Large Repercussions for Small Mistakes

An article in Entrepreneur Magazine last week (http://bit.ly/ZYSi8) talks about how it doesn't matter how big the mistake is, it's the time and expense required to identify it, fix it and prevent it from reoccurring.  In life and in business, small mistakes can have large consequences; take for example the 2000 US presidential election where a small ballot mistake led to a controversial outcome. According to research, 82% of companies have experienced organizational changes.  Distracted survivors increase the chances of costly mistakes that expose the company to risk. And this doesn't even take into account the fact tha many organizational changes bring about their own mistakes in how the change was made or even the change itself!  The margin of error is more narrow in the current climate and executives need to identify and communicate mistakes across their organizations as soon as they have a plan for addressing them.  Organizations that focus on prioritization and response to risk enjoy 20% higher revenue growth and as much as 50% higher earnings growth than those that try to detect risk.