LEARNING THE POWER OF NO
An essential art for anybody in business is learning to say NO at the right time. This can only be learnt through experience, in believing in one's self and by understanding the power of saying NO.
Many businesspeople already understand, saying NO to the wrong type of product, customer market or supplier is the right thing. However learning to say NO to a potential sale is something else again. After all, all most businesspeople see is another sale, not the benefits of saying NO.
Does this mean saying NO to all sale or customer situations which at first do not seem possible? Of course not! Learning how and when to say NO is part of doing good business.
There are always alternatives to dealing with large customers, those with poor payment records and even fraudsters. However, you do need to understand what you are doing. Unfortunately, the power of the potential sale often over-rules good business sense.
The important aspect to focus on is to find the right deal and if the customer does not accept your final offer, then saying NO is the only answer.
On a worst case scenario, the potential customer takes their business to your competitor. This can be a good thing. After all what is better than sending a customer which was never going to be profitable or going to pay you, to your competitor?
If the customer was going to cause your business a loss, then it will certainly cost your competitor a loss as they spend their energy on a lost cause. Meanwhile you will be spending your energy on making good sales.
NO is a powerful tool in your business tool kit. Learn how to use it and it will assist you to grow your business.