It might hurt to admit a mistake, but it only gets worse when you wait

As humans, we are prone to error.
That is why most of the time we are forgiven for our missteps because they are relatable to others. In a seat of power and responsibility, where your decisions are scrutinized, mistakes can become bigger dilemmas that can drag you into the dirt.
From the experiences I have witnessed, the first actions you take after you screw up determine how you are viewed and respected by your boss, your peers and your employees.
So when a wrong call happens, how should you go about handling it in front of all of those groups?
The sky is not falling
First off, although you may feel the sky is falling, it is not. Stop. Take a breath and think about how you can turn a negative into a positive. Everything can be a teachable and learning moment, even when you are the student.
Successful CEOs get apologies out of the way fast and with honest admission.
It is how you do it and how quick you do it after the incident that gains reverence. When you wait, speculation will ensue. As a boss, if you cannot admit the truth, you cannot expect anyone who works with you or for you to do it either.
The amount of embarrassment you might encounter really does not outweigh the greater issues that could arise from keeping a tight lip.
What should you do?
On that note, what happens when you find out that you are wrong and you are the only one who knows it?
That is your real test as a boss. Most executives will not believe it if you approach them and tell them you have made a mistake. You may think that waiting it out in silence will cause people to forget, but I will tell you now, people never forget a sticky situation unless it is put to bed.
It will color your employees’ view of you in the future if you are able to speak outright about the issue. They will have a positive perception of you as their boss and think, “Wow — he admitted he was wrong and he didn’t even have to.”
Everybody wants to deal with a straight shooter.
The same concept also applies for employees. If one of your staff members is direct with you, it puts them in a different light and above their peers if they can come to you and tell you they screwed up.
If someone can admit fault versus only highlighting their accomplishments, you can trust them. You will realize it is a normal thought pattern of theirs to be transparent and forthright — it is also a bonus if they can tell you what they learned from the experience, so that the company as a whole gains knowledge.
In closing, if you are going to make lemonade, might as well make pink lemonade — make it just a little bit different so they remember what they have learned.
Mistakes happen, and maybe it is time people tell you the truth about that. ●