The Power of No
By VICKY BROWN
No. It’s a powerful word, and the fact is – we just don’t use it often enough.
You know, when most people say things like “you have to learn to say no” or “you have to get comfortable with the concept of saying no” – well mostly they mean that in reference to attending an event, or taking on a project, of committing your time or other resources to something or someone that will probably just drain them.
But I think there is a much more important concept around the word ‘no’.
You see, as entrepreneurs we’re faced all day, every day with decisions that have to be made. Will we take the road on the right or the road on the left. Hire this person or that person. Launch this new initiative or start that project.
And mostly, all those conversations, that chatter, is happening inside our heads. Usually there isn’t someone else putting pressure on us – nope – we’re putting the pressure on ourselves. And mixed in with that pressure, that chatter, can be doubts. Doubts about the choice we’re about to make; doubts about the possible outcome. It all can become so noisy that you can’t figure out which way is up.
That happened to me recently.
A bit ago we had the opportunity to take on some debt. Now, I really don’t like debt, but I have come to realize that sometimes using someone else’s money is the right thing to do. But – and this is a huge but – only if it makes sense financially. It shouldn’t cost you an arm and a leg; and the possible upside should far outweigh the downside. For instance, taking on debt because you’re expanding a new, proven, division that will massively increase revenue – well that’s a big upside. If the money is all but guaranteed to make you money – well then – go for it.
But on the flipside, if you’re borrowing just to keep the lights on – well, that’s a huge red flag.
Anyway, like I said, we had the opportunity to take on some debt. It was something that we could easily handle from a financial perspective, and it could help fund a high revenue initiative.
Sure, with interest rates being what they are today, the money was going to be a bit more expensive than I would have liked, but again, nothing we couldn’t handle – and I anticipated we would be able to clear the loan in a very short amount of time.
“… Usually there isn’t someone else putting pressure on us – nope – we’re putting the pressure on ourselves.“
So, I started down the path of doing the documentation, and talking to the lender etc.
I do have to say, from the very first conversation I had with the lending rep, I felt – I don’t know – it felt like he was just a bit too aggressive. Now, I value follow up as much as the next business owner, but this was way more than that. By the time I got to work at 9:00am I would walk in to 3 eMails and 2 phone messages from him. “Are you sure you don’t want an additional amount?”, “how about this plan instead, sure it costs a bit more but it gives you more flexibility on terms”
Every day, it was something – no 7 somethings.
And, if I’m being honest, from the very beginning I was unsure if we should even go this route. Maybe if I really looked, there was a different way to fund the project.
But this was there, and right in front of me, so I continued on.
But wow – this guy – he was driving me a bit batty. Too much pressure, too aggressive, just overkill.
Then I started to really listen to my gut. I was not comfortable; this situation didn’t feel right, I was really trying to stuff a square peg into a round hole.
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So, I sat down with the numbers again, reworked a few things and came up with a much better way to get the project off the ground – without taking on debt (his or anyone else’s).
That’s when I realized – my intuition was singing a huge ‘no’ aria all along, and I was trying to ignore it. It was trying to get me to tell him ‘no, thank you I’ve changed my mind’ – but I was resisting. We had come so far in the process, so many documents had changed hands, so much time had been invested.
But in the end, all that didn’t matter – my inner entrepreneur was standing on a chair, yelling ‘no’ at me over and over. I had to listen, and embrace the ‘no’
Now that doesn’t mean to use ‘no’ as a fallback because of fear. No, you’ve got to face your fears head on.
But, when you’re faced with a situation that seems like it’s predetermined to go left – and your inner voice is saying ‘go right’, then just put on your cape, stand up straight and say ‘no’.
No, we aren’t going that way. No, we’re not moving to that space. No, we’re not taking on that client. When and why you say ‘no’ is as important as when you say ‘yes’.