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From Missteps to Milestones: The Transformative Power of Feedback in Business Growth

Mistakes are inevitable. As business owners, we all have had our fair share of missteps. But what if we could turn these stumbling blocks into stepping stones? The secret lies in harnessing the power of feedback.

Imagine yourself as the captain of your ship. You steer, you take risks, and yes, you make mistakes. But each error is not a setback; it’s a stepping stone towards growth. It’s a lesson in disguise, offering you a chance to learn and evolve.

Now, let’s consider your team. If they aren’t taking risks or learning from their mistakes, how can they grow? But here’s a caveat – mistakes can be costly, and we’ve all paid the price at least once. So, where’s the equilibrium?

Boxing legend Mike Tyson once said, “Everyone has a plan until they get punched in the face.” This statement rings true for business owners too. We all start with a plan, and then feedback arrives – our metaphorical punch in the face. It stings, but it propels us to learn, adapt, and change course.

As we expand our teams, we must provide feedback. This allows our team members to grow within the business and limits their mistakes. Feedback isn’t just about preventing unnecessary errors; it’s also about engagement. Research reveals that employees are four times more engaged when they receive regular feedback. It’s a cost-free culture-building tool, requiring only your time.

I experienced this when I onboarded a new team member. Six weeks in, I realized we hadn’t established our weekly one-on-ones – our feedback mechanism. We were both excelling, but without feedback, we weren’t maximizing our potential.

During our first official one-on-one, I explained my managerial approach. I focus on the desired outcome and its rationale, leaving the ‘how’ to the team member. But this was a culture shift for the new hire, accustomed to specific instructions. Only through initiating the feedback loop could we adjust and grow together.

By opening communication lines and giving her the freedom to ask questions or challenge vague instructions, we improved our team dynamic. Our dialogue, although uncomfortable at times, led to better results for both the individual and the business.

Feedback, though it may be uncomfortable, is vital. As business leaders, we need to offer our teams the chance to learn from their experiences and grow. After all, if we’ve already made the mistakes, why should they?

The power of feedback can elevate something good to something exceptional. So, if you’re not giving feedback, it’s time to begin. Let’s ensure we’re not only expanding our businesses but also nurturing our teams. 

Because a business worth owning is one where everyone grows together.

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