Loans By Kathy: January 2012

5 Steps to Resolving a Mistake

Hey were all human, and we all make mistakes. The difference in a professional is the manner in which we handle these opportunities. If you follow this simple approach every time, you will leave your customers, coworkers, and even family members very happy.

Here are the five steps:

1.       Recognize It -if you don't  acknowledge the mistake the chances of you taking corrective action are minimal


2.     Admit it, own it - the absolute worst thing you can do is to ignore the problem and not take ownership. Blaming another employee, third-party, or something else is not going to help the situation


3.     Apologize - of the five steps this is probably the most critical. You must act quickly and apologize. If you wait into long the apology is meaningless and will be much more difficult to recover. There are statistics that show one negative experience travels by word of mouth 100 times faster than a positive experience. One other note that I'd like to make here is the manner in which we make this apology. By changing the dynamic you can achieve greater results. By this I mean, rather than say I'm sorry, say I'm sorry and please accept my apology. Asking for the acceptance will get a more positive response and better cooperation in the future.


4.       Fix it - do what ever you need to correct the problem. Solicit help from any one that can help you get the job done.


5.       Recovery - after all is said and done your customer should feel as though they are your most important client.  Go above and beyond, it may be sending flowers, a personal note, thank you gift. Something to show that you care about them as an individual.


These five quick easy steps has served me well in my career. The greatest determination of a professional is how they handle an adverse situation. I hope you will find these tools helpful as you move through your career.


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Kathy Sheehan Senior Loan Officer






Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.


Comment balloon 21 commentsKathy Sheehan • January 29 2012 12:56PM
5 Steps to Resolving a Mistake
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