When You Say No to Something, You Say Yes to More
As the leader of a creative agency, you are constantly bombarded with opportunities from often unexpected sources. So, you take on projects and tasks, fearful of losing out on revenue. It can be difficult to know when to say no and walk away. However, there are times when saying no is a wise decision.
The power of no allows you to focus on what is most important to improve the overall health of your business. The benefits of saying no are numerous: it reduces stress, increases productivity, increases happiness, improves innovation & creativity, reduces the possibility of business owner burnout… need I go on?
Benefits of saying no in business
Saying no is an important capability for any business. It allows you to focus on what’s important and work in a sustainable way. For your business, saying no could mean maintaining the potential to take on more profitable work.
When saying no in business, you may lose potential revenue. However, if you take care of your current clients and get more, then it’s worth it.
Saying no can save your agency the time you would spend on tasks that are not necessary or beneficial to the business. You can therefore direct resources and skillsets to current work. This usually leads to shorter projects, higher profits (project profitability is inversely related to the time it takes to complete the project), improved client relationships, and an improving reputation. All factors are positive for the rates you can charge going forward.
You can also focus on other areas of your business, such as marketing or client retention. Ultimately, this is what helps grow the business in the long run.
Give your business the muscle to say no
The good news is that “no” doesn’t have to be a scary word. By practicing saying no, you’ll get more comfortable with it. This will strengthen your “no” muscle. You might even find that you’ve built up enough confidence in your ability to walk away from a bad deal!
To build your “no” muscle, you need to learn how to recognize the signs of a bad deal. There are red flags that you should be aware of when making a business deal so that you don’t end up with a bad one. If you feel pressured by the other party, or like you are being rushed, or that you are not being listened to, for example.
If a deal will put pressure on your ability to focus on current work or reduce your capacity to take on more profitable work, then it is also a deal that you should probably avoid.
The power of saying no as a leader
To be more productive and effective as a leader, it is important for you to say no early on. It is also important that you make sure that your team members understand your decision.
Saying no to requests for help sets boundaries for you and your team. It helps them stay alert and focused on what you can offer and what they must achieve. It also gives them a chance to build up their own expertise.
If you don’t learn how to say no, it will make it difficult to get through your to-do list. You’ll make compromise after compromise. Your personal to-do list will never get shorter and never be complete.
Saying no is an incredibly important skill, helping you to manage delegation up and down the line. It will make you a more effective leader.
You cannot afford to focus on daily tasks when your responsibility is to lead your team and your business to its strategic goals. You need time to focus on the big picture. Time that is only made available knowing how to say no and delegate or don’t do.
Is it ok to say no?
It sure is. To remain focused on what’s most important for your business and your professional and personal life, it is crucial to have the right priorities in place. This includes being selective with the deals you make and the times you say yes.
Perhaps the most powerful question to ask yourself is this: “If I say no to this request, what am I saying yes to?”
It could be the time to focus on long-term strategies. Perhaps the time to concentrate on current projects. Maybe maintaining the potential to take on bigger, more profitable projects. Or the time to upskill your employees, hire new staff, and create the environment for real growth. The sort of growth that won’t come from always saying yes.
Are you struggling with confidence? In my webinar about ‘Consistent Confidence’, I’m going to show you how to learn and cultivate the confidence you need to dramatically improve your firm’s financial performance! Click here to sign up.
By the way, you can get a 5 day plan to get rid of that overwhelmed feeling and get moving again. Learn more here.