Know When To Say No

It is the most difficult thing to do in business. Someone is standing right in front of you with money in hand. They’re ready to go. But you know, of you take that money, you will compromise your principles.

Can you say “no?”

What about when an employee comes to you with a great idea?

Or when saying “yes” will cause you to lose sleep?

Each of these opportunities may be beneficial in the short term but disastrous in the long term

How to do know when to say “no?”

That’s our focus in this episode of Four Minute Fixation.

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Below is the transcript to this episode of Four Minute Fixation:

Know When to Say No

Hi, it’s Dave Lorenzo, and today our conversation is about the most powerful word in business and that’s the word no. If you want to take control of your time, exercise more control over your money, and maintain control of everything that goes on when it comes to your business and your life, you need to be comfortable saying the word no. Now there are three specific instances when saying no can be difficult, but is oftentimes necessary.

The first is with perspective new clients. If you are offered the chance to meet with a perspective client and the person who’s introducing you thinks there’s an opportunity for you to do business, you’re going to pushed pretty hard to go to that meeting. Oftentimes these meetings will involve travel. They’ll definitely involve a significant investment of time on your part. And whenever you invest time in this type of process you want it to pay off with some new business. So here’s a barometer you can use to determine whether you should say no to that perspective meeting with a prospect.

The first thing you need to do is to ask if the prospect has a problem that you or your company can solve. Does the prospect have a problem that you or your company can solve? It makes no sense for you to meet with this person if they don’t have a problem you can solve or if they don’t have a situation where you can be helpful to them.

The second thing you need to think about is, does the prospect have the ability to decide on hiring you or your company? It makes absolutely no sense for you, the leader of your business, to sit down with someone who cannot hire you. You need to make sure that the person you’re sitting across from has the ability to say yes when it comes to making a hiring decision.

The third thing is, you need to make sure that the prospect has a budget and the resources to be able to fund your solution. If the prospect has no money it makes no sense at all for you to meet with him or her. So the prospect must have money, a problem you can solve, and the ability to make a decision. Otherwise you say no to that meeting.

The second time it’s difficult to say no is when an employee comes to you with a great idea. Employees should be encouraged, always be encouraged to surface good ideas, because oftentimes they’re on the front line with your customers. And they know what’s going on. And they know what the customer wants. You should always give the employee the benefit of the doubt and hear them out when they think they have a good idea. Now you must say no to an employee when the solution they’re proposing, or the idea they’re proposing, is a significant expenditure and they have no proof that it will have the effect that they say it will have. Everyone should be forced to prove their case when it comes to investing a significant amount of money. You and your company should make a decision as to what that threshold is but you should tell your employees to surface the good ideas and then send them back to investigate whether or not that the idea will work and provide you with some proof.

Finally, if saying yes to something will cost you sleep at night, you must say no to it. These are the criteria for using the most powerful word in business. I’m Dave Lorenzo and we’ll see you next time at the Four Minute Fixation.

Here are some additional resources you will find valuable:

The Most Powerful Word In Business

This is an entire audio program dedicated to saying “no”. If you are curious about the awesome power of this word, listen to this audio program right now.

Ditch The Guilt And Be More Productive

Self-imposed guilt is the worst form of sabotage. This episode of Four Minute Fixation will help you break free of that productivity killer. Watch today and get more done.

Bonus video: If you can put yourself in the shoes of the other person, you will always be successful in business. This video, titled Empathy Produces Prosperity will help you identify the needs of your client and that will enable you to craft the perfect solution for him.