Regrets, I think, are underrated.

In our society, we often resist the idea of regret. People say you shouldn’t regret anything because everything you’ve done has contributed to the person you are today. And while that may be true, the reality is that not every decision or action leads to the right outcome. Sometimes, with the benefit of hindsight, we look back and realise we could have done things differently.

I believe it’s inescapable for everyone. But instead of suppressing regret, we should leverage it as a powerful tool for learning and change.

The Value of Regret in Business

Regret isn’t just about dwelling on past mistakes—it’s an opportunity to reflect, adjust, and improve. Too often, people try to move on quickly, dismissing regrets as wasted energy. But when you pause to analyse what went wrong and why, you gain valuable insights that can help prevent similar mistakes in the future.

I categorise regrets into two main types: bad regrets and good regrets.

Bad Regrets: The "If Only" Scenarios

Bad regrets stem from missed opportunities where we didn’t fully commit, take action, or push ourselves enough. These are the moments where you might think:

• If only I had put in more effort...

• If only I had taken that chance...

• If only I had followed up on that lead...

These types of regrets can be painful, but they are also the ones we can work hard to minimise. If you give something your best effort and it doesn’t work out, you can still walk away with your head held high, knowing that you did everything possible. The worst kind of regret is realising you didn’t give something a full shot, and now it’s too late.

Good Regrets: Lessons That Drive Growth

Good regrets arise from situations where things didn’t go as planned, but you take the time to learn from them. These are experiences where you look back and think:

• I wish I had handled that client interaction differently.

• I should have anticipated that challenge earlier.

• I could have structured that deal in a smarter way.

These types of regrets, when properly analysed, can become some of the most valuable lessons in your business.

Three Business Regrets That Taught Me Powerful Lessons

1. Taking My Foot Off the Gas Too Soon

Several years ago, my video production business was running smoothly. We had a solid client base, regular projects, and efficient systems. Two clients, in particular, provided a steady stream of work, and everything seemed to be on autopilot.

Feeling confident, I stepped back a bit to enjoy the success I had built. But then, one of those clients was acquired by a larger company, and our work with them phased out. Another built an in-house production team, reducing their need for external services.

The lesson? When things are going well, that’s the time to double down, not relax. Momentum is a powerful force in business, and when you have it, you need to use it to expand and strengthen your position. I now make sure to continuously look for new opportunities, even when things feel stable.

2. Ignoring My Values in a Client Interaction

On a shoot years ago, a client made a deeply offensive comment during lunch. It shocked me, but at the time, I chose to stay silent rather than confront it. I told myself it wasn’t my place to challenge him, and I just needed to remain professional.

But later that day, I felt a growing sense of frustration—not at him, but at myself. By staying silent, I had indirectly condoned his behaviour. Worse still, I had set an example for my crew that tolerating such comments was acceptable.

The lesson? Your business should align with your values. If something violates your principles, you have every right to address it. You don’t need to be aggressive, but a simple statement of discomfort can set a boundary. I now make it a point to work only with clients who align with my company’s culture and ethics.

3. Rushing a Hiring Decision

At one point, we were overwhelmed with work, and I urgently needed to hire someone. Instead of taking my time to find the right fit, I rushed the process and convinced myself that hiring someone—even if they weren’t perfect—was better than nothing.

Predictably, it didn’t work out. The work quality was poor, communication issues arose, and eventually, I had to let them go. It was a frustrating experience, but I learned a crucial lesson: A bad hire is more costly than no hire at all. Now, I prioritise patience in the hiring process, ensuring that every new team member aligns with our standards and culture.

How to Transform Regret into a Growth Tool

Regret, when used properly, can be a catalyst for improvement. Here’s how to turn it into a strategic advantage:

1. Acknowledge and Reflect – Don’t suppress regret. Recognise it, and take time to analyse why the mistake happened.

2. Extract the Lesson – Identify the specific takeaway from the situation. Was it a lack of preparation? Poor judgment? Overconfidence?

3. Apply the Learning – Commit to doing things differently next time. Adjust your systems, refine your decision-making process, and hold yourself accountable.

4. Embrace the Learning Curve – Business is an ongoing education. Every mistake, when properly leveraged, strengthens your foundation for future success.

Final Thoughts: Make Regret Work for You

Regret doesn’t have to be something you fear or avoid. Instead, it can be one of your greatest teachers. The key is to own your mistakes, extract valuable lessons from them, and use them to make better decisions in the future.

What are some business regrets you’ve experienced? Have they led to valuable lessons? If you’d like to refine your business strategy and make sure you’re continuously learning and growing, visit ryanspanger.com/coaching to see how I can help you build a stronger, more resilient video production company.