In most organizations, the leader is the one that everybody follows so if you freeze, you need to be conscious that the organization behind you will sit paralyzed as well. Take a look at how involved you are in the “day-to-day” operations of your company. We see that this pause in direction setting can cause an immediate downturn or a slow and steady decline. Either way the decision to do nothing will impact the future success of your organization.
Finish What You Started Quickly and Reset
In the case of my “wrong turn” I was quite close to my destination when I’d realized my mistake. In the business scenario, this can be a very pragmatic approach. If you finish executing the strategy but change the scope to be smaller and easier to accomplish, you may grab some low hanging fruit and not completely waste the effort you’ve put forward so far. Capitalize on the obvious wins and move on.
Turn Around and Start Down a New Path
This is the boldest and most sensitive move on at least two levels. Making a full turn puts a heavy load on the people and resources and new investments will be required to compensate for the losses. For you as the leader, this is a the moment of truth, admitting you’re wrong and having the courage to correct your own decision. Drastic changes happen all the time with new leaders taking over, doing it yourself and being successful might just be the step from good to being great.
Remember, you are setting an example for your people and how you want your company run. There is no need for impulsive moves nor is there time to sit on it forever. Identify the issue, assess the options and once you've made a decision, execute!
And you’re not alone on this. I my case I was lucky have somebody in the passenger seat that pointed me to the right direction and gave me the encouragement to pull through.