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#64: Saying "No" to New Opportunities Can Be Good for You

the power of no Feb 04, 2024

We think of a 'no' as a big red stop sign in the middle of the street. But has it ever occurred to you that sometimes saying 'no' is what's going to push you forward?

When you're in business, you're going to find a plethora of opportunities coming your way. That can become a problem because the temptation is to say 'yes' to everything – after all, who knows when another such opportunity will come your way? But more often than not, by saying 'yes' early, you might be tying up resources that you could put to better use elsewhere. Your 'yes' is hurting your business.

How can you tell where you should say no? 

1. How will this use your time? There are only so many hours in a day, so when looking at an opportunity, you must decide if this will be worth your time. To figure that out, ask yourself what this opportunity will do for you. Will it grow your business somehow? Does it fill a current need? Will it enhance a skill set? Is it something enjoyable? All of these factors are important to take into consideration. 

2. What is the required investment regarding other resources? What will this cost you in human resources? Is there a physical cost in materials or training that will be required? Is this a fair return on that expense?

3. Are there any red flags? For example, Is the client known for being difficult to work for, and do they seem clear in what they want? Are you already overcommitted and worrying about having the time for more things?

4. How do you feel about it? Is this opportunity even realistic? Is this something that doesn't even interest you? 

5. Will other clients suffer if you take on this work? If you're already committed to other projects, and there's little slack, will this be the straw that breaks the camel's back? Will you be shortchanging loyal customers for the sake of new ones?

6. Have you already done as much as you can in this direction? Be honest here: is it an opportunity, or just more of what you've been doing all along? 

7. Will this negatively impact YOU? If you're already overworked, overtired, and stressed out, even something that's a genuine opportunity might be wrong for you. Remember that if your health suffers, so will that of your business.

8. Have you talked this out with your mentors? A different perspective is all you need to determine when saying 'no 'is the better option.

Opportunities come along all the time. In the long run, knowing when to say 'no' will benefit your business more than saying 'yes' to everything you could ever do. Focus on what's important, and don't let yourself be distracted by the things that aren't going to do you any good at all.

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