that mistakes are answered with constructive criticism rather than blame. In addition, in order to develop a sense of trust in the institution, first of all, they should share their own mistakes and the lessons they learned from them, turn this into a common learning process, and create a transparent environment that will allow this. When leaders remove the fear of failure from the organization, it gives great impetus to learning and development.

In summary, being able to recover from mistakes can sometimes be the most productive investment decision. At the same time, every mistake is a golden learning opportunity. The structuring of the corporate culture to take advantage of these opportunities can be achieved by adopting a learning-oriented approach instead of a punishment-oriented approach.

 Mistakes are always forgivable, if one has the courage to admit them. - Bruce Lee