13. The Power of Feedback: Navigating Mistakes and Boosting Engagement

Your Last Business Mentor

Opening Clip: 00:07 - 01:18 "Think of all the times that you've got some feedback by making a mistake. You take a risk, you make a mistake, you get the feedback, whether it's a customer, whether it's you do something silly, you don't think about that.”

In this episode, we delve into the vital role of feedback in businesses, specifically learning from mistakes and boosting employee engagement. We explore the importance of taking risks, making mistakes, and viewing feedback as a learning opportunity.

The episode underscores the decision-making autonomy that comes with owning a business, and the learning opportunities that arise from mistakes. It emphasizes the need for staff members to also have these learning opportunities for their growth, despite the costliness of mistakes. The episode poses a thought-provoking question on striking a balance between encouraging risk-taking and minimizing costly mistakes.

We further delve into the importance of feedback in enhancing employee engagement. The episode highlights the significance of regular feedback in fostering a culture of growth, engagement, and continuous learning. It explores the idea of formalizing feedback mechanisms, such as weekly one-on-ones, and the positive impact this can have on employee performance and business growth.

Moreover, we explore the dynamics of giving instructions and the importance of aligning communication styles within a team. The episode highlights the value of open conversations and feedback loops in negotiating different work styles and fostering a harmonious work environment.

Finally, the episode circles back to the power of feedback and the importance of consistent learning for business growth. It reminds listeners of the essential role feedback plays in learning and growing, both as an individual and a business.

We hope this episode inspires you to see the power of feedback in a new light and implement these insights into your business. For more practical, empathetic, and clear business management advice, follow us on social media and subscribe to our podcast.

Produced by The Podcast Boss