Jesus was relating a parable and said, "Give an account of your stewardship, for you can no longer be steward" (Luke 16:2, NASB).
Bosses hate surprises, especially bad surprises.
Never hide a problem or try the old cover-up.
Identify the problem, look for possible solutions, assess how bad the problem is and what correcting the problem may cost.
Promptly meet with your boss and go over the situation.
No one likes bad news, but your proactive role in communicating bad news will keep matters from getting worse.
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