mihirballal:
Understood. I don't think you need to postpone a year just to improve your extracurricular/volunteer activities. If you decide that delaying your application is the right move, then you should definitely focus on finding the right involvement in addition to whatever work experience you accrue.
You can plan to apply twice - it's not so uncommon. Sometimes it's harder to get admitted as a reapplicant, but you do give yourself two "shots on goal." Tacking on a year of work experience would definitely represent a considerable change to your profile, so the admissions committee might look at you differently should you not get in the first time. You could also retake the GMAT if your score is just so-so this time around.
If interesting to you, please reach out to us to learn more about the Advanced Planning Program. It's a great way to get some pre-application coaching (including building an Action Plan) from an experienced consultant on our team.
https://admissionado.com/free-consultation/