This past week, I found myself thinking a lot about a financial mistake made in an organization with which I'm involved.  As I pondered how I would advise this group to handle the situation (not that anyone was asking!), I thought about these 5 simple steps.  

These 5 steps will help anyone working to fix a mistake.  They will put you on a path to recovery as fast as possible.  
1. Take ownership for the mistake, 
2. Share the black and white data clearly, 
3. Show that you understand the IMPACT of the mistake, 
4. Explain the get well or 'go forward' plan, and finally,
5. Let it Go and Move on. 

I've followed these steps in dealing with my own past mistakes, and I promise, they work like a charm!