Saying “I was wrong” in front of everyone takes more nerve than defending the mistake ever did.

Defending an error costs more than admitting it, though the bill arrives later. Everyone in the room usually knows already, so the defense only adds the impression that you cannot be trusted to notice. Admitting it publicly is uncomfortable for about a minute and then converts into something durable, which is that your agreement means something.

Say it plainly, without a long preamble about why the mistake was reasonable. Name what you got wrong and what you will do instead. People forgive errors quickly; what they remember is whether you needed to be cornered before you owned one.