“If at first you don’t succeed, give up,” is the road less travelled for leaders who continue to spend money on an acquisition they made – even though the acquisition is clearly not working out. But why, as this author asks, don’t we actually strive to create an organizational climate that makes admitting and learning from mistakes as valued as persistence and perseverance? Below, he describes four steps that can make it easy for leaders to cut their losses and save face.
In a highly volatile world, leaders cannot keep marching in the same direction simply because they have invested heavily in a particular course of action. Instead, leaders must react to changing conditions and be willing to shift direction accordingly, perhaps even to pivot one hundred eighty degrees if the situation warrants it. In a turbulent environment, leaders must gather feedback from multiple voices and assess progress against their original goals and objectives on a regular basis. As negative feedback emerges, or external conditions change, successful leaders learn and adapt. Unfortunately, far too many leaders stick to outdated strategies for far too long. Why do they fail to adapt? In part, many