Why Is It Important to Say No in Business
Decision making is the key to running a successful business and when opportunities worth sizeable profits are at stake, it becomes even trickier. Time and again it has been witnessed that while making a crucial business decision, a correctly placed NO is far better in the long run than a face saving YES.
An Uphill Task?
Arguably the hardest thing for entrepreneurs to comprehend is the importance of saying NO, rather than agreeing to something unwelcome just to avoid a confrontation or a hiccup in business relations. This inability to refuse stems from the fact that the majority of new business owners invest a lot of time & resources chasing growth opportunities. So, as & when they come across one, it becomes very tough to turn it down.
Another big reason is our natural optimism in trying out novel concepts. And particularly in the initial days, the worry about getting clients makes one feel essentially compelled to accept any opportunity that pops up, so as to use all the possible help to develop the business venture.
Acceptance could be Risky
Neglecting one’s own priorities to please clients, investors, and others ultimately nullifies all the efforts made by the owner in the first place to establish and reap benefits from the business. A perpetual heeding to others’ requests & suggestions generally puts the entrepreneurs in a position where they end up running ventures they don’t basically like.
Too much of YES that manifests itself in the form of over commitment, wastage of time and ultimately burn-out is something every entrepreneur is familiar with. All this doesn’t help much in running a profitable business. The biggest risk of avoiding saying NO is a shift of focus from the original business goals to being reactive to the offer at hand which could lead to unwise business decisions & loss of control over one’s business direction, that could make the company vulnerable to being forcibly taken over.
Saying NO to Say YES to Success
How one thinks about refusing something is instrumental in making it easier to say NO. One needs to remember that a gut-driven NO is a way to protect the venture and quite likely, to encounter something far better to help grow the business. This is because many times, the NO not a mere negative but a means of encouraging a more rewarding proposal or of eliciting a much better performance from one’s subordinates.
So, in saying no, one is actually saying yes to the right opportunities so as to pursue a meaningful & profitable business venture that is run intelligently, carefully weighing the pros & cons and prospering in the real sense.