Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.

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No one likes to make a bad decision. Maybe you hired the wrong person, took a job that wasn’t a good fit, or launched a new product that no one seems to want.

o When you realize that you made a mistake, act fast. It’s far better for your career to accept the loss now, rather than dragging it out and wasting even more resources.

o Think carefully about how you might make the situation better. You may not need to pull the plug completely. For example, if you hired the wrong person for the job but she has the right attitude, she may be open to training to improve her skills.

o But some problems require drastic, decisive action. If you absolutely hate your new job after a month, you may want to resign immediately so that the company can make an offer to another candidate.

o Once you’ve taken action, reflect on what happened. Could the problem realistically have been avoided? Sometimes the answer is no, but other times, if you’re honest with yourself, you could have prevented the situation.

o Take the time to understand where you went wrong so you don’t make the same mistake twice.

This Tip was adapted from “What to Do When You’ve Made a Bad Decision,” by Dorie Clark.

To check out that HBR article and join the discussion, please click here.

Also, you may wish to check out an anthology, Management Tips from Harvard Business Review, by clicking here.