“When things are just not working, despite all efforts, what should I do? Do I stay the course or pivot?”
These are questions leaders often ask me. Sometimes, I give them a hard but necessary answer. Rather than keep going or pivoting, it might be time to let go, head back to the drawing board, and develop a new plan or practice.
Yes, going back to the drawing board can be challenging even for the most seasoned leader. And the increasing pace of business makes it even more difficult but also more important. Walking away from something you and your team are deeply invested in can be painful. There is often an unpleasant or disruptive aspect to it.
However, this is precisely the moment to recognise the act of letting go as a legitimate business strategy. Letting go of what doesn’t work frees up the energy to create and protect two things that are essential to success: clarity and focus. Clarity on the things that do work and focus on them to get results. It also maintains business agility in the face of change.
But how do you let go?
Peter Drucker’s concept of “purposeful abandonment” can make the how and why of “letting go” easier.
I’ll discuss this concept and offer 5 of my most effective tips for letting go.
What Is Purposeful Abandonment In Business?
Peter Drucker used the term “purposeful abandonment” to describe the act of discontinuing a business practice, product, or project that is no longer of value to the organisation.
He believed that in order to stay relevant and competitive, businesses must be willing to let go. In his view, purposeful abandonment is an essential aspect of strategy and a key to success in an ever-changing business landscape.
It may seem counterintuitive to think about strategic planning in this manner. But is it really? In the modern world, individuals and organisations are always in motion, in a state of doing. When we are pressed for time, how often do we consider the value that our practices, projects or activities create?
5 Tips To Let Go Of What’s Not Working
Review Your Strategy and Plans Frequently
Many leaders believe that conducting strategic planning sessions every year or so is adequate. However, conditions change so rapidly that what works now might not work in a few months, let alone in a year. In order to maintain business agility, strategies and plans should be reviewed as regularly as possible.
At least once a quarter is a good rule of thumb.
Here are some questions you and your team may want to consider during the review:
- How is the internal and external landscape changing?
- How do these changes impact our current strategy, plans, and projects?
- What is our definition of progress and success?
- What are the signs that something is not working right now or may not work in the future?
- What will be the tipping point for us to let go of what doesn’t work?
By regularly reviewing and critically evaluating your strategy, you can better adapt to change.
Use A “Stop-Doing” List
Every leader I know has a never-ending “to do” list that encompasses both personal and professional areas. But do they have a “stop-doing” list? A “stop-doing” list is a great way to practice the art of letting go and create the mental space and capacity to focus on what will make a real impact.
The Strategy Implementation Institute reports that in large organisations, about a third of people’s work can be non-value-added. That’s a significant number that cannot be ignored.
What possibilities would open up if you and your team stopped all the activities that add no value and redirect your energy, time, and efforts in a more effective and efficient manner?
Steve Jobs certainly did that by using this practice to streamline production at Apple and give the company the focus needed for future success.
Make Decisions Confidently And Objectively
When it comes to letting go, sentiment may cloud your judgement and lead to poor decisions. For example, if you are emotionally invested in the results a team is trying to achieve, it may be difficult to let go of something especially if it may adversely affect the team. A negative impact could be a drop in morale or structural changes, such as redundancies.
Leveraging hard facts and data in the decision-making process can help you overcome any emotional attachment you might have to a particular business plan or practice, so you can make the best decision for your company.
This emphasis on data-driven decisions comes with one caveat. Beware of paralysis by analysis. There are times when instead of requiring 100% of the data, you would be better off resourcing intuition and confidence. It is possible you don’t have all the data but you do have enough data to make a sound decision.
Cultivate A Culture Of Safety With Effective Feedback Channels
If you want to gather accurate data and sensitive information, a culture of psychological safety is essential. This requires healthy feedback channels that allow people below you to communicate when they believe that a plan isn’t working. Accurate and timely feedback requires that you trust their expertise. Identifying problems and correcting course as early as possible is key to maintaining business agility.
Focus On Growth And Learning, Not Quitting Or Failure
We are conditioned to believe or assume that letting go of something before we have succeeded means we have failed. No one wants to be a “quitter.” But purposeful abandonment doesn’t mean quitting or giving up. In fact, it means quite the opposite. It’s one way to “fail fast,” for example.
There is value in failing fast. Failing fast allows you to learn early from mistakes and modify course before investing more time, energy, and resources.
Many successful leaders readily acknowledge the learning process inherent in “failure.” Jeff Bezos’ experience of Amazon Game Studios is an example of turning failure into growth and momentum. This graphic is a fascinating take on Elon Musk’s journey with failure.
Final Thoughts
Be willing to ask the tough questions about what no longer works and be prepared to make bold decisions. In this case, the bold decision is letting go. While it may be counterintuitive to conventional strategic planning practices and beliefs about staying the course in the face of adversity, letting go is sometimes the best option.
The art of walking away may not be easy. It is for this reason that every leader should prepare themselves to do so when the need arises.
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About the author
Olga Valadon is the Founder and Director of Change Aligned. She is a strategist, leadership mentor and corporate empathy expert with three decades of experience in global corporates. Her company specialises in culture design and leadership development. Olga is on the board of the University of Cambridge Primary school, advisor to Equal Employer®, and associate management lecturer at BPP University.
