Handling failure in business

One of the first rules of business is to be consistent. This column will speak to my failure to publish consistently. The intention is to demonstrate the model I live by in handling failure.

If you are the one who failed
Intentions are important. Results are what matter. The impact on the other party is the same where you have a “good” explanation or not.

Where to start
1) Acknowledge the failure as soon as you know about it-especially if you see it coming and it can’t be stopped.
2) Be honest and powerful. Victimhood only makes it worse. Acknowledgeyou’re your failure affected them—and be sure that’s how they see it too. Be honest with yourself as well. If you can’t or won’t do whatever it is then say so.
3) Offer a course of action and ask what they want. Don’t try to “make up for it” and don’t “give away the farm.”
4) Give them the opportunity to clear the air. Give them a set amount of time to say whatever they need to say to put this in the past.

So what’s my story?
1) A family situation out of state had a big impact on me for an extended time. Getting a house ready for sale added to the challenge.
2) I failed to provide a timely explanation and that impacts trust. Out of character for me? Yes. Unacceptable? Yes.
3) My commitment is to write a weekly entry going forward and to tell you in advance if/when I won’t. Next entry: financial services branding in the age of TARP.
4) Any feedback for me? I’d be honored to receive it.