I was wrong!

These are three little words that we don’t often hear from politicians. As business owners, we should be willing to say them when we make mistakes. I’ll confess a couple of mine:

  • I was sure that the price of gas at the pump was going to decline significantly in 2014, and I said so in Big Ideas for Small Business®, December 2013. The price of a barrel of crude oil is now over $100 and, given the demand for heating oil this winter, gas prices at the pump may not be coming down much, if at all, in the near future.
  • I was anticipating inflation to rise because of the federal government’s debt, and I said so in Big Ideas for Small Business®, February 2011. The Federal Reserve, however, has employed monetary strategies that effectively have kept inflation at historic lows.

It is more difficult now in the age of social media to walk away from mistakes; customers won’t let you. If you don’t admit your errors and correct them, the chatter likely will reflect poorly on you and your business, and could cost you money.

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Bottom line here:

Take responsibility and admit your mistakes; don’t blame others.

What mistakes have you made? Have you fessed up?

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