12.02.08
Know When to Say No
As a small business owner, you can be lured into visions of success when a large company wants to distribute your product or seeks to partner with you. One of the most valuable words you can say is “no” when responding to requests that aren’t right for your business. This could apply to product extensions, a new business partnership, or a distribution channel. Sarah Kugelman, founder of skyn Iceland says that she learned this valuable lesson from Tarte Cosmetics founder Maureen Kelly; sometimes say no. Sarah Kugelman has said this to major retailers who wanted to distribute her skin products which address the impact of stress on the skin. The distribution of her products would have been in diverse locations which would have been logistically difficult to service. So even with the lure of distribution by this major retailer, she said no to the agreement.
She describes this decision as one of the best she has made as CEO of skyn Iceland. It has not thwarted efforts to distribute through channels that do work for her company. So when facing a potential opportunity with a “name-brand” large company, you can pause and evaluate the fit with your small business’ strategic direction and goals. This will help you say know when to say no; when it’s the best decision for your business to move forward in a different direction.
