Hello jeffau524, thanks for your question.
I would not advise withdrawing your applications. Let them play out and see what happens.
Regarding the GMAT, I typically recommend clearing 700 overall and 80% on both sides on the GMAT for elite programs. In targeting suitable schools, a good place to start would be to compile a list of programs that have a mean or median GMAT score close to yours. You should be competitive here. My rule of thumb is that if your GMAT score falls within the middle 80% range at a school, you have a shot. Otherwise, it could be an uphill battle.
As you know with reapplications (you asked about next year), the key is always what have you done and how much have you grown since you last applied. What new experiences can you discuss? How have you evolved as a leader? The onus is on you to demonstrate to the admissions committees that you are a markedly stronger candidate than the last time you applied.
I hope this helps!
Best of luck,
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