The Importance of Saying No in Business
Small Business Consulting
1. - Be proactive. - When you say yes to every opportunity, your actions become reactive and it can bleed into other areas of your business.
You may become over sensitive to pressure-filled situations and lose focus. Reactive entrepreneurs often become slaves to the demands of clients, employees, investors and partners. Instead of working toward your long-term goals, you could find yourself chasing after every dollar and undermine your future earnings in the process.
2. - Develop criteria for events. - Make a list of objectives and goals for yourself and your business. When you decide to attend an event or conference, make sure you will benefit in some way by attending. In other words, measure the opportunity cost of your time commitment against the potential ROI.
3. - Negotiate for better opportunities. - If someone invites you to attend an event, volunteer to speak at the event as well. Negotiate a date when the majority of participants will be in attendance. Reach for better opportunities whenever possible.
4. - Don’t give away what you can sell. - It’s easy to develop a reputation of desperation. If you say yes every time someone asks you to share your advice, you erode the value of your expertise. Your time is valuable. Any time you spend away from your business has an opportunity cost. Don’t make a habit of doling out advice or other free information; it’s your value as an entrepreneur.
5. - Practice the polite decline. - When you say no to things that won’t help you grow your business or future relationships, you say yes to yourself. You make yourself the priority and you stay true to the direction of your business. If you’re not quite ready to say no in your professional relationships, practice with your friends and acquaintances whenever possible.
6. - Choose clients selectively. - If you’ve ever had a difficult client or a customer who constantly complained about fees, you know what a headache it can be. It drains you of time, energy and resources. Particularly difficult clients can be an emotional nightmare and push you to your limit. Look for red flags when you first meet potential customers. If you sense there will be personality conflicts or the scope of the project may grow beyond the initial request, don’t be afraid to say no or recommend someone else.
7. - Saying ‘no’ will make you a better entrepreneur. - It requires some gumption to turn down opportunities. Especially in the beginning, a lot of new business owners worry that they’ll never get another client or close another deal. But don’t be afraid to let one opportunity go if it doesn’t feel right. If you keep a positive outlook, you’ll find that another one will come around and take its place in due time.
Source: entrepreneur
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Small Business Consulting.
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