What does failure cost? Most people believe that the cost is significant. Is failure expensive and if so how, or compared to what?
On January 28, 1986, we lost the Space Shuttle Challenger reportedly due to an O-ring failure. The cost of this disaster probably easily exceeded $500 million. Some estimates are at more than $5 billion.
On April 10, 2010, we experienced the Deep Water Horizon oil spill. Estimates on the cost of this manmade disaster reportedly exceed $42 billion.
Hard Costs, Hard Lessons
Oil spills, space shuttles, and nuclear reactor plants have all contributed to enormous costs of failure. Cost of life is of course, immeasurable.
Failure often seems to be measurable to hard costs. Have you considered the costs of doing nothing?
What if there were not any oilrigs, what if there was no nuclear power? NASA programs have also contributed heavily to technology development and innovation. What if those programs never existed?
Many of us won’t make decisions about oilrigs, space programs, or nuclear power, but we will make decisions about what we accomplish or don’t in our lives and in our careers.
What is the cost if you don’t take the new job, what if you didn’t attend college, or what are the pros and cons of starting your own business?
Is Failure Expensive
We can sometimes put a number on what failure costs, but it is pretty difficult to put a number on the cost of doing nothing.
For the individuals, businesses, or organizations that find themselves stuck, perhaps they only see the price tag of failure.
Failure may not be that expensive when you compare it to the cost of doing nothing, or worse, regret.
Dennis E. Gilbert is a business consultant, speaker (CSPTM), and corporate trainer that specializes in helping businesses and individuals accelerate their leadership, their team, and their success. He is a five-time author and some of his work includes, #CustServ The Customer Service Culture, and Forgotten Respect, Navigating A Multigenerational Workforce. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.