#navSMBchat for July: Dealing with Rejection as a Business Owner

By on July 26, 2016

In the July #navSMBchat on Twitter, we discussed some of the best ways for small business owners to handle rejection—whether they were on the giving or receiving end of it.

Below is a summary of my discussion with nav. For more highlights from our monthly tweetchat, go to www.Twitter.com and type #navSMBchat in the search box.

Brian Moran: Let’s start our discussion today by asking “what are some of the best ways for business owners to handle hearing ‘no’ from potential clients?”

nav: No isn’t always the final answer. First, find out why they said no. It’s possible you can turn a no into a yes by taking a different approach. There are different types of no; many can be turned into a yes with the right questions.

Moran: How do you tell when a “no” actually means “not right now”?

nav: It sounds simple, but be brave enough to ask why the prospect said no. Make sure you really listen to their answer. You should also look for trends in the feedback you receive from clients, and make changes going forward based on their responses. Remember “Energy and persistence conquer all things.” Step outside your comfort zone, and keep hustling. For indecisive answers, explain your offerings in a way that resonates with your prospects.

Moran: What can you do after being rejected for a small business loan?

nav: Don’t give up! Almost a quarter of all business owners have stopped their funding search out of frustration. Our advice is to not apply for financing you can’t get! Our new MatchFactor technology instantly shows small business owners what financing they are likely to qualify for based on their own business and credit data. More importantly, the process won’t affect the business owner’s credit rating because it doesn’t need to pull their credit data.

Business owners rejected for a loan should also ask their financial institution to do a review of their application. Even credit card issuers have “reconsideration departments.” Prepare for next time you need financing by building your business credit profile now!

Moran: Levi (Levi King, nav Founder/CEO), what was your most painful rejection in business and how did you deal with it?

Levi King: My most painful rejection came from an anonymous employee survey at one of my earlier companies. I thought I was a good communicator, but our employee survey said “nope!” It was hard to accept, but it helped me confront a weakness. Action is the key.

Moran: How can I prevent getting denied for business financing in the future?

nav: Don’t just “blindly” apply. You should know where you stand from a credit perspective BEFORE you submit an application. Track and monitor your personal business credit scores for free at www.nav.com. Nav’s MatchFactor also works for this purpose: each offer in our marketplace shows you where you fall short based on the lender’s requirements.

Moran: Let’s flip the conversation now. What are some of the best ways for small business owners to say “no” in business?

nav: Don’t sugarcoat or be excessively apologetic about saying “no” in business conversations. As our CEO, Levi King often says, “Be fearless, be honest, and be prompt.” You can also follow the advice of the Young Entrepreneur Council “Focus on what you can do and don’t burn bridges”

Moran: What is the best way to communicate rejection or bad news to your employees?

nav: Own the decision. Per Erika Andersen in her Forbes blog post “Speak Up, Be Accurate and Take Responsibility.” Also remember that delivering bad news will get easier as you practice…although we hope you don’t have to do it too often.

Moran: How can business owners conquer their fear of rejection?

nav: Accept rejection as a challenge—learn to be motivated by the word no. Overcoming rejection separates the winners from the losers. Before you get knocked down, and you will get knocked down, figure out how you will get back up.

Moran: Awesome advice! Any final thoughts for business owners on dealing with rejection and/or delivering it?

nav:  There is no straight path to success. You will hear the word no and face rejection. Also, never lose faith in yourself or your team…especially in tough times. Believe that you will prevail…and you will.

Moran: Thanks nav for an inspiring and frank discussion on how small business owners can better deal with rejection. I also want to thank everyone who participated in the #navSMBchat this month. Remember, if you want to see more comments from our tweetchat, go to www.Twitter.com and search for #navSMBchat. If you would like more information on MatchFactor or other products and services from nav, please visit www.nav.com

About Brian Moran

Prior to rejoining the world of entrepreneurship, Brian was the Executive Director of Sales Development at the Wall Street Journal where he oversaw the sales development and marketing programs for the financial and small business categories among the many Journal brands. From 2002-2010, Brian was President of Veracle Media and Moran Media Group.

Leave a Reply

Your email address will not be published. Required fields are marked *