Can you think of a situation when you admitted you had been wrong? Have you ever apologized to your team taking a wrong decision in the past?
If those questions irritate you, it is a good moment to think. I have met a lot of people in leadership positions who I never heard apologizing. Having even talked to some who were convinced that being wrong is a weakness one should not show.
But be honest: Even the most thoughtful leader will make a weak decision at one point. We are all human beings. Independent from our best intentions we will fail.
Based on what I have seen when leaders actually were apologizing, one could say: the credibility of a leader is increasing when admitting a mistake.
Why is that? Admitting a fault shows that you can reflect on yourself and your behaviour. It gives your team the freedom to fail, too. It opens up for honesty and giving grace to one another.
Having said that, be precise when admitting a wrong decision. As a leader people need to trust your decisions. If every decision you take, turns out to be wrong … well, people might question whether they should keep following you. Nevertheless, you are a human being. Admitting flaws and failure adds to your personal side in the role of leadership.