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‘The difference between successful people and really successful people is that really successful people say no to almost everything,’ Warren Buffett famously once said.
The Berkshire Hathaway boss has a net worth of $135 billion and is one of the most successful businessmen and investors of all time.
A key to his success is his ability to prioritize and use his time wisely – and that is the background to the seemingly controversial quote.
But being able to say ‘no’ to people and opportunities that don’t directly benefit personal or professional growth is the best way to make use of limited time.
Saying no tactfully is tricky. Plus it might seem easy for one of the world’s richest men to say no – but not so easy for an ordinary American.
Warren Buffett, photographed here in 2019, advises people to say no. Experts say the advice is relevant at work and home too
Financial advice website GOBankingRates spoke to experts in the world of business to see what they think about Bufett’s advice.
As people get promoted at a company they get busier. That brings more responsibilities – and more requests from colleagues and clients.
So, the better people are at their job the more things they are asked to help with. Good leaders realize they can only do a fraction of these.
Much of the advice can be used for workers at any level as well as in people’s personal lives.
Take a Moment
Helen Yu, founder and CEO of Tigon Advisory Corp, a startup strategy firm ‘I ask two questions for every decision I make: ‘Why?’ and ‘Why not?’
‘Going through this process prior to saying ‘no’ ensures it is a well-thought-out response.’
How to Say ‘No’ More
Often it seems easier to say yes to a meeting or another task at work.
But you need to master it.
Do they really need your help?
‘I ask questions that help the other person realize he or she already knows the answer or how to do the task,’ said Gloria Feldt, founder of Take the Lead, a nonprofit dedicated to achieving gender parity by 2025.
Imagine you were asking
Trying to see things from the view of the person asking you can help you work out how to say no.
Gloria Feldt, founder of Take the Lead, says you need to focus on what is important
Being blunt is fine
‘Sometimes I am blunt and say truthfully, ‘This is not where I need to be spending my time. It’s more important for me to focus on raising money or making partnerships. So you take care of it,» Feldt said.
Bryan Rosenblatt says that time is the most valuable thing humans have
Explain
Giving reasons is a good idea – whether that is saying you need to keep a manageable workload or that itis not a priority.
Therapist and coach Jennifer Gray said: ‘Provide a brief explanation without over-explaining, only when necessary,
‘Always practice empathy, but stay firm. Suggest alternatives when they align with your true intentions.’
Why You Should Say ‘No’
Saying no cuts down on nonessential tasks associated with being a CEO. So that is why Buffett doesn’t talk to analysts or the media and doesn’t got to industry events and skips most internal meetings.
Lets you stay focussed
‘Practicing focusing on the important allows you to get down to the core of things quickly, so you can make decisions and keep the organization moving forward on its mission. Gloria Feldt, founder of Take the Lead, a nonprofit aiming for gender parity by 2025.
‘So, I don’t see it as saying ‘no’ but rather as saying ‘yes’ to what is important.’
Helps see priorities
Bryan Rosenblatt, partner at Craft Ventures, reiterates that time is the most valuable thing humans have.
Buffett doesn’t talk to analysts or the media, doesn’t go to industry events and skips most internal meetings – thanks to him saying ‘no’ a lot
He said: ‘When an entrepreneur wants to pitch their startup for investment and it’s not an area of our expertise, I’ll share that directly, as I don’t want to waste their time, either.’
But he added that will stay in touch with a company that has potential, but are not yet developed enough.
Helps avoid burnout
Turning down tasks that are not essential helps with mental well-being. It stops your head being an endless to-do list.
‘Burnout is a persistent drought in your garden of success, muddied and withering from a lack of firm boundaries and overloaded commitments,’ said therapist and coach Jennifer Gray.
